Opening an account for a small group of friends trip

Barebear

Some of us guys (about 6 or 7) are planning to start a wee savings club to save up for a trip to a Premiership football match later in the season. The trip will include booking digs for an overnight, a minibus/train travel, tickets for the match and the rest for spending cash on the day.

The plan is to open an account where we can all put in £5 a week by whichever means suits and take out £5 per week to put on a football coupon, with each person getting a shot in turnas the weeks go by. At the end, we can pay for everything through this account and divvy up the rest.

My question is: Which account is best for this type of thing?

Cheers

BB

Crabman

Lloyds TSB has an account where anyone from a named group can deposit/withdraw though I have a feeling this could be more inclined towards charities etc.

I can't find anything about this on their website apart from business bank account which obviously isn't what you need It does exist because we looked into something similar and had we gone ahead it would have been their account.

Snow_Dog

Sounds like a lot of hassle to be able to have 6 or 7 of you putting in £5 per week each then taking out £5 per week for (pools?).

I would've said someone keeps a black book with everybodies amounts in, eg 6 or 7 columns (one per person), week numbers listed down the left side, every few weeks drop the cash into an A&L account to get some interest.

As far as each person getting turns at winning the big one, surely you would be better off having the thing done as a syndicate that way any big win you all share out on, wouldn't it be an !!!! if you just missed the big one and one of the others walked away with it and dint want to know th rest of you afterwards. Money can do some funny things to people.

Barebear

Thanks for the advice.

The point of each person getting a shot at the coupon is to try to boost the funds for the trip. It's not an individual thing. If we hit a big win then that's a big bonus for the trip, we can eat in a proper restaurant rather that Wimpey. :rotfl: The way this will work is if it is your week to put on the football coupon at the bookies, you just don't pay for that week.

If nobody wins any money then the cash has been written off anyway - just a bit of fun really. The guys who get a return during the year have some bragging rights to take with them on the trip.

Our difficulty is that we all live in a rural area and don't get to see each other every wee, so some folks are intending to set up standing orders to put their weekly contributions in. So although the wee book idea is good, and we'll use it in some way, it doesn't solve the weekly cash collection problem. also if anybody wants to overpay, then that would need to be available.

Dickieburd

Why don't you just open a basic account with your own bank and the standing orders can be paid into this account. Once you have been on your trip then you can either use it yourself or close it. You could even open a simple savings account linked to your own bank account if it is able to accept standing orders and use that for yourself once the trip is finished.

HannahandMark

Needed this facility myself a few years ago and found Lloyds TSB very helpful. They will set up a flexible account with multiple account signitories.

rubberbullet

I've a similar problem. With some dubious qualifications (i.e. being an accountant), I have been asked to run the books of my football team. Not wishing any personal liability to fall on any individual (such as any one person being responsible for making large payments from their personal accounts), we're thinking that it might be best to open a bank account.

The only accounts like this that I can find require a society constitution, officers' declarations, etc... Are there any very simple accounts out there that do not require all this admin?

Dickieburd

You may like to look at this link to Royal Bank Of Scotland Treasurers account http://www.rbs.co.uk/Small_Business/...nt/default.htm

You can look at other banks websites to see if they too offer an equivalent account.