Holiday fund with friends

A joint account for several people is a very bad idea, for several reasons. For starters, you can only have 2 account holders on any joint accounts. Secondly, the account holders are financially linked and if either of them gets into difficulty with their credit file, the other one can suffer, too.


If you trust each other, you could nominate 1 person to run an account into which all of you pay your share. The other option is that each of you opens a separate account in their own names into which they put their own savings for the joint holiday. If it encourages you to see the total you have saved as a group, you can run a shared spreadsheet which shows the totals across all the accounts. Depending on how much you want to save, and over what period of time, you can have different accounts which pay different rates of interest. There is no savings-type account with a "cashback" option.