Trust Fund

PaulG13

Can anyone advise if there are any accounts in which money can be held in Trust for my daughter who under terms of an inheritance will only be allowed to access the funds in around 4 years time when she reaches the age of 21? The Trustees are myself, my wife & my sister in law. We currently have this money invested in an NSI Income Bond however, the interest rate on this account was slashed from 1.15% to 0,01% last November.
I am new to the forum and previously posted this on the 4th of January but got no response. I am now even keener to get away from NS&I as I had a query with them and waited for over 30 minutes for them to answer only to be told they could not give me the basic information I requested of whether they had received a form we had sent them regarding the closure of the Trust account for my niece who is now 21. Please can someone tell me which banks accept funds held on Trust?

Shedman

I believe Metro Bank will open a trust account (at least they did when I had to open one a year or so ago). Interest rates are pretty poor though...0.01% on easy access account.

Are you sure that she cannot access the trust money until age 21, as if it is a bare trust (eg legacy from a grandparent) rather than an 18-25 trust created by a parent, then my understanding is that beneficiaries can now request payment from age 18?

xylophone

will only be allowed to access the funds in around 4 years time when she reaches the age of 21?

https://forums.moneysavingexpert.com/discussion/comment/77944918#Comment_77944918