Holiday Fund

funkyskunky

Hi ,

there are around 12 of us wanting to save and put some money into an account where we can use for booking a villa next year. Are there any options out there where you can have 2 signatures to release funds?

It would also need a faciity where a reference can be entered so we know who has put which monies in.

jonesMUFCforever

IMO much better for one person to take money from you (who is the most trusted in the group?) and open one account in his /her name.
If you don't trust each other better for you to save individually making sure you work out what happens when one or more of you drop out (which they will!).

dzug1

Having one person, even if trusted, is not a good idea legally.

The money is legally his and proving anything else extremely difficult

The interest if any may take him into a higher tax bracket and cost him more tax

If he goes bankrupt his creditors have a claim on the money

If he gets divorced the assets go into the pot his ex wife can claim a share of

There are plenty of accounts out there that can have two signatories - any Treasurers/club account for starters. The problem will be convincing the bank you are a sufficiently formal organisation to qualify for one.

suga49950

Halifax do a passbook account which can be held in more than one name and require 2 signatures for withdrawals however you wouldn't be able to see from that who has put the money. A little more complicated but you could ask each person to pay a different amount i.e £10.01, £10.02 etc so you know if one is missing whos it is.

pippitypip_2

Just to throw in my tuppence, you do realise if you open a bank account with other parties you will be financially linked to those people in your credit file, and they to you?

Just something to be aware of..

pippitypip