Simple trusts

Cats333

I am trying to set up a simple trust for my two daughters. They have been left €50000 between them. The life insurance company have stipulated that the monies must be split equally, have two signitorees and can be used for the mataince and benefit of them. Any money left will be given when they turn 18. So my question is how can I set up this, do banks offer this type of trust? It was suggested that Nationwide offer a suitable type of trust but this is no longer available, replaced by a children's ISA. Natwest branch said to look on their website, nothing; I called them and they said to go to the branch. I very confused. Any advice or suggestions please?

Keep_pedalling

Few organisations are interested in trust accounts especially for small amounts of money. The simplest thing do do with that sort of money would be to put it into a JISA. How old are the children?

Yorkshireman99

Keep_pedalling wrote: »

Few organisations are interested in trust accounts especially for small amounts of money. The simplest thing do do with that sort of money would be to put it into a JISA. How old are the children?

Shop around for rates. Halifax did a good one.

Keep_pedalling

Yorkshireman99 wrote: »

Shop around for rates. Halifax did a good one.

I think Nationwide currently offer the highest rate 3.25 but if the children are very young I would opt for a S&Ss JISA.

zxzx1212

Nearly all Banks and Building Societies have withdrawn their Trust Bank accounts (or they are only available to their private banking customers).

Cater Allen (subsidiary of Santander) offer trust bank accounts

Metro Bank also offered a trust account but there were restrictions.