Best interest For Trusts (Easy Access)

cbr600f

Good afternoon,

Does anybody know of a better (higher interest) easy acess savings accounts available for trustee's.

If you havnt come accross this before, Basically banks/societies that allow the holder of the account to be
'The John Smith Trust'

Please list your findings like mine below even if there is lower interest but better access.

The best i can find is the:

Scottish Widows 7 day access acount giving 1.85% Gross Interest

http://www.scottishwidows.co.uk/bank/savings/trust_fund_interest_rates.html

cbr600f

The other option for easy access would be:

Scottish Widows Instant Access account giving 1.50%

http://www.fairinvestment.co.uk/scottish_widows_trust_fund_deposit_account.aspx


What are the other options available?

xylophone

http://www.money.co.uk/savings-accounts.htm?t=407938&u=4b40cf2d4a4

barak

xylophone wrote: »

http://www.money.co.uk/savings-accounts.htm?t=407938&u=4b40cf2d4a4

xylophone - In spite of the "Available to Trustees: Yes" at the top - those accounts don't appear to be available to Trustees.

xylophone

Perhaps the site is out of date?
Then all the OP can do is to ring up individual building societies etc and ask which accounts are available to trustees.

jonesMUFCforever

My 2p worth - any account available to personal accounts will not be available to a trustee account.
My tip look at bank's business/club/society rates of interest to find out what is available.

xylophone

any account available to personal accounts will not be available to a trustee account.

Surely this would depend on the type of trust?
I have myself held building society accounts etc "xylophone trustee of.....xyz" and accounts available to individuals can be held by trustees of a will trust - it depends on whether the financial institution allows an account to be held in trust

cbr600f

xylophone wrote: »

http://www.money.co.uk/savings-accounts.htm?t=407938&u=4b40cf2d4a4 ; http://www.northernrock.co.uk/savings/virginmoney/savings-accounts/Virgin_Easy_Access_E_Saver_Issue_2/?utm_source=Money&utm_medium=ListingsEasyAccessEsav2&utm_campaign=Savings

Virgin/Northern Rock said they dont have any trust accounts, What it means by available to trustee's is that for example a childs name could be listed as a personal account, but not in the name of 'The John Smith Trust'.

Which is obviously misleading dont you think.

cbr600f

jonesMUFCforever wrote: »

My tip look at bank's business/club/society rates of interest to find out what is available.

You reccomend phoning and asking what is available under a trusts name? Any Names spring to mind to start the search?

xylophone

You don' t say how much money is in the trust or why instant access is needed.
If the sums involved are substantial, I am wondering whether it might be an idea to have both an instant access and a notice account. https://www.shawbrook.co.uk/news/shawbrook-bank-launches-new-charity-and-trust-savings-account

I am also wondering whether Julian Hodge Bank might have something suitable.http://www.julianhodgebank.com/

cbr600f

xylophone wrote: »

You don' t say how much money is in the trust or why instant access is needed.
If the sums involved are substantial, I am wondering whether it might be an idea to have both an instant access and a notice account. https://www.shawbrook.co.uk/news/shawbrook-bank-launches-new-charity-and-trust-savings-account

I am also wondering whether Julian Hodge Bank might have something suitable.http://www.julianhodgebank.com/

Thank you for that info, for the short term because were looking to buy a property.