Account for a group holiday

RedLichtie_2

Howdy folks,

I'm considering setting up a bank account for a group of around 10 friends to pay into in order to pay for accommodation and transport etc for a weekend away this Summer.

Is this a good idea? Are there any specific accounts that would be useful (or give a sign up bonus)?

Thanks in advance,
Ian

MPH80

Question is - what do you expect from the account ...

E.g. what would be the difference between this account and just nominating one person to pay for it and others pay into their account?

RedLichtie_2

Simplicity and security.

Hopefully having one account will allow me to analyse funds and transactions quickly. Also, if I can show the account easily to people to show what people have paid and owe, I can do that easily without having to show details of my normal account.

Also, if any extra cash is in it at the end we can split it fairly without someone pocketing something.

If anything else can be gained, then that would be good too. :beer:

Thanks,
Ian

firsttimestudent

Get what you mean, but equally, it is possible to record what amount has come in/leave one of your normal accounts just by using a spreadsheet - and in the end you will be able to know what is left and split it accordingly.

If you do really go down the route of applying for a new account just for this purpose, DO NOT open a joint account as it will link your finances up with the other people in the group. Also be aware that you will be credit searched, and it may take time to set up the new account!

kudos_ni

RedLichtie wrote: »

Howdy folks,

I'm considering setting up a bank account for a group of around 10 friends to pay into in order to pay for accommodation and transport etc for a weekend away this Summer.

Is this a good idea? Are there any specific accounts that would be useful (or give a sign up bonus)?

Thanks in advance,
Ian

I don't think you need to open a separate account at all.

I did something similar when organising a trip for me and some friends.

When they transferred money to my account I asked them to make the payee reference their name + "HOLIDAY"

I have a RBS account and use digital banking. I can do a transaction search on "HOLIDAY" and only their transfers appear... so i can see who has or has not paid really quickly and when payments were received.

No need to set up a new account. Obviously I don't know if you digital banking lets you do a transactionsearch...but it's worth looking at that first without the hassle of new accounts.

ALSO: Don't pay for anything to do with the group holiday until EVERYONE has paid their share. Don't take excuses such as "i'll do it later" or , go ahead and pay and i'll transfer it on pay day".... You don't want to be out of pocket so it's up to everyone to keep up their end of the bargain.


As for showing the others transactions without them seeing all your account stuff... justs end them a screen shot of the transaction search! That's what i did.

rb10

If this was me, I would just open up a Halifax Web Saver* in my own name, and give the others the sort code and account number of this.

That way, it's absolutely clear what money is for the holiday and what money's my own (saves the problem of one person forgetting to put 'holiday' as the reference) and there's no scope for arguments or disagreements later.

As it's a savings account there's no credit check, so will not effect you in any way in the future. And if you only open it in your name there's no chance of an association being created with anyone else.

* I'd choose this account because it takes about 30 seconds to set up, and I can see it instantly on my Halifax online banking alongside my other accounts. The difficulty is that some banks take ages to set up these types of accounts (e.g. Nationwide take about a week, Natwest about 2 weeks), it depends on who you are with. This one can also be closed easily online, which is not true of all internet accounts.

Enjoy the holiday