Christmas / Holiday Club for a Group of people

Dangermouse73

Hi all

Can anyone suggest or recommend a Christmas / Holiday Club for a Group of people

We are currently with Lloyds Bank, who have notified us that they are closing our (current) trust account in December.

We are looking for an alternative.

We need to find an account, which can allow access throughout the year (should any of the members need to access their money earlier than planned)

We currently make the first deposit in November, last deposit in October, and access money early November to pay everyone who has paid in their contributions.

We have two trustees, and have used a trust account, which gives everyone peace of mind their money is safe and being managed responsibly.

We look forward to any suggestions.

Many thanks in advance.

kimwp

Why don't you just save your money separately?

Dangermouse73

Hi kimwp

We've done as it as a group for years, some of the members like their savings somewhere they cannot tap into and spend it (when not really necessary), but at the same time, have access if really needed

jimjames

One trusted person (the trustee?) could open an account with pots and have a pot for each named person. But as above it would probably be much simpler for each person to do their own

artyboy

This is really just the same issue as the other thread on investment clubs. 

Banks in general don't want the hassle of doing initial and then ongoing KYC due diligence on an opaque unincorporated amateur run organisation with a changing pool of unclear beneficiaries for the money that is being managed.

There's potentially a niche opportunity for a bank out there, but they would be charging you a hefty sum in fees for their own costs of staying compliant with the law...