Saving for 6 people without it going against my name

warehouse

Apologies for the strange thread title.

Six of us want to make regular contributions to what will eventually be a trip to America. I'm the organised one amongst us and will collect the money every month, but don't want it sitting in a bank account under my name. What would be the best and safest thing to do with the cash without it looking like it's mine in any way?

Buy premium bonds? Gold? etc?

Any ideas welcome, and before you ask all 5 are lifelong friends and we've done this before without problems, just in a savings account in my name. As my work situation is decidedly dodgy right now I don't want to be in a position where I'm looking for a job and have £10K in a bank account.

Your_Hero

Unless you are receiving means-tested benefits, I don't see this being an issue. If you are worried, ask one of your life long friends to use their account instead.

CLAPTON

warehouse wrote: »

Apologies for the strange thread title.

Six of us want to make regular contributions to what will eventually be a trip to America. I'm the organised one amongst us and will collect the money every month, but don't want it sitting in a bank account under my name. What would be the best and safest thing to do with the cash without it looking like it's mine in any way?

Buy premium bonds? Gold? etc?

Any ideas welcome, and before you ask all 5 are lifelong friends and we've done this before without problems, just in a savings account in my name. As my work situation is decidedly dodgy right now I don't want to be in a position where I'm looking for a job and have £10K in a bank account.

premium bonds are in a persons name
gold is either in some-one's name or in their house


if there is a problem why not 6 individual a/cs

don't you all trust each other to save?

fwor

Assuming you don't care about interest rates, it may be worth asking if you meet the criteria for a bank "community" account.

I'm the treasurer for a club, and our money is held in a no-fee (but no interest) community account under the club's name with Barclays.

R_P_W

warehouse wrote: »

Apologies for the strange thread title.

Six of us want to make regular contributions to what will eventually be a trip to America. I'm the organised one amongst us and will collect the money every month, but don't want it sitting in a bank account under my name. What would be the best and safest thing to do with the cash without it looking like it's mine in any way?

Buy premium bonds? Gold? etc?

Any ideas welcome, and before you ask all 5 are lifelong friends and we've done this before without problems, just in a savings account in my name. As my work situation is decidedly dodgy right now I don't want to be in a position where I'm looking for a job and have £10K in a bank account.

Again someone massively over complicating something that is very simple. Just all save your own money in your own accounts! Why can't you do that?

Better_Call_Saul

R_P_W wrote: »

Again someone massively over complicating something that is very simple. Just all save your own money in your own accounts! Why can't you do that?

That's quite a dismissive comment. Maybe some or all of his friends aren't good at saving and always dip into savings. Lots of people are like that.

LOUY_2

I also do not see an issue with the money being in your name.
Maybe put it into a time deposit savings account so you will earn interest but can not access it until the agreed maturity date

warehouse

R_P_W wrote: »

Again someone massively over complicating something that is very simple. Just all save your own money in your own accounts! Why can't you do that?

As I said in post 1, we've done this before and I'm the organised one. Having the savings all in one place means I can keep an exact record of who's saved what, plus we have little football bets every week that also go into the pot. When the other chaps see the value of the pot going up then it's an extra incentive. Also consider that all of these other chaps have Wives, not all of who would be particularly happy seeing a few thousand sitting in a separate bank account and are highly likely to raid it.

We did it before, it worked well, the only difference this time is that I might be looking for a job in the next couple of years and don't want to be means tested if the worst comes to the worst. If anyone has a better suggestion than stuffing the notes under the floorboards then please feel free to share.

veryintrigued

Hi there

I'd deal them a bit of tough love. If they are close friends they'll appreciate it (at least long term).

Explain your work predicament.

I'd be hopeful that if they are unable to comprehend your concerns they'll help to save individually.

If they cant then once they have no spending money on this trip they'll hopefully not make this mistake on further trips.

You cant be expected to spoon feed capable people forever - else they they will just allow you to do this.

Good luck

Freecall

warehouse wrote: »

plus we have little football bets every week that also go into the pot........ when the other chaps see the value of the pot going up then it's an extra incentive

So hang on a minute, this is not just an administrative arrangement but also a kind of gambling pool?

Freecall

warehouse wrote: »

Also consider that all of these other chaps have Wives, not all of who would be particularly happy

More to this than meets the eye?

:question::question: