Investment Club Bank Account

PotentialEnergy

We joined Timetotrade and are suitably impressed with Dary's attention to service. Done a couple of purchases and some more will be done over thenext couple of weeks.

PotentialEnergy

We took the risk with Timetotrade.com and are very happy. Whenever there were technical issues/queries they were responded to and resolved expediently. The only warning I'd give is their initial computation of units held is subject to rounding errors at about the 3rd decimal point until say £10K has been subscribed. It treats purchases of units sequentially so when all of us have Standing Orders it is a lottery in what order they are treated. But, administrators can fix that problem easily if all members are subscribing the same amount.
The charge of 0.1% per quarter on your equity holdings are very reasonable and the broking fee is miniscule compared to Barclays Stockbrokers where the previous investment club held its account. I believe Barclays has stopped providing accounts for clubs.

keithgrover

Spent ages talking to Metro Bank about opening one of their Clubs and Societies accounts for our share club, only for their New Accounts department eventually to come back with 'computer says no' as they are only for 'not-for-profit organisations'. Maybe they should tell their local staff that (including so-called Business Managers) and save everybody a lot of time and hassle...

keithgrover

This is what my Metro Bank Local Director finally told me after 3 weeks to and fro, where they had been reassuring me that it 'wouldn't be a problem':
Unfortunately we would be unable to open this account as .....
Current accounts - these are not personal funds
Business / Ltd company account - this is not a LTD co
Sole trader - you would not have a 'club' in the account name & the account is not a sole trader

Clearly even their senior people don't know the product range, and share clubs fall into a hole in the system. As a result we cannot access our funds as our broker TD Waterhouse won't pay out unless we have a bank account in the club's name...

Catch 22?

eskbanker

Dary - you should familiarise yourself with the forum rules (link at the foot of the page) that prohibit posters from promoting their company unless they go through the relevant verification/authorisation process to get an official account for doing so....

PotentialEnergy

Charges have come in since joining but £20 per quarter is acceptable as the doing accounts etc is very straight forward and it offers club members the chance to actively see how the portfolio is doing and what their individual performance %ges are. Dary has left the business and I'm not Dary.