Co-operative Bank launches free banking for social enterprises

A new bank account designed to meet the specific needs of social enterprises is being launched by The Co-operative Bank.

The Social Enterprise Directplus Account offers free banking to social enterprises, free online banking and interest on balances above £2,000.
 
Richard France, Director of Corporate & Business Relationship Banking at The Co-operative Bank, said:  "Our research shows that social enterprises are being set up at twice the rate of the traditional SME sector which has led to demand for a new product. The Social Enterprise Account has been created by the Co-operative Bank directly in response to demand for a product which recognises the unique challenges and needs of the social enterprise sector.
 
"As a co-operative business, our values and goals are closely aligned with those of the social enterprise sector, in actively seeking to improve the communities in which we operate."
 
The product, which is available to social enterprises with a turnover of less than £1m, has been developed in partnership with Social Enterprise UK (SEUK) and Social Enterprise Scotland (SES) which have both provided expertise in product development on how different types of social enterprises work.
 
Peter Holbrook, Chief Executive of Social Enterprise UK, said: "The Co-operative Group shares many values with the social enterprise way of doing business and so we're delighted that The Co-operative Bank is offering an account that is tailored to the needs of the UK's growing social enterprise sector."
 
There is no monthly service charge; no charge for writing cheques; no charge for using a business debit card and no charge for standing orders or direct debits.
 
There is also no charge for depositing up to £100,000 cash per annum, no charge for depositing up to 5,000 cheques per annum and no minimum balance or monthly deposit requirement.
 
Additionally, those social enterprises with a turnover above £500,000 will benefit from the expertise of a personal relationship manager.
 
Social enterprises will also have the opportunity to source products and services from other businesses in the Co-operative Group, providing an opportunity to boost their ethical supply chain.
 
The Co-operative Bank is the only UK high street bank to provide a clear Ethical Policy based on the views of customers.  The Policy sets out the businesses it will, and will not, provide banking services to.
 
For more information, social enterprises should visit cooperativebank.co.uk/socialenterprisedirectplus.