Best Bank Account Option for Social Group

alixxon

Myself and some friends regularly go out for food/weekends away/birthday treats and I was wondering what account would be best for us before I apply.

We would be looking to pay in by direct debit each month (around 80 a month) so that there would be a pot of money there so that we don't have to split bills-chase each other for money for events and could instead use the account.

Ideally it would come with a card so that we could use it on nights out.

Any idea as to which bank/card would best suit this requirement?

Many Thanks in advance,

Blod

Archi_Bald

You cannot pay money into current accounts by Direct Debit. You probably mean Standing Order?

Besides that, it is probably a dreadful idea to share an account with friends. You can't generally have more than 2 people on a joint account but even if you could, you'd create a financial association that you or others may regret as it might impact your ability to get a mortgage etc. Also, each account holder is liable for any debts someone else runs up. Someone also needed to keep a record of who precisely spent what / where, and there would no doubt be debates over the fair use of the funds.

You could look at club accounts but it'd still be a huge job managing the account.

What's wrong with splitting bills? And/or one of you paying, and the rest of the group paying them by PAYM there and then?

If you are hellbent on some sort of a 'joint' account for the group: http://www.thisismoney.co.uk/money/article-1585161/Banking-clubs-societies.html

TheBanker

Have a look at this: http://www.kitti.co.uk/

Not exactly what you wanted but it does avoid the problem of the members of the group who are signatories becoming financially linked on their credit files.

It's backed by Santander.

Stevie_Palimo

alixxon

Thanks for all the help on this matter.

In reply to Archi Bald: The reason behind forming an account together is due to the hassle of chasing friends to get deposits for things etc as a couple of the ladies have babies and are an absolute pain in the !!!! to get any response from!

TheBanker: What a perfect idea! Thank you so much for the kitti suggestion.

Many Thanks for all your help in this matter,

Blod

Zanderman

TheBanker wrote: »

Have a look at this: http://www.kitti.co.uk/

Not exactly what you wanted but it does avoid the problem of the members of the group who are signatories becoming financially linked on their credit files.

It's backed by Santander.

interesting concept, and maybe just what the OP needs but bear in mind the scheme is not covered by the UK FSCS scheme, as it is 'e-money'. So probably not the place to put very large sums.

The scheme is backed by Santander but the company that runs it is Kalixa Pay Limited. They have a sort-of-reassuring statement about cover following any insolvency in the T&C (para 20 here: http://www.kitti.co.uk/terms.html)

Also, of course, there are fees - see http://www.kitti.co.uk/fees.html

Archi_Bald

alixxon wrote: »

In reply to Archi Bald: The reason behind forming an account together is due to the hassle of chasing friends to get deposits for things etc as a couple of the ladies have babies and are an absolute pain in the !!!! to get any response from!

How would a joint bank account, or the Kitty account, make them less of an absolute pain in the !!!! ?

alixxon

Archi_Bald wrote: »

How would a joint bank account, or the Kitty account, make them less of an absolute pain in the !!!! ?

Because the funds would already be available and would mean no delays.