Bank accounts.

[del8oy1]

I am looking at opening a bank account for a 10 person lottery syndicate. We will open the account with £50 and pay in £5 each per month by direct debit, small winnings, left overs will stay in the account and the monthly payment will be paid by DD. I do not want a cash card etc, just a basic account.
Thanks in advance.

[boxtops]

I'm sure you already have a syndicate agreement laying out the agreement of participants as to how you share winnings etc. - you'd need something similar to support a bank account,showing that account no, """ is in the name of """ but is actually funds owned and contributed to by all the syndicate.

What about a post office savings account? http://www.ukinsuranc...YWYg6sCFVQLfAod7HtEzA

The only problem I can see is that if you open the account, any tax on interest etc would fall to your personal account - would that be a problem to you?

[del8oy1]

It would be in my name, and maybe 1 other (to prevent me running off with the winnings!). The others would pay in monthly.

[SlackAlice]

Do not think you will be able to pay using the DD scheme, each member would have to set a standing order with their own bank.

[SlackAlice]

'set up'

[dzug2]

You'd need a business account to be properly legal. None fee paying ones are like hens' teeth.

[4getmenot]

and what would you do if one person left? You'd have to close account to share money and start again. Just do it yourself.