executors bank account

janeke

I am one of the executors of my mother`s will - we are in the process of obtaining probate. Her money has been left to a discretionary trust - me, my brother & father are beneficiaries.

I need to open an executor`s bank account - does anyone have any recent experience of helpful/useless banks - for convenience I`m hoping Coventry Building Society or Lloyds will provide but haven`t approached them yet.
Also I don`t know if the fact that the money is in a trust affects the type of account I can have - it could be there some years so ideally I want it to grow.

Any advice would be appreciated

preable

Coventry Building Society may provide an account and so will Llyods

Mikeyorks

janeke wrote: »

I need to open an executor`s bank account - does anyone have any recent experience of helpful/useless banks

Most are 'useless' when it comes to Executor accounts. There's no profit in them and they're normally of short duration - consequently you may struggle to obtain one. Your best chance is with an institution that your Mother (or yourself) had existing accounts with. But expect no better than 0.1% and probably cheque book or counter access only.

So - yes - with those drawbacks you need something different for the Trust funds. But that's a whole new ball game ..... you may not wish to keep the money primarily in 'cash'?