Trying (but failing) to open a Trustee Bank Account

Swanseajack

Afternoon, I have been awarded a compensatory sum of money following a car accident and I have been advised to set up a personal injury trust to protect my pension credits award. That is fine, but I am struggling to find a bank who will open such an account for me (mainly because I am not already one of their personal account customers). To complicate matters, my credit ain't great and I only currently hold a 'Basic' bank account. Any ideas would be welcome, thanks. Jack

[Deleted User]

Surely if you have a lump sum of money but receive means tested benefits then you should be declaring that to DWP?

xylophone

Surely if you have a lump sum of money but receive means tested benefits then you should be declaring that to DWP?

https://www.clarkewillmott.com/wp-content/uploads/2016/07/Personal-injury-trusts-factsheet.pdf

How can you avoid losing means-tested benefits when receiving an award for a personal injury?
2.3.1 The law says that where money "derived from a payment made in consequence of any personal injury" is placed in a trust, then "the value of the trust fund and the value of the right to receive any payment under that trust" shall be disregarded as capital in calculating a claimant's entitlement. This means that, by putting your compensation for your personal injury into a trust you should be able to retain your entitlement to state benefits.
2.3.2 It is important you are aware that the disregard of compensation placed in trust is not a "loophole". The government recognises the special situation. It is happy for you to keep on claiming benefits, but you must do it in the way the government has specified. That means putting the personal injury compensation into a trust.

jonesMUFCforever

OP try Cater Allen bank.

Swanseajack

Thanks so much for helpful responses. Just been checking out the Cater Allen banking arrangements, looks promising. Cheers for the nod! Jack