>30 years as a Finance Director here, and I would advise very strongly against going this route unless you genuinely expect to be as successful as Taylor Swift.
Technically speaking, any working band is automatically a Partnership under the 1890 Act but nobody gives a toss and I've never heard of anyone acting (i.e. sueing someone or trying to claim equal shares of band revenues) on that basis. Don't mean it ain't happened, mind.
Open a 'band' bank account, however, and you open a number of doors. Very probably, no bug-eyed monsters will walk through those doors; but if the doors aren't there then there's no risk.
Shared ownership of anything in band is a disaster waiting to happen.
The bands I play in get paid variously through all sorts of channels ... cash, Concur, Opus, etc. Whichever person can be bothered to deal with it collects the money and then distributes it later, usually (but not necessarily) as cash. If you can't trust one of your bandmates to give you your £50 from playing the Dog & Duck last week, then you should probably reconsider who you play with. 🤨