Group Saving Accounts

Tashanda

a few of my friends are thinking of setting up an account together( maybe as a soceity) to save some money with a monthly deposit of around £1000. I am struggling to find such a facility with any of the high street banks but i may be loosing a quick trick. Can anyone recommend an account that would be suitable for this? Any help rendered will be much obliged.

Thanks

PPPro

Tashanda wrote: »

a few of my friends are thinking of setting up an account together( maybe as a soceity) to save some money with a monthly deposit of around £1000. I am struggling to find such a facility with any of the high street banks but i may be loosing a quick trick. Can anyone recommend an account that would be suitable for this? Any help rendered will be much obliged.

Thanks

Who have you actually asked?

We recentlu opened an account for our Table Tennis Society with the HSBC - no problems at all.
Barclays also offered us something similar, but their branch is not so convenient to us as HSBC

I'd be surprised if something similar is not available from Lloyds or Natwest too.

Savvy_Sue

Is the issue finding a half-decent interest rate? TBH, rates are not great anywhere.

If you are genuinely a society / club of some kind, then with a written minute of your decision to do so, then as already stated all the high street banks will have some kind of offering. You just need to work out which one will suit your needs and not charge you for it.

patman99

Are your friends all going to be depositing exactly the same amount each per month ?. If so, then they should form a proper club as mentioned above, and create a memorandum of operations which the Bank will need.

If they will each be depositing a random amount in a scheme such as a Christmas Club or similar, then they may need to find a Bank that can offer what is known as a segregated account. These are the sort of account that the likes of 'NoChex' and 'Paypal' use.
In simple terms, they are one account with many sub-accounts (one for each member). The interest earned by the main account is based on the total of all the sub-accounts, which in turn then get a slice of the interest added to them on a pro-rata basis.

zax47

Look at the "Community Account" from HSBC, we use it for the Supporter's Club for our local footy team.