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Help needed to set up savings for 3 people

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ruthieeastie
ruthieeastie Posts: 1 Newbie
in Savings & investments
Hi all of you out there. My 2 sisters and I need to set up a savings account in trust for my father, since my mother left this money to be used by him until his death. We can't as yet find an account that will let us do this the problem being that there are 3 of us, not a couple which most accounts allow for. Any ideas? Thanks :o Ruth

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  • Lokolo
    Lokolo Posts: 20,861 Forumite
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    Could a lawyer or solictor set one up for you?
  • Aegis
    Aegis Posts: 5,688 Forumite
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    If it's a trust account you may need to set it up as a business account with most banks (this is certainly the way it works at HSBC). In which case a 3-person mandate is no problem at all. Rates will probably be shockingly bad though.
    I am a Chartered Financial Planner
    Anything I say on the forum is for discussion purposes only and should not be construed as personal financial advice. It is vitally important to do your own research before acting on information gathered from any users on this forum.
  • martinman3
    martinman3 Posts: 727 Forumite
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    The Skipton BS is an example of a building society which allows up to 4 trustees for an account in trust for an individual.
    Just ask for an extra copy (two names per form) of the Investment Account Application Form (For trustees where the beneficiary is an individual) from a branch.

    http://www.skipton.co.uk/savings_and_investments/
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