Opening a bank account as a gift to someone

Parentcommunityrep

I'm wondering if there is a way to gift a bank account to another person or organisation? As a school/parent community we would like to have an account for our teachers so that we can donate money to their fund throughout the school year. Not for the school
but specifically for the teachers. We'd like to explore this as an option rather than collectively spending money on token gifts at end of terms and holidays. 

Any advice? Thank you and warm wishes 

Ergates

You can open an account for a charity or community group - you'll need to be able to prove it exists as an actual organised group though.

DullGreyGuy

The short answer is no. 

Is there an existing organisation, like a PTA, that could potentially open an account for this purpose and then distribute the proceeds rather than mess about trying to transfer one bank account to 30 teachers?

Emmia

You could use something like "Collection Pot" for this sort of thing - but they charge a fee for the service, and you'd need to trust whoever sets it up, as they'd be the ones who need to withdraw the cash, or transfer it.

https://www.collectionpot.com/

hpuse

Parentcommunityrep said:

I'm wondering if there is a way to gift a bank account to another person or organisation? As a school/parent community we would like to have an account for our teachers so that we can donate money to their fund throughout the school year. Not for the school
but specifically for the teachers. We'd like to explore this as an option rather than collectively spending money on token gifts at end of terms and holidays. 

Any advice? Thank you and warm wishes 

The key decision that have to be made is whos name the account will be opened, and a nominated person to manage the accounts. Chances of teacher(s) leaving/resigning the school are more compared to parents, so a Parent volunteer is more long term viable option to open/hold the money, in my opinion.

For the stated purpose of donating & spending to teachers - the best way to do this is by opening a virtual GBP currency account. You can also have a virtual debit card for online spending using Wise (other providers may also be available). I suggest wise, becuase they allow web based access so just incase if the account needs auditing etc.