Savings club

Discussion in 'Deposits' started by Aidomoss, 6 Dec 2018.

  1. Aidomoss

    Aidomoss Frequent Poster

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    Last edited: 6 Dec 2018
    A group of us from work have been running a savings club, where we save €20 per week each for a year with payout on the first week of December. As part of this we also do bets on the euromillions lotto and any money won is also put into the account and divided evenly between all members of the club. We have a club account in our local credit union, however the credit union is not allowing savings club accounts from now on because of the deposit garentee scheme and the credit union is saying it is too difficult to keep track of what each member would have in the club account as well as any personnel accounts in the credit union. So, this leaves us in a predicament. When we started out we had a joint account with 2 members names in it. This is not ideal for various reasons. Members can take out their own money throughout the year. Any one have any suggestions of an account we could open?
     
    Last edited: 6 Dec 2018
  2. RedOnion

    RedOnion Frequent Poster

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    I don't think anyone will open an account for the purpose of what you've described. Too many compliance issues under numerous headings.
     
  3. Aidomoss

    Aidomoss Frequent Poster

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    What kind of compliance issues? The account has a generic name but all members are listed on it and each member has given documentation for proof of address, pps and photo ID. All money is transfered into the account by standing order. Is it possible to open an account with 8 names on it?
     
  4. EmmDee

    EmmDee New Member

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    Most banks will operate joint accounts but not more than that - some might.

    One option would be establish a formal "club" or "society" with foundation documents and appoint officers of the club. The club could open the account and the signatories would be whoever were appointed to as officers. If you search for investment clubs (quite popular 10 or 15 years ago) you will see tips on setting them up. Very similar to setting up a sports club or similar.

    Downside is that you would probably have to have a formal meeting (annual?) with simple accounts - the minutes and accounts might have to be provided to the bank / CU. But that shouldn't be a big deal as it is quite formulaic and you could tie it in with your annual payout get-together.
     
  5. RETIRED2017

    RETIRED2017 Frequent Poster

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    I know some employers run saving schemes for all there employees who want to save for summer and christmas breaks, the likes of the lotto would not be included just a simple saving scheme ,
     
  6. Aidomoss

    Aidomoss Frequent Poster

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    Thanks for the replies. I asked in another credit union about group/club savings and they do provide an account to suit us. Only restriction is that the account cannot hold more than €40000.