Trust account

Lynrichardson

My mother has put £5000 into a discressionary trust for my 16 yr old son. My sister and I are trustees but I am struggling to find a bank or building society which will open a trustee account. Any ideas?

Mikeyorks

A Bank with which you / your Mother currently has a financial association are the only ones likely to help. It's synonymous with an Executor account (ie you're looking after someone else's money and normally require more than one signature and operated solely via cheque book for that reason) ...... and equally difficult to just walk into a strange Bank and attempt to open one.

Recent thread here on Executor accounts :-

http://forums.moneysavingexpert.com/showthread.html?t=762681

...... but don't believe all of it as I've just opened an Exor account with Halifax with no difficulties at all. But ..... both myself and the deceased had accounts there - and the minimum funding of the account is £5k. However you will find the interest rate is fairly paltry (2.12% in my case) ...... so I would attempt to source a more general Savings account in your case.

Sole Trustee account I can find advertised is here :

http://www.saffronbs.co.uk/pdf/savings/trustee.application.pdf

...... as you will see it's also an Exor account - so the interest rate is unlikely to be magnificent.

martinman3

This thread may be helpful.
http://forums.moneysavingexpert.com/showthread.html?p=10011681#post10011681

oramgepekoe

Skipton Building Society allow trustees to use their fixed rate bonds.
http://www.skipton.co.uk/savings_and_investments/bonds/fixedRateBonds.aspx