Investing in trust

terencenicholson

I have about 60,000 to invest "in trust" for my cousin, I want a secure investment very low risk. When I try to open building society account they do not seem to deal with "Trustee" accounts, does anyone know ho does?

Thanks for your help.

Terry

Aegis

terencenicholson wrote: »

I have about 60,000 to invest "in trust" for my cousin, I want a secure investment very low risk. When I try to open building society account they do not seem to deal with "Trustee" accounts, does anyone know ho does?

Thanks for your help.

Terry

Scottish Widows and Investec both have special accounts open to trustees in particular. Other banks typically require you to use their business banking facilities, which often have terrible savings rates. Some building societies will allow a personal account to be opened by trustees, but there doesn't seem to be a hard and fast rule on this one.

Bear in mind that if this is a formal trust arrangement, you may be required to seek appropriate advice from a professional before you make any investments. If it's just an unofficial arrangement, then it's slightly different, but that might make the trustee accounts less appropriate for you.

xylophone

Some Building Societies allow Trustee Investments - if you type trust account building society into Google you will find an one example of a trust application form from Bath Building Society - you can also invest in National Savings on a Trustee basis - there is a specific form.

kidmugsy

Beverley BS used to do Trustee accounts. You could phone them to find out whether they still do,

dunstonh

Do you want to invest or save? You say invest in the title but then mention savings accounts.

I want a secure investment very low risk.

What risks are you trying to avoid? investment risk, shortfall risk, inflation risk, provider risk?

Remember that a trustee has a legal responsibility to do what it best. So, you need to make sure what you do is right. So, for example, picking cash savings for a trust that is going to be there for say 18 years, could very easily be considered the wrong thing to do. Whereas if its just say 3 years it would be right.