Savings account that can be held as a Personal Injury Trust

1blue

I am looking to open a savings account for a Personal Injury Trust.  The trust and bank account are already set up, but the bank account does not offer any interest.  I am struggling to find savings accounts that I can open in the name of the Trust i.e not a personal savings account.  Does anyone have any suggestions of building societies/banks that offer this?  Priorities are high interest rate, no risk, immediate access not required.

Keep_pedalling

There are no high interest rates, and high inflation eats the real value of cash so no such thing as no risk either.

How much are we talking about and how is the money to be used e.g. income for life?

Albermarle

As above , if the trust is likely to be operating in the long term, you should also be considering investing at least some of the money, rather than it just sitting in a savings account.

Westie983

Hi,

I have a trust account with NS&I, the interest gets paid out each month to the trust bank account.

You have to open it by post and send in the trust deed, its easier if you are already an NS&I customer. If you are not maybe worth opening a direct saver account first before opening the trust account. 

Current interest rate isn't high but its higher then the bank account which is 0

https://www.nsandi.com/files/asset/pdf/information-for-trustees.pdf
https://www.nsandi.com/files/asset/pdf/income-bonds-application-form-trustee.pdf


Westie983

1blue

Thank you for your responses.  I'm just looking for savings accounts, not looking to invest.  I would like the highest rate savings account available, but not expecting big returns.  Any interest is better than the 0% of the bank account.  Any other suggestions of building society/bank savings accounts that could be opened as a trust? Thanks

xylophone

Had you tried Skipton Building Society?

Skipton_Building_Society_Representative

Hi there, we do accommodate for personal injury trust accounts at Skipton. Feel free to reach out via our social media platforms (Facebook, Twitter) to discuss further.