The Co-operative Bank has announced a bank account that offers free banking to social enterprises that are registered as Community Interest Companies (CICs).
The Social Enterprise Directplus account is available specifically for CICs with a turnover of up to £1 million, and who deposit up to £100,000 in cash and up to 5,000 cheques per annum. It includes a business debit card, and interest on credit balances of £2,000 or more.
Provided organisations "operate within the agreed limits", there are no fees, unless you exceed the limits, or wish to use other services such as CHAPS payments, stopping a cheque, or requesting duplicate statements.
Organisations using the account will have access to The Co‑operative Group's Enterprise Hub as well as other products and services from The Co-operative Group which support the “Buy Social” campaign.
