Savings Accounts for Trusts

CeeJayBee_2

We have a handicapped daughter and have set up a Family Trust. I cannot find a Building Society other than Skipton who will open a savings account in the name of a Trust. Does anyone know of another Building Society who will do this?

Bob_Bridges

You could try Cater Allen - part of Santander.
They run Trust accounts.....

http://www.caterallen.co.uk/SpecialistBanking/Default.aspx?pid=49

Hope this helps,

Bob

CeeJayBee_2

Thanks but the interest rate is 0% up to £100,000 and then goes to 0.25%. It is not worth investing!!!

Cautious_Investor_3

CeeJayBee wrote: »

We have a handicapped daughter and have set up a Family Trust. I cannot find a Building Society other than Skipton who will open a savings account in the name of a Trust. Does anyone know of another Building Society who will do this?

Hi

If you visit the Investment Sense website (Google them, .co.uk is the address you want) under best buy savings accounts at the bottom of the list you will see a best buy table for accounts that accept money from a trust.

I hope this helps.

The Cautious Investor

Dustykitten

Norwich and Peterborough used to let you have Fixed Rate Bonds in the name of trusts. Might be worth a try.

Bob_Bridges

CeeJayBee,

I would just use the Cater Allen account as a place to organise/park funds for safekeeping before investment. At present there is little real return from any Bsoc or bank account. That is the problem that faces us all.
I am absolutely not an expert but it all depends on your personal circumstances and your willingness to take on or avoid risk.

Whichever route you choose - I wish you good luck,

Bob

Cautious_Investor_3

Bob_Bridges wrote: »

CeeJayBee,

I would just use the Cater Allen account as a place to organise/park funds for safekeeping before investment. At present there is little real return from any Bsoc or bank account. That is the problem that faces us all.
I am absolutely not an expert but it all depends on your personal circumstances and your willingness to take on or avoid risk.

Whichever route you choose - I wish you good luck,

Bob

Bob

You are assuming that the OP wants to "invest" the money.

As the Cater Allen account pays virtually zero interest surely it makes sense to shop about for the best deposit account to try and keep pace with inflation.

I'd agree with you it is not easy at present to find accounts that offer a rate of interest close to inflation, however it is possible to get circa 4% if the OP is prepared to tie up funds for say three years.

The Cautious Investor