Christmas Savings Club

[lou100]

I am wanting to set up a savings club for myself and a few friends. Can I set up a savings account with any bank or does anybody know if I have to do anything special? There's only going to be 4 or 5 of us in it and I can't see us saving a vast amount. Any advice welcome.....Thanks.

[Solarjunkie]

Sounds like the type of thing a Credit Union could help you with.

A Credit Union is a profit sharing, democratically run financial co-operative which offers convenient savings and low interest loans to its members.

Google for more!

[stanleyman]

Can't see the point in saving with others, there can be arguments over payments and it has been known for someone to run off with the money! My advice, save your own money.

[WendyS]

I too would be a very cautious about setting up a joint savings account with friends. How well do you know their financial habits and weaknesses? Most joint savings accounts will either allow any one signatory to withdraw money (and possibly run off with it !!) Alternatively, if the account is set up so at all holders have to sign a withdrawal form before any money can be withdrawn it's going to be a cumbersome process. Why not set up your own accounts individually. I would be very wary of allowing anybody else (apart from my husband) to have access to my money. It's asking for trouble.

[damajowi]

im with solar...... on this one

credit unions are on your side -tell them the circumstances and there wont be any running off with the funds