Meet the Other Phone. A phone that grows with your child.

Meet the Other Phone.
A phone that grows with your child.

Buy now

Please or to access all these features

Chat

Join the discussion and chat with other Mumsnetters about everyday life, relationships and parenting.

What account do I need to hold an amount of money for a friend?

13 replies

BrassCandlestick · 24/04/2024 21:40

We recently ran a fundraiser for a friend who needed some money to sort out a situation in her life. It's ended now but she's not ready to receive the money yet, it could be a month before she is.
I want to move it out of my current account (I allowed this to be used because she couldn't access hers). I was thinking Post Office account but I've heard they are not run in the same independent way they used to be.
I'd really like to set something up that she can access, or if not, something very simple to hold the money (£2.5k) until she is ready.
Any ideas?

OP posts:
Iudncuewbccgrcb · 24/04/2024 21:53

A bankers draft?

Michellebops · 24/04/2024 21:59

If you have a starling account you can create a space away from your own money

BrassCandlestick · 24/04/2024 22:04

Iudncuewbccgrcb · 24/04/2024 21:53

A bankers draft?

That's a way of sending money, I think

OP posts:
BrassCandlestick · 24/04/2024 22:05

Michellebops · 24/04/2024 21:59

If you have a starling account you can create a space away from your own money

Thanks that's useful

OP posts:
SuperLois34 · 24/04/2024 22:10

Who do you bank with? I would just open an instant access savings account with my existing bank and stick it in there until she's ready to have it.

I opened an online saver fairly recently with HSBC, it took about ten clicks and five minutes on my Internet banking and it was open and active immediately.

HappyToSmile · 24/04/2024 22:34

SuperLois34 · 24/04/2024 22:10

Who do you bank with? I would just open an instant access savings account with my existing bank and stick it in there until she's ready to have it.

I opened an online saver fairly recently with HSBC, it took about ten clicks and five minutes on my Internet banking and it was open and active immediately.

As said above.
I've recently set up 2 savings accounts online with the click of a button using banks I already have accounts with.

TreadSoftlyOnMyDreams · 10/05/2024 17:11

You could buy postal orders and give them to her? I think the max value is £500 so buying all at once might be tricky. It's a money laundering thing as criminals could "wash" money easily by doing this. She can then lodge them to her bank account when she is ready but the money is gone from yours.

Or add a new savings account to your account and hold it there.

BodyKeepingScore · 10/05/2024 17:13

TreadSoftlyOnMyDreams · 10/05/2024 17:11

You could buy postal orders and give them to her? I think the max value is £500 so buying all at once might be tricky. It's a money laundering thing as criminals could "wash" money easily by doing this. She can then lodge them to her bank account when she is ready but the money is gone from yours.

Or add a new savings account to your account and hold it there.

They'd lose a significant amount of the money buying the postal orders though. Doesn't make sense to do that

KnickerlessParsons · 10/05/2024 17:22

Premium bonds?

crockofshite · 10/05/2024 17:48

PayPal?

Rocknrollstar · 10/05/2024 18:14

Open a Chase account. You can have different mini accounts within an account and name them eg holiday, dentist, birthdays.

Dartmoorcheffy · 10/05/2024 18:18

Put in on a prepaid card?

Bjorkdidit · 10/05/2024 18:23

Kroo account pays 4.35% interest so will earn a bit of money while the money is waiting.

New posts on this thread. Refresh page
Swipe left for the next trending thread