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 during administration.
Smith, Jardine, supporters' liaison manager Jim Hannah and Rangers Supporters Assembly president Andy Kerr will control the bank account and pass on donations to administrators Duff and Phelps as and when the money is required.
Rangers' two home games since they entered administration on February 14, against Kilmarnock and Hearts, were sold out and manager McCoist hopes the latest initiative is well received.
McCoist said on the club's official website, www.rangers.co.uk: "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 Clydesdale Bank Premier League titles before stepping aside for McCoist last summer, 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."