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Lotto Syndicate Account

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  • 03-05-2013 9:22pm
    #1
    Salmon
    Registered Users Posts: 680 ✭✭✭


    Hi Folks,

    Thinking of starting a lotto syndicate amongst family members! Just wondering what sort of account I can open to facilitate this? I would need to be able to do the following:

    1. Recieve Monthly or quarterly deposits from all members, either standing orders or cash lodgements. (i dont really want to be hounding people for money all the time!)
    2. Pay for online lottery draws once a month
    3. Recieve any winnings:o from the lotto online facility.
    4. Obviously as close to fee free as possible!

    Had a look through the search function but couldnt find anything

    Any advice or experience of this arrangement is greatly apreciated!


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    #2
    murphaph
    Registered Users Posts: 19,020 ✭✭✭✭murphaph


    Salmon wrote: »
    Hi Folks,

    Thinking of starting a lotto syndicate amongst family members! Just wondering what sort of account I can open to facilitate this? I would need to be able to do the following:

    1. Recieve Monthly or quarterly deposits from all members, either standing orders or cash lodgements. (i dont really want to be hounding people for money all the time!)
    2. Pay for online lottery draws once a month
    3. Recieve any winnings:o from the lotto online facility.
    4. Obviously as close to fee free as possible!

    Had a look through the search function but couldnt find anything

    Any advice or experience of this arrangement is greatly apreciated!
    First question. How much will be lodged each month? If it's less than 1500 and you don't want to be transferring money through the account to get free banking then I'd say BoI will be the cheapest. Keep the costs down by paying in quarterly.


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    #3
    Salmon
    Registered Users Posts: 680 ✭✭✭Salmon


    Ah I wouldnt reckon it'll be a large amount of money, Maybe €50 per head per quarter for 6-8 people so €300-400 tops! I didnt think about factoring in the bank charges so might have to have a closer look at that!


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    #4
    unclebill98
    Registered Users Posts: 3,816 ✭✭✭unclebill98


    Salmon wrote: »
    Ah I wouldnt reckon it'll be a large amount of money, Maybe €50 per head per quarter for 6-8 people so €300-400 tops! I didnt think about factoring in the bank charges so might have to have a closer look at that!

    A bank may insist on this being a business account as nearly everyone i've seen has been so.

    Do it with a 3 people and have the mandate setup that its any 2 to sign to keep things legit and it ensure that accountability is maintained.


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