club investment

ddog

Hi, I have £3000-£5000 to invest for a local club (not charitable). The only advice the banks keep giving, is to take out an ISA in two committee members names. Is there anything out there that I can invest their money in, but by using the Society name directly? HELP:(

jimjames

I'd say it was very risky to put the money in any members names. There are some banks offering reasonable rates for clubs, if you do a forum search they should come up.

rb10

Scottish Widows. Google them.

Rates are not good for club/society accounts, but definitely do not go down the route of putting it in your own name. Keep it in the name of the society.

Vortigern

ddog wrote: »

The only advice the banks keep giving, is to take out an ISA in two committee members names.

These banks seem to be getting worse. Very poor advice!
You can't have two names on an ISA; the I stands for Individual.

thenudeone

You would be breaking the account terms and hmrc rules if you kept other people's money in an ISA in one person's name.

Search for "Treasurer's accounts".

lisyloo

I'd say that ws bad advice.
When you take out an ISa you sign a declaration saying the money is yours.
Those committee memebers should not do this and if you are feeling strongly then you should complain formally about that advice.

Blackdog

I agree with the others - please do not go down the ISA route as it will be against the ISA rules and the person who has the money in their name could refuse to hand it back and there will be nothing you could do about it. There is no way that a bank should have advised you to do this.