Opening a Trustee/Trust Bank Account?

mrfixituk

My sister and I will be trustees and our father will be the beneficiary. What type of account do we need for this as I am getting the impression banks want us to open a business account. Can this not be done another way?

Thanks/

xylophone

You need a Trustee Account. A family trust (X and Y, Trustees of Z Will Trust) has one with Barclays but the trustees (apart from the solicitor trustee) were personal customers for many years.

That said, the banks may regard Trustee accounts as coming under the business banking umbrella.

Remember the rules for taxation of trusts.

https://www.gov.uk/guidance/trust-record-keeping-for-tax-purposes

henm2

The likes of HSBC would regard a trust account as a type of business account. So long as the turnover does not exceed £100,000 a year it will be on 'community banking terms' which is free banking.
http://www.business.hsbc.uk/en-gb/everyday-banking/business-accounts/other-business-accounts/community-account-current-account

mrfixituk

So my sister and I can't open a joint account as trustees and name it XYZ Family Trust account? Traditional trust accounts pay very little interest!

"The account for a personal injury trust should use the title of the trust."

mrfixituk

So my sister and I can't open a joint account as trustees and name it XYZ Family Trust account? Traditional trust accounts pay very little interest!

http://www.markthompsonlaw.com/best-bank-or-building-society-account-for-personal-injury-trust/personal-injury-trust-to-protect-personal-injury-compensation/

"The account for a personal injury trust should use the title of the trust."