Bank account for syndicate

SteveBarratt

Does anyone know of an account that can have 4 signatories with debit cards, no credit cards, and the ability to set up standing orders?

This is for a syndicate of four people sharing the costs of running a sailing boat. Each person would be able to for instance, buy diesel using the debit card, each person would set up a standing order to pay into the account each month. The account would have a standing order set up to pay mooring fees monthly.

jonesMUFCforever

If you mean that any ONE person can sign for withdrawals out of the 4 then yes a club society type of account can be opened.

If you state that more than one person needs to sign for withdrawals then no you cannot have a debit card.

SteveBarratt

Yes, any one person can sign a cheque or buy something with his debit card.
I was thinking there must be a club type of account but dont know of any bank offering this.

jonesMUFCforever

SteveBarratt wrote: »

Yes, any one person can sign a cheque or buy something with his debit card.
I was thinking there must be a club type of account but dont know of any bank offering this.

Lloyds have a club/society club - probably find it under their business accounts section.

mwarby

If your not careful an account with 4 debit cards and 4 contributor could turn into a credit file nightmare. You should consider if this will create a financial link, what happens in the event of the account running dry and in the event of card misuse (either on purpose or by accident)

For diesel I'd look at alternatives to a debit card, eg a fuel card or a prepaid card. A prepaid card for instance would allow you to have 4 standing orders in and 2 out(mooring and fuel) which would all be of fixed value. This would reduce the possibility of bounced payments.