Trust Fund Accounts

Sarries1968

Last year i was diagnosed with Terminal Cancer and with 2 Life Assurance Policies i was advised tout them both into Trusts (with myself, my wife and my sister in law as the trustees)

I did this and am now in the process of making claims on both accounts.

Both insurance companies have asked when they make the payments where do i want the money paid (account details) - i am guessing that I will need to open some sort of Trust Bank Accounts?? as I can't see them just paying into my normal current / savings account?

Can anyone tell me who operates such accounts - my main bank s Nationwide and I'd prefer to use them if possible as then I can keep things as simple as possible for my wife when the time comes.

Thanks in advance for any / all help

Steve

Bobziz

Try Nationwide but the answer I got two years ago was no. Not sure that they've changed their policy. Failing that, Cater Allen might be the best you can get. Trust accounts seem to be few and far between these days. 

Obviously worth asking if you need a trust account before trying to open one though. Best of luck.

Fly_Guy

I just opened a Trust account with Metro Bank. It will incur a one off £50 setup fee, but they were efficient and I had a personal contact at my local branch who called me up a couple of times to check details and provide updates. Which was nice….
ps. I have no link to Metro Bank other than being a customer !

billy2shots

I am in the process of trying to sort out a trust as a sole trustee. 

The last year has been like banging my head against the wall.  

There's a list of financial institutions that offer trust accounts but they turn out not to be on closer inspection. Metro was the only one I found as the poster above stated. Unfortunately my closest is 30 miles away. 

Having looked into it some more, there is no obligation for me to open a specific 'Trust account'. As long as it's a separate account and everything is documented then a standard account is the way to go (for me). 

Might be worth looking to see if a normal account, all be it joint as you have multiple trustees, would work for you. 

Sarries1968

Fly_Guy said:

I just opened a Trust account with Metro Bank. It will incur a one off £50 setup fee, but they were efficient and I had a personal contact at my local branch who called me up a couple of times to check details and provide updates. Which was nice….
ps. I have no link to Metro Bank other than being a customer !

Thanks - funnily enough Metro was the one that seemed to stand out when I did a quick Google 

Cirrus35

I am also trying to open a trust account and was about to open a metro one but the need to keep £25k in is a tad off putting. Cater Allen have recently made some changes and don't charge any fees or need a large deposit but they have bad reviews on Trust Pilot. can anyone advise me? I only need a simple account but want it to be in the Trusts name and need three trustees to be able to access it.