Trustee bank accounts! HELP!

Debwest

Good afternoon,
I have recently been appointed as a trustee (along with another professional) of a residential property that my children have inherited after their father passed away. The property which is in trust now for my children will be generating rental income and I need (so I have been told) a "trustee bank account" in which to place the rental income into. From looking at some historic posts on this site regarding trying to open a trustee bank account, it seems to be a task thwarted with problems at the best of times (covid aside), as I have experienced myself over the past two months of trying to open this type of bank account.
Because the trust is effectively a property business, I need to be able to pay contractors/make purchases sometimes etc and so need to be able to conduct transactions similarly to those conducted in a current account. Whenever I explain this to the banks they direct me to childrens saving accounts! Ultimately the funds generated from the rental income will be invested periodically into stocks/shares on behalf of the beneficiaries, but I need a trustee bank account so that myself and the other trustee can manage the rental income and the property business.
HSBC - say that they have currently suspended the opening of trustee bank accounts
Yorkshire Bank - the lady I spoke to on the phone didn't know what I was talking about
Natwest - again, no-one understands which bank account I need
Barclays - say they do a "joint trustee current account" but are not allowing any face to face contact to set the account up
Santander - equally don't understand and kept directing me to their 123 mini kids savings accounts
Naturally I do not want to place any funds (even temporarily) into my bank account until such time as I can find a bank which offers a trustee account, and face to face meetings resume to enable me to set the account up.
I'm going around in circles, and the letting agent now has rental income to deposit into the trust and I have no-where for it to go!
I was considering opening a bank account in my name and have the money go in there temporarily - (yes I am aware of all the implications re tax liability, HMRC, and I'm sure technically it may be fraud or theft) - but what else can I do?!
I'd really appreciate any help or advice!
Many thanks

Keep_pedalling

I am not sure a trustee account is what is required here, I do not think they are suitable for handling what is basically day to day business transactions, paying tax bills etc. 

Do you have an accountant who could advise? If not you probably need one anyway to deal with the tax returns you are going to be lumbered with for n years. 

Debwest

Hi there, thanks for commenting. Yes, the trust is registered with HMRC and my accountant will be dealing with the tax returns. The manager at my local HSBC branch (after I had explained in full the details) said initially it would be a business account I would need, and then he checked with his superiors, and he came back and said it was a trustee account I would need, but unfortunately HSBC were suspending the opening of that type of account. Yes I think I'll need to get back in touch with my accountant again! 

xylophone

Relative (plus another family member plus solicitor) held a Trustee account with Barclays - the cheques showed "Trustees of  the   John Smith Will Trust."

Presumably the property has been registered in the names of the Trustees and there is a formal Deed of Trust.

Does the professional Trustee have a client account?

Would it be possible for him to hold the rental income pro tem and make any necessary payments until such time as you can open an account with Barclays?

Failing that, (with written acknowledgement from your fellow Trustee), you might open an additional account with your own bank to receive the rental payments until such time as you and he/she can make an appointment to open a Trustee account with Barclays.

You may find that the Trustee account does not permit internet access and that all payments to contractors will need to be made by cheque signed by both Trustees.

Savvy_Sue

Who / what sort is the other professional? Do they operate a client account? And if so, would that be an appropriate place to 'hold' the money for now? 

The other thing I'm wondering is whether it's possible to open a business account without going into all the gory details, and use that, at least temporarily?

Bobziz

Cater Allen may be an option, or Hodge bank.