Account For Group Holiday

techdiver

Hi,

Can someone here answer a simple question for me.

is the only type of account available for variable lodgements from multiple people a current account?

I cannot find any simple flexible savings account that isn't as rigid as a hell. (E.G. Only fund-able from a single current account, minimum and maximum single monthly lodgements etc).

What I want is a simple account that multiple people can lodge money into without getting fleeced with account fees.

Does such a ting exists. I can't use a credit union account as there is no way of knowing the origin of the lodgments for record keeping.

Yggr of Asgard

You could open a fee free bunq.com account (which is a current account) and use that to receive the payments (standard bank transfers) and than once you have collected all amounts transfer it to how ever your pay the holiday.

And you can even make it a shared account so that others can easy see what is going on if they so feel.

Otherwise it's hard to get an account that allows 3rd party transfers to it unless it's a current account.

Atlantic Dawn

From dealing with some people organising group holidays and the absolute out and out mess that it can be would you not be better off just telling people to open a savings account with their existing bank or put money aside themselves. Could they not just leave extra money in their normal bank account to save it if account charges are an issue?

What happens if everyone is putting money in to that group account and then one decides they don't want to go on the holiday, can they get their money back etc, will others have to pay any penalties as a result of them not going, who will be responsible for the account and decisions for refunds, becomes a mess.

Quackster

EBS offers a free current account that should meet your requirements.