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    • PotentialEnergy
    • By PotentialEnergy 11th May 16, 9:45 PM
    • 55Posts
    • 13Thanks
    PotentialEnergy
    Investment Club Bank Account
    • #1
    • 11th May 16, 9:45 PM
    Investment Club Bank Account 11th May 16 at 9:45 PM
    I'm looking to set up an investment club in the coming weeks and one of the things to consider are bank and broker accounts.
    So long as we agree to not want Unit Trusts/OEICs and Foreign Shares, X-O.co.uk looks the most cost-effective broker. Do advise if you know of another that offers even better value trading.

    But, what about Bank Accounts? What is on offer and is there an account offering any interest?

    Thanks
Page 2
    • PotentialEnergy
    • By PotentialEnergy 12th Sep 16, 6:43 PM
    • 55 Posts
    • 13 Thanks
    PotentialEnergy
    I can see their point - your club is for your members gains not a community thing such as a football team that you quoted.
    Why not put 'non-profit-making'

    Also a bit late in the thread to say you wanted free banking - I would have thought you would have put that in the first post
    For most people who bank, free banking is assumed as a pre-requisite before having the nerve to expect interest.


    What I want some honest feedback on is :

    Timetotrade.com

    Anyone had experience or know anyone who has used them?
    • PotentialEnergy
    • By PotentialEnergy 15th Nov 16, 9:31 PM
    • 55 Posts
    • 13 Thanks
    PotentialEnergy
    We joined Timetotrade and are suitably impressed with Dary's attention to service. Done a couple of purchases and some more will be done over thenext couple of weeks.
    • PotentialEnergy
    • By PotentialEnergy 5th Feb 17, 2:53 PM
    • 55 Posts
    • 13 Thanks
    PotentialEnergy
    We took the risk with Timetotrade.com and are very happy. Whenever there were technical issues/queries they were responded to and resolved expediently. The only warning I'd give is their initial computation of units held is subject to rounding errors at about the 3rd decimal point until say £10K has been subscribed. It treats purchases of units sequentially so when all of us have Standing Orders it is a lottery in what order they are treated. But, administrators can fix that problem easily if all members are subscribing the same amount.
    The charge of 0.1% per quarter on your equity holdings are very reasonable and the broking fee is miniscule compared to Barclays Stockbrokers where the previous investment club held its account. I believe Barclays has stopped providing accounts for clubs.
    • keithgrover
    • By keithgrover 19th Apr 17, 7:12 PM
    • 2 Posts
    • 0 Thanks
    keithgrover
    Metro Bank - forget it!
    Spent ages talking to Metro Bank about opening one of their Clubs and Societies accounts for our share club, only for their New Accounts department eventually to come back with 'computer says no' as they are only for 'not-for-profit organisations'. Maybe they should tell their local staff that (including so-called Business Managers) and save everybody a lot of time and hassle...
    • keithgrover
    • By keithgrover 24th Apr 17, 11:22 AM
    • 2 Posts
    • 0 Thanks
    keithgrover
    Why Metro Bank is useless...
    This is what my Metro Bank Local Director finally told me after 3 weeks to and fro, where they had been reassuring me that it 'wouldn't be a problem':
    Unfortunately we would be unable to open this account as .....
    Current accounts - these are not personal funds
    Business / Ltd company account - this is not a LTD co
    Sole trader - you would not have a 'club' in the account name & the account is not a sole trader

    Clearly even their senior people don't know the product range, and share clubs fall into a hole in the system. As a result we cannot access our funds as our broker TD Waterhouse won't pay out unless we have a bank account in the club's name...

    Catch 22?
    • eskbanker
    • By eskbanker 4th May 17, 12:18 PM
    • 5,329 Posts
    • 5,077 Thanks
    eskbanker
    Dary - you should familiarise yourself with the forum rules (link at the foot of the page) that prohibit posters from promoting their company unless they go through the relevant verification/authorisation process to get an official account for doing so....
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