Trustee accounts

keepitlegal

My sister and myself are trustee's for our brother and have been since 2007. He had an accident at work and successfully sued the company and on the advice of his barrister, his solicitor drew up a document for us as trustee's to sign (this means he qualifies for means tested benefits as the payout he recieved is in a trust fund!)
We want to move the money from LloydsTSB as each time we go to the bank we are given different advice regarding where to invest the money for a better return (we are at present getting 0.6% interest). We wish to tie up 20k for a minimum of 12 months and a maximum of 24 months, any advice would be greatley recieved.
Thanks

jonesMUFCforever

A trustee account is the problem not the bank!
A banker will advise on personal accounts - a trustee account is not one of these and personal accounts offers on savings do not apply to a trustee account.

However if you take money out of the trustee account into a personal savings account you could be in breach of the trust.

I would suggest an IFA.