Trust Account for Adults

chrissy513

Anyone know of any banks/building societies that allow Trustees to run/open an account for another person (in this case my mentally handicapped sister)? I know of Halifax so far (Extra Income Saver), but would like to find a term account before interest rates go down, and so far it's been very difficult to find anything.

opinions4u

Halifax Guaranteed Reserve. Rate's ok, but not brilliant. Around the 6% mark.

chrissy513

Thanks, but i have already reached my max savings in Halifax, am trying to find other banks/institutions to spread it out.

oramgepekoe

As a trustee for a discretionary trust I've been able to use Skipton's fixed rate bonds. I had to provide full identifying details for both trustees and birth certificate for the beneficiary (a minor). So it's easier to set up if you can visit a branch.

When the one year term was up, I rolled some of it forward into a new one year bond and got the rest back by cheque.

http://www.skipton.co.uk/savings_and_investments/bonds/offlineFixedRateBonds.aspx

chopperharris

In scotland , assuming your there , go to a solicitor and have a formal trust set up.You will have trustees , and have a lot more protection for the person it is set up for , and a larger option as to accounts and investments over the long term that way.

I am sure if you are elsewhere in the uk that a similar system is in place.

I dont think you can take advantage of a charity status for a single person , , imo you should be but you cant , but there is beneifts in the long run.Ie supposed you die after its set up , the trust is there to continue its job without your other half getting any in a bitter divorce , or indeed the person in trust being manipulated for money.

An official legal trust is the way to go.

Lessens those sleepness nights.

hope I have helped