Bank Account For Family Trust

Valo

I'm looking for some advice as to a suitable bank account for funds to be deposited into for our non-discretionary family trust.

The Trust was established to provide for my long term needs following an accident which left me with spinal cord injury. My father died last year and his assets following his death have been left to the family trust.

We need a suitable bank account for these funds to be transferred into and allow the Trust executors (My Mum and Family Lawyer) access to these funds to cater to my needs and to invest the majority long term.

xylophone

The solicitor will have a professional relationship with at least one bank.

He may wish to approach that bank concerning the opening of a current account for the Trust on which he and your mother are the signatories.

Otherwise your mother can approach her own bank and explain the situation and see what they can offer.

Or you might try HSBC http://www.business.hsbc.co.uk/1/2/business-banking/community-schools-and-colleges

Barclays or Metro Bank.

Valo

Thanks for the information xylophone.

Would be interested in hearing from anyone in a similar situation.

SevenOfNine

I only have experience with trying to open an account to hold a discretionary trust inheritance, (beneficiaries 2 minors), .

Brick wall springs to mind (Santander, Lloyds, Nationwide, Halifax, Metro), though I think it was xylophone who gave me a link to one on-line, but charges were involved.

We did see a financial advisor in Nationwide, though his suggestions (long term investments) would not suit our needs, it may suit yours.

I'm not recommending Nationwide, nor the use of their financial advice (free appointment but if you engage their services there are costs involved), but of financial organisations 'on the high street' they did at least have some suggestions.

It is absolutely necessary to bypass counter staff though, no offence, but I found some completely clueless - namely Halifax. If I say the words £100K, you'd have to be a complete twit to say JISA with an annual deposit limit of £4080 per child!

kidmugsy

7of9's experience seems to be common. Why none of the Challenger Banks makes a fuss of being open to business for Trusts beats me. They'd only need to train a few people at HQ who could deal with enquiries, examine the Trust deed, and issue instructions to branches.

xylophone

Our family trust has a current account with Barclays which was set up years ago without fuss.

I seem to recall that a recent poster mentioned that he had been able to open a Trust account with Metro Bank.

The HSBC link above indicates that they offer a

Current Account providing free banking for clubs, societies and charities with an annual turnover under £100,000. Also available for churches, executors and administrators and trustees.

so might be worth a try.

The OP mentions a solicitor trustee for his trust - the solicitor will have a relationship with at least one clearing bank for his firm's account/his client account etc so may well provide the access to the bank's specialist trustee department.

There is also Cater Allen https://www.caterallen.co.uk/solutions-for-trusts

Valo

Thanks everyone for the advice. We managed to get a suitable account setup with Natwest.