Family shared account

TunaTwist

I'm looking to set up an account that I can allow my family to deposit to and withdraw from as well as log in online and view / transfer money.

We each own part of a house which is being rented and we really need one place in which to store the rental income and to make sure nobody is using the money for other things (it's to be used to renovate the property).

Any suggestions?

mhmmhm

Have you considered talking to your bank about a small business account?

CLAPTON

how many is 'family'


a joint account will make a financial link between you all which is probably unwise

if you can't trust each person not to spend on other things then maybe best not to be in business with them and certainly not to be financially linked together.

what about a monthly meeting to discuss costs and contributions with receipts etc?

TunaTwist

CLAPTON wrote: »

how many is 'family'


a joint account will make a financial link between you all which is probably unwise

if you can't trust each person not to spend on other things then maybe best not to be in business with them and certainly not to be financially linked together.

what about a monthly meeting to discuss costs and contributions with receipts etc?

It would also be handy just having the account there so we can see what's there. At the moment it's going into one person's current account which is far from ideal as we have no record of the money (which has all been spent).

I trust them not to take money out without a reason. It's meant as an account one can do so from.

I monthly meeting is difficult as we don't live near each other.

mhmmhm

TunaTwist wrote: »

I monthly meeting is difficult as we don't live near each other.

You could use something like Skype to have a 'conference call'?

TunaTwist

mhmmhm wrote: »

You could use something like Skype to have a 'conference call'?

I've set up a mailing list.

Now I need a place for the money to be stored and accessible to all.

mhmmhm

http://www.business.hsbc.co.uk/1/2/start-up-business/business-bank-accounts/business-direct-account/servicing-your-account

HSBC small business accounts allow multiple users to have access

atush

the problem is if everyone has access, can you trust the money will be there when things need to be paid like bills etc.

But yes, the HSBC acct sounds the way to go. I'd have some sort of agreement written up that you all sign as well.