Stay with GLS Bank or switch to a different bank?
Shortly after we signed up with GLS Bank in 2016, they introduced transaction fees. So, every single transaction, even internal ones, cost us money. Transaction fees are now common practice at ethical banks, but there are some other ethical bank choices.
In 2017 it was important to us that we have the possibility to have a lot of sub-accounts. There should be a dedicated bank account for each project. Before, we worked with only one incoming donation account and used the subject line to automatically match a payment to a project. Since this approach seemed too error-prone, we opened additional sub-accounts for our projects. After testing this for a while, it turned out to be not practical. Especially if we want to grow fast, this approach is time-consuming, confusing and also too expensive.
Thus in 2018, we want to work again with only one bank account for internal purposes and one additional account for projects. Further sub-accounts should only be opened if they are necessary, for example, if they are required by funders. The (automatic) assignment to projects and cost centres is now only carried out via accounting software and in particular, internal transfers are reduced to a minimum.
- Close unused and unneeded bank subaccounts
- Compare the offer of other ethical banks with GLS
Augsburger Aktienbank AG | netbank
Considered https://www.netbank.de, who would have had very low fees and no transaction costs. But they don't offer accounts for legal persons ("Eine Kontoeröffnung auf GbR oder juristische Personen (UG (i.G.), GmbH (i.G.), OHG, KG, AG, Partnerschaft etc.) ist nicht möglich. Ebenfalls ausgeschlossen sind WEG-, Notar-, Ander-, Treuhand-, Betreuungskonten und sonstige Sonderkonten."), only for freelancers.