Saving with friends for holiday?

IonaS

Two friends and I would like to put £10 a month each in a joint savings account for the next 8 years so we can celebrate our 50th birthdays with a holiday together. What is the best way of doing this? I think I read recently that some celebrity was setting up a website that would enable this, but I can't remember the details or who it was.
Thanks!

RichyRich

Open a single account each and fund it separately. A joint account can (generally) be withdrawn from or closed by either party without consent from the other. In eight years time, if you're still friends and still want to go on holiday together, pool your resources and book a holiday. If any circumstances change, you're no worse off, and will have nearly £1000 to do what you like with.

atush

I agree, you should all have separate accounts. You can do this, to keep up the fun element, together in a branch of a BS or credit union. Or online at a party at someones house, etc.

One of you could get divorced (and half their money will go to the spouse) or get run over by the no2 bus (and the money would go to the spouse/children/parents etc. One could go bankrupt, or need benefits. All sorts could happen.

Plan it, save for it, keep a record, have a 6 monthly fun time doing this. But do it separately.