Trust Fund Accounts

Mumum

Hello,

Does anyone know which banks or building societies allow trust funds to hold their products?

Skiptons have stopped allowing their (personal injury) trust funds to hold their fixed rate bonds, instead allowing them to only have access to their lesser lucrative variable current accounts.

A lot of providers are dropping their trust accounts, therefore I suppose Skiptons have no or little competition. I'm hoping someone may know of a provider which allows their more profitable products (usually fixed rate bonds) to be held?

Thank you 

Shedman

Metro might still allow trust holdings (one where I'm a trustee has an account there but it was opened a couple of years ago).  They did have a fixed rate savings bond for trusts but not sure their rates are that good if they even still have one,

Just looked and they aren't accepting trustee accounts at moment

Mumum

Shedman said:

Metro might still allow trust holdings (one where I'm a trustee has an account there but it was opened a couple of years ago).  They did have a fixed rate savings bond for trusts but not sure their rates are that good if they even still have one,

Just looked and they aren't accepting trustee accounts at moment

Thanks for taking the time to check for me Shedman.

dunstonh

Does anyone know which banks or building societies allow trust funds to hold their products?

What do you mean by products?
For example, the position would be different for savings compared to investments.  Most banks have pulled out of offering investments to trusts but continue to offer deposit based options.   The requirements on trusts have become largely onerous on providers (and the trustees).  So, smaller banks and societies have stopped offering them.  The big banks continue to offer them but they don't appear to like doing them and will often make it difficult.

Mumum

dunstonh said:

Does anyone know which banks or building societies allow trust funds to hold their products?

What do you mean by products?
For example, the position would be different for savings compared to investments.  Most banks have pulled out of offering investments to trusts but continue to offer deposit based options.   The requirements on trusts have become largely onerous on providers (and the trustees).  So, smaller banks and societies have stopped offering them.  The big banks continue to offer them but they don't appear to like doing them and will often make it difficult.

By products I mean anything other than a standard variable rate current account. Previous offerings have been fixed rate bonds, which are currently double of what I'm getting in the trust current account.
It's no-risk investment I'm after so am hoping one of the providers may still offer them to trust funds - although it's not looking hopeful according to your feedback.

xylophone

https://forums.moneysavingexpert.com/discussion/comment/79551109/#Comment_79551109

Have you tried any other providers in this list?

Mumum

xylophone said:

https://forums.moneysavingexpert.com/discussion/comment/79551109/#Comment_79551109

Have you tried any other providers in this list?

Thank you Xylophone, this is very useful, I'll start working my way through.

Mumum

Now that's strange, earlier I read a reply from Skiptons but it has disappeared. I had wanted to reply that they have recently stopped allowing trusts to hold anything other than a trust current account, which offers less than half of their current fixed rate bonds, which my trust had previously held with them. 

xylophone

Now that's strange, earlier I read a reply from Skiptons 

This?

https://forums.moneysavingexpert.com/discussion/comment/79551940/#Comment_79551940

Mumum

xylophone said:

Now that's strange, earlier I read a reply from Skiptons 

This?

https://forums.moneysavingexpert.com/discussion/comment/79551940/#Comment_79551940

Yes!! Thanks again Xylophone, I'm not sure how I confused this with my thread.