Saving for a holliday

[LBT]

Hi,

Myself and my friends are planning to go on a holiday next year. We want to start a savings account for us to put the money into. Went to the credit union today to see if we could open one account for a few people to set up a direct debit to, but was told that we couldn't. I know I could set up an account and get others to set up a DD but would prefer to have other peoples name on the account. Has anyone ever done this with a bank or post office?


Thanks

 

[helllohello]

Could you not each set up your own account for saving? If something unforseen happens and someone cant go on holidays, you could have a lot of arguements over how much money everyone put in.
The best advice that I ever got was to keep friends and money seperate and you wont loose either.

 

[so-crates]

I'd agree with hellohello, what advantage do you see in you all saving into a single account? If you are worried that someone won't save when others do then the simple solution is that they don't enjoy the holiday. Set up your account and save. If you like you could say establish yourselves as a savings club and share your experience and achievement with each other. In terms of where you save, I would take a look at the Best Buys here. You probably wouldn't get the best rate from your CU and since you are not planning to touch the money for a period of time you may as well shop around - the difference in interest mightn't be more than the cost of a pint but every little helps!

 

[Eithneangela]

Just buy a fire-proof safe, everybody in the group puts cash in (it's the best currency at the moment) and you're all LOL. OK, somebody has to be responsible in terms of incash counting and receipts, but this is getting so complex, why don't you all just be frugal enough to be in a position to pay for the holiday through personal money management?