Whether you are looking to move or set up a school or academy bank account for your state maintained school or considering how you structure or restructure your Multi Academy Trust School Bank Accounts, it is essential to understand the risks and different options available to you from the banks.
Maintained and Independent Schools:
For an individual school, price, efficiency and a secure, adaptable on-line school banking facility are key. Often schools do not consider the amount of time taken up with frequent mandate variations. This is an area we can support you with to absolutely minimise operational mandate changes for your school whilst allowing you to choose who can create and make payments without changing your banking mandate.
If you would like free guidance and information as well as a, no obligation, introduction to banks specialising in the sector, please contact us.
Multi and Single Academy Trusts:
Whether you want to give full autonomy to your individual academies, part autonomy or operate a fully centralised model, getting your banking structure right is key to minimising risk and creating greater efficiency.
There are 3 routes MATs typically take for their banking structure from fully autonomous to fully centralised. All have their own benefits and challenges so it is important you choose the right route for your Trust now and for the future.
There is a link below to a brief guide to banking models for Multi Academy Trusts that you can download free of charge. This can be useful for new MATs, growing MATs or those existing Academies wanting to understand potential benefits of different models.
Please contact us for free advice on setting up or changing your existing MAT Banking Model. We can also introduce you to Banks that focus on the Academy sector if you would like to discuss setting up or moving your Multi Academy Trust Bank Account.
With the Education and Skills Funding Agency expecting to increase the volume of financial notices to improve issued, it is essential that, as a Multi Academy Trust grows, the controls a MAT has in place are fit for purpose. A MAT needs to have central 'strategic, operational' control irrelevant of the payment autonomy it gives the individual schools.
Most MATs that have bank accounts for each school have overlooked this.
Request a free copy of our guide or contact us: