Anybody up on types of Banking Accounts for students?

[The Wally with the brolly NOT]

Just wondered if anybody on here is involved in Banking and can advise me.

 

My daughter is moving into a house with 3 student friends for 2 years whilst they finish their degrees.

 

They have rented the house, but they will be paying seperately for utilities such as Gas, Electricity, Water, Telephone and Broadband. This will cost them about £15 each per week. This would also include the rent of the house.

They plan to pay by direct debit, per month.

 

My question is

 

Is there a bank that has a sort of joint account that each of the students can pay a direct debit to, for their portion of the utilities and rent. The utility companies and the estate agent would then take a one off monthly payment from that account.

 

Many thanks

 

UTV

 

 

[Villa x4 -]

Yes there is.......... you can set up a multi-signatory account in most banks and building societies.  

 

Get them all to celebrate the ease of the Direct Debit system with a large explosion .......

[Jordan]

I don't think i'll ever tire of that.

[Juanmanband]

Hahaha love the large explosion and its suitable for all occasions

[The Wally with the brolly NOT]

LOL Thanks Villan x 4

[Painy_jr]

Yeah- we've got one for our flat using Barclays- we've done it with one signatory- but you can do multiple. We just put in maybe £150 at a pop when our student loan comes in, and then when the pot gets low we do the same again- but that's cause we're bad a money management... otherwise the direct debit is easy to set up.

[Marked Man]

That's what my housemates and I did in my second year. We roughly estimated what the monthly bills would be per person, to which it was about £60 each, then multiplied it to the number of months between loans. It was like paying in £250 every 4 months and that more or less covered it. We set direct debits from the joint-account to each company, paying a set fee to the electricity and water-rates. Of course, we took the same approach with the rent, but most importantly we put everyone's cards in a sealed envelope and vowed to never touch them. We didn't want the awkward situation of someone drawing on the account, maybe on a night out or whatever - that might cause friction.

[The Wally with the brolly NOT]

Good point there Marked Man 47. I will mention that to them. Thanks

[The Wally with the brolly NOT]

Yes, Direct Debit is far better as it makes them all responsible and it can't fall back on to others. My daughter managed to get the house with their approval, and I don't want her being landed with any non payments and things like that.

Thanks painy_jr