Trustee accounts

Rigormo2

Got a legacy coming in a Discretionary Trust and need to set up a trustee savings account for the Trust Fund. The normal savings comparison web sites don't seem to cover this area and the few accounts that I have found give pitifull interest rates. Any recommendations for a couple of accounts (2 x £85K for protection) with reasonable access (say 3 or 4 times a year without penalty) and interest better than "pitifull"?

xylophone

http://www.hmrc.gov.uk/trusts/income-tax/income-types.htm
You need to ask the savings institutions concerned whether they allow accounts to be opened in the names of trustees.
http://www.aldermore.co.uk/personal/savings-accounts/faqs/faqs-about-sipps-corporate-customers-and-accounts-held-in-trust-or-as-client-monies/
Is Aldermore offering anything that might suit?

Interest rates on any type of account are barely covering inflation at the moment?

badger09

Rigormo2 wrote: »

Got a legacy coming in a Discretionary Trust and need to set up a trustee savings account for the Trust Fund. The normal savings comparison web sites don't seem to cover this area and the few accounts that I have found give pitifull interest rates. Any recommendations for a couple of accounts (2 x £85K for protection) with reasonable access (say 3 or 4 times a year without penalty) and interest better than "pitifull"?

Sorry, no idea where you'll find rates any better than 'pitiful' , but Bank of Scotland do Trustee accounts
http://www.bankofscotland.co.uk/savings/help/common-enquiries/

and my husband has just opened one at Lloyds (can't easily see any reference on their website though)

Rigormo2

Thanks to Badger and Xylophone for quick responses. Looks like a long trawl by phone or High St visits to find the right product. The web sites you suggest don't say much about Trustee accounts. BoS T&Cs say their accounts not suitable for Trustee accounts except for children's trusts. Aldermore look interesting but don't mention Trustee accounts either. Yet to look at Lloyds but you say there's nothing on the web site.
Regards

webmasterpolo

Skipton Building Society offer 1.5% instant access and can be held in trust. Account is called MySavings.

-Web

Rigormo2

Thanks Web. That's a bit better than pitiful. Worth looking into.
Regards