Investment Club Bank Account

[Hill Farmer]

We're looking to find a bank which offers current bank accounts to investment clubs. Can anyone help? Thanks.

 

[1nvest]

We're looking to find a bank which offers current bank accounts to investment clubs. Can anyone help? Thanks.

most high street banks
look at Barclays, they might be under a Community account, or treasurer's account

 

[Hill Farmer]

Thanks for that. My understanding is that mast Banks don't offer Investment Club accounts. Lloyds cancelled ours a few years back. Could anyone with an Investment Club Bank account alert me to the Bank. Thanks.

 

[BigDeal]

iDealing offer an investment club account. Its a trading account but you can obviously store funds in there and it is set up with the proper legal requirement etc. Obviously only any good if they offer the instruments you want to trade / invest in. Maybe worth a look?

 

[Hill Farmer]

Thank you for that. However, I'm specifically interested in bank accounts that is, which banks in the UK offer current bank accounts to investment clubs in order to make deposits/withdrawals from theirr broker's, such as iDealing, investment account?

 

[TEAMTRADER]

I used to run an investment club way back in the 90's and it appointed a Treasurer (me) and all of us were neighbours and friends so with our monthly meetings I was able to report how the stocks were doing and whether or not they were sufficiently profitable to sell at the profit or the others used to give options for new investment opportunities. I used indicators to assess whether or not the stock was on the bottom to buy it (otherwise it went to a vote to see if the 'story' behind the stock was positive and even if it were really high it was still bought and held till it had reached a % profit that we deemed we were all happy with before selling it.)
I used to prepare a monthly spreadsheet for the club and give my professional assessment on how things were going with our portfolio and other members, of course, had their say too about new investments and whether or not we should sell something - or buy more.
We used Lloyds but I am sure all banks would be able to supply you with the necessary correspondence as I recall there were a lot of forms to be completed, a lot.
Hope this helps
TEAMTRADER
(Shropshire)

 

[Hill Farmer]

Thanks for that. Most (all) banks no longer seem to do accounts for investment clubs. We also had a Lloyds account but they decided to close it. Hence our problem. Still looking for a bank which offers such accounts for investment clubs.

 

[TEAMTRADER]

This is strange. I was treasurer of our golf club section and was the sole signatory but I reported to the committee monthly. All the funds were under the name of the Golf Club. Maybe this is a way forward for you.
TEAMTRADER

 

[Hill Farmer]

Thanks for that, gives me an idea. So, was Golf Club an Investment Club in the UK where members contributed and the money was invested?

 

[TEAMTRADER]

No, not an investment club but a bank that held deposits from competitions etc from the golfers that the treasurer spent on the necessities, prizes etc.
It is a very similar set up to when I was signatory to the Investment Club.
TEAMTRADER

 

[Hill Farmer]

Noted, thanks for clarifying. Can I ask which bank was/is used?

 

[TEAMTRADER]

It was Lloyds Bank in both cases.
TEAMTRADER

 

[Hill Farmer]

Thank you. I feel a golf club or something similar coming along. Incidentally, whattype of account for the golf club?

 

[TEAMTRADER]

It was the seniors section of our golf club and it was a current account as we needed access to payments every month - similar to our investment account when all the members paid £100 minimum per month into our 'cash fund' prior to buying and selling shares. We had strict rules about stop losses if anything went south - which luckily only happened once.
TEAMTRADER

 

[Hill Farmer]

Noted, thanks. Does the account fall under the heading 'community account' or some other? What does Lloyds charge?

 

[TEAMTRADER]

There was no charge and I cannot recall if it had a specific name like community but I am sure they will have changed the name as ours was taken out in the 90's and we dissolved in the mid naughties.
TEAMTRADER

 

[Hill Farmer]

Many thanks. You have given me an idea. We will rename the investment club and open a bank account under the new guise of a community club. All very much appreciated.

 

[TEAMTRADER]

Glad to be of help - we aimed for a minimum of 5% per month so it concentrated the mind to investing.
It was easy some months and with the target it gave a good breadth of conversation - and competition.
Good luck.
TEAMTRADER

 

[Hill Farmer]

Thank you, take care. Will let you know if it works out and we manage to get a bank current account.