best way to store cash

jobdone1

Wonder if you guys can help, We are in a work syndicate for the national lottery and now have small amounts of winnings building up and need a savings account to store the cash that has rights of access by different people if possible. Or is their another way i need to look at this ????

dizzydoll

jobdone1 wrote: »

Wonder if you guys can help, We are in a work syndicate for the national lottery and now have small amounts of winnings building up and need a savings account to store the cash that has rights of access by different people if possible. Or is their another way i need to look at this ????

Let me get this right.

You are involved in a lottery syndicate which has been fortunate enough to have a win or two.

Now you think it would be a good idea to put that money into an account where any syndicate member can take the lot if they so wish? :huh: :eek:

And people call me dizzy! :cool:

I suggest any winning are distributed to the members as per the syndicate rules, so that each member can use their entitlement as they wish.

jobdone1

dizzydoll wrote: »

Let me get this right.

You are involved in a lottery syndicate which has been fortunate enough to have a win or two.

Now you think it would be a good idea to put that money into an account where any syndicate member can take the lot if they so wish? :huh: :eek:

And people call me dizzy! :cool:

I suggest any winning are distributed to the members as per the syndicate rules, so that each member can use their entitlement as they wish.

I know it sounds bad but we save the cash over the year and distribute at the end of the year. Normally involves a christmas party of some description

robatwork

Are you playing it online? Can't you keep the balance in the online account - details to be stored in a locked cabinet at work in case of problems?

jobdone1

Don't play online, always worry about storing cash which is why a savings account was an option.

nidO

The problem with storing the cash in an actual banking facility is that there is always going to be some kind of potential risk of one disgruntled syndicate member not only ripping off the cash (which you're never going to avoid) but also hurting at least one if not all of you financially (if its a joint account shared amongst all of you you're all going to be financially linked via that account, NOT something I for one would be happy with).

An alternative if you absolutely must hold onto the cash and distribute it at a later date would be to use a not-strictly-a-bank-account service of some kind to hold the cash, to avoid any potential further financial implications - Three examples that spring to mind are a PayPal, Ratesetter, or Zopa account. The last two are P2P investment services but if you don't want to there's no requirement to actually invest the money, it can just sit in their holding facilities, to then be withdrawn back to a bank account when needed to disburse.

henm2

It might be best going down the line of opening the kind of account that clubs and societies open at a bank.

You could have for example have say four signatories (from your informal committee) and the signing authority, bank mandate, could be any two to sign. That would give some kind of security, peace of mind so that you know no one person could run off with the money.

For a general guide see this http://www.telegraph.co.uk/finance/personalfinance/consumertips/banking/10095632/Scout-out-a-good-bank-for-your-club.html

HSBC offer a suitable account which gives free banking http://www.business.hsbc.co.uk/1/2/business-banking/business-bank-accounts/community-account

[Deleted User]

when i ran a lottery syndicate at work many moons ago i had a list of rules and every member got a copy for themselves and i retained a signed copy from each of them. our winnigs was kept till the end of the year too in a bank account. winning and loosing numbers were posted each week along with the running total of money won. Trust was pretty strong between us as were a tight knit group of 10 who worked together.

jobdone1

Deleted_User wrote: »

when i ran a lottery syndicate at work many moons ago i had a list of rules and every member got a copy for themselves and i retained a signed copy from each of them. our winnigs was kept till the end of the year too in a bank account. winning and loosing numbers were posted each week along with the running total of money won. Trust was pretty strong between us as were a tight knit group of 10 who worked together.

very similar situation to you. We have 8 so not to tricky i just don't like the cash lying around.

LookingToTheFuture_2

A bank account with multiple signatories is a very good idea.

Many years ago I had a weekend job and joined their lottery syndicate and we agreed to save up the small winnings and split them at the end of the year. One weekend I came in and was told that a couple of the members had decided to use £40 of the winnings to buy the boss a birthday present without consulting the others! Needless to say I left the syndicate after that.