Manager Ally McCoist and his predecessor Walter Smith were joined by former defender Sandy Jardine in endorsing the move to urge supporters to make donations to help the club.
Smith, Jardine, supporters liaison manager Jim Hannah and Rangers Supporters Assembly president Andy Kerr will control the account and pass on donations to administrators Duff & Phelps when money is required.
Rangers' two home games since they entered administration, a 1-0 defeat against Kilmarnock and a 2-1 loss to Hearts, were sold out. The club's next fixture in the Clydesdale Bank Scottish Premier League is away to Dundee United on Saturday, with an Old Firm league game at Ibrox on March 25.
McCoist told the club's official website: "I encourage all fans to back the Rangers Fans Fighting Fund and help the club in any way they can, as they have done in recent weeks.
"Our fans have been fantastic. They are showing their true colours and have not walked away during these times of need. On behalf of everyone at the club I would like to thank our supporters for all their efforts and I ask them to keep backing us and keep filling Ibrox for matches as their support will make a difference."
Smith, who led Rangers to three successive league titles before stepping aside in May, added: "It has been an extremely difficult time for everyone associated with Rangers but the supporters have shown unbelievable commitment to our club throughout the administration process and deserve great credit.
"I encourage all fans to make a donation and back this campaign as their support will help safeguard the club's future."
Jardine said the Ibrox club had been "inundated" with messages of support from throughout the world.
Donations are being channelled into an account at the Royal Bank of Scotland in Giffnock, East Renfrewshire. Overseas fans are invited to transfer money or make a donation using the secure PayPal method.