Investing options from a Barclays Trust Account ?

0779mike

I am one of the trustees on a Barclays Trust account that holds an injury compensation payment for my daughter.  We tried to open a "Plan & Invest" account from the Trust account this afternoon but the system said we had to call them. We did. After 40 minutes on the phone, having spoken to 3 different departments and finally left on hold for 15 minutes we gave up.  One department "thought" that the Smart Investor and Plan & Invest products were only available to personal accounts.

Does anyone on here know how to invest in stocks, shares, funds, etc., from a Barclays Trust account ?   

xylophone

A family member was one of the  Trustees of a Will Trust - the Trust's current account was held at Barclays.

There was no problem in moving cash from that current account to the Trust investment account/investments held in the name of the Trust.

Example

https://help.fidelity.co.uk/site/investment-tools-and-products/How-set-up-trust-investment

Once open, you will be able to choose suitable investments ( OEICs/shares/bonds etc).

0779mike

I am phoning around this morning to see who else might offer an Investment Account to a trust. I have accounts at Iweb and A J Bell YouInvest so I thought I would try them first as they are very competitive on charges but they both said no.

After 20 minutes Barclays said speak to the branch. The branch are now referring me to a personal banker who is not in until Thursday.

At this point Fidelity look very good.

Trying Vanguard now. 

0779mike

Vanguard said yes, and this might suit my daughter as she can go for a Life Strategy fund and charges are low. This may be the one.

0779mike

I appreciate that I am probably talking to myself here but it helps.

Albermarle

0779mike said:

Vanguard said yes, and this might suit my daughter as she can go for a Life Strategy fund and charges are low. This may be the one.

Just for info , no problem to buy Vanguard Life strategy funds on the Fidelity platform ( same price) and if she ever wanted to invest in a wider range of funds, then with Fidelity you are not restricted to just Vanguard funds .

The Fidelity platform charge is higher than Vanguard though but difficult to compare their level of customer service .

0779mike

I have looked t the application form for Vanguard and it is exceedingly challenging while the Fidelity one is a doddle.  I might ring Vanguard tomorrow because I do like their charges.

Albermarle

0779mike said:

I have looked t the application form for Vanguard and it is exceedingly challenging while the Fidelity one is a doddle.  I might ring Vanguard tomorrow because I do like their charges.

There is usually a reason why charges are low . Is a difference of 0.2% pa going to materially affect your daughters funds ?
If they are very large it will have more effect than if they were more modest.

dunstonh

I'm surprised Vanguard do trust accounts as they tend to focus on the mainstream and avoid niche areas with their restricted offering.    Having to deal with FATCA is usually something that puts the low-cost providers off.