Family Current/Savings Account

mr3rown

Hi, I was pointed out to use this forum instead, any help would be much appreciated.

i have been phoning banks all day, many of them have no idea what I am on about, i was wondering if you guys could assist.

basically i am looking for a family bank account that would allow 9 family members to manage day to day transactions and savings.

now at first i thought perhaps a business account would suffice, but then I am sure there are tax issues and bank charges that are involved.

perhaps some type of club account.

bottom line we just want to put some emergency money to together in one pot that we can all access but only withdraw money as a group.

is this possible?

opinions4u

I'm not aware of any mainstream banking product that would give you this sort of arrangement.

LittleVoice

mr3rown wrote: »

Hi, I was pointed out to use this forum instead, any help would be much appreciated.

i have been phoning banks all day, many of them have no idea what I am on about, i was wondering if you guys could assist.

basically i am looking for a family bank account that would allow 9 family members to manage day to day transactions and savings.

now at first i thought perhaps a business account would suffice, but then I am sure there are tax issues and bank charges that are involved.

perhaps some type of club account.

bottom line we just want to put some emergency money to together in one pot that we can all access but only withdraw money as a group.

is this possible?

The emboldened text makes it sound like nine signatures would be required for any withdrawal!

Even for an individual I'd suggest keeping savings and day-to-day spending separate. If the real concern is for a savings pot and all family members have reached their majority, you could probably find a joint savings account which permits 3 individuals to own the account. How trusting are you?

Unless individually you have only small amounts to save and by combining you would get a higher interest rate, IMO it really isn't worth shopping around further - just get individual accounts at the best rate you can.

CLAPTON

it's possible to get a/cs that require two signatures but I've never heard of one requiring nine (it would require a somewhat oversized cheque