We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
We're aware that dates on the Forum are not currently showing correctly. Please bear with us while we get this fixed, and see Site feedback for updates.

Savings account for disabled persons trust?

Wazzy999
Wazzy999 Posts: 7 Forumite
First Post
edited 15 November 2022 pm30 12:31PM in Disability money matters
My daughter has learning disabilities and will always need support for living. She had a trust fund set up by her uncle a few years ago, which is a Disabled Persons Discretionary Trust. We would like this to be an ongoing investment so that she will have access to funds for things like holidays long after the point when we are no longer around to look after her. The problem is there do not seem to be any banks which offer savings accounts for this type of trust. The funds are currently invested with a bank which used to offer this facility but they have now withdrawn this type of account and interest on it is virtually zero. 
Does anyone know of a bank that does offer this type of account? I found an old list on this forum but the banks checked so far seem to have withdrawn this facility. Does anyone know why these types of accounts are no longer offered by banks? 

Comments

  • Robin9
    Robin9 Posts: 12,487 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    I have asked MSE to move this post
    Never pay on an estimated bill. Always read and understand your bill
  • Holding the fund in cash is going to see the value being eaten up by inflation. For the long term you you should be looking at investing it. Where best to put it very much depends on how much we are talking about. 
  • Albermarle
    Albermarle Posts: 26,039 Forumite
    10,000 Posts Sixth Anniversary Name Dropper
    As above, if you are looking at time scales of anything longer than 5 years, then investing some of it in stocks and shares, would probably be a good idea. If timescales are >10 years, then you should be looking at investing all of it, apart from a cash float to cover a couple of years expenses. The reason is that historically, investing in risk based assets is the only way you can beat inflation in the long run.
    If the amount is significant and you have no experience with investing, you could look to working with an IFA.
  • Yes - agree with all that. It's an account I can hold a couple of years worth of accessible savings which can be controlled by the trustees and can be used as the account to buy things for my daughter or transfer funds into and out of bonds if required. 
    I wasn't asking for financial advice though. What I do want to know is if any banks or building societies will allow trustees to open such an account and if not why not?
  • theoretica
    theoretica Posts: 12,685 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    I think there may be a current trust account in my family with Barclays.  Alternatively, whoever the trust holds bonds with may also be able to hold cash.
    But a banker, engaged at enormous expense,
    Had the whole of their cash in his care.
    Lewis Carroll
  • Albermarle
    Albermarle Posts: 26,039 Forumite
    10,000 Posts Sixth Anniversary Name Dropper
    Wazzy999 said:
    Yes - agree with all that. It's an account I can hold a couple of years worth of accessible savings which can be controlled by the trustees and can be used as the account to buy things for my daughter or transfer funds into and out of bonds if required. 
    I wasn't asking for financial advice though. What I do want to know is if any banks or building societies will allow trustees to open such an account and if not why not?
    Not sure where the original post was moved from, but if you do not get any joy here, you could try the savings and investment forum, or the banking one.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 348.4K Banking & Borrowing
  • 252.2K Reduce Debt & Boost Income
  • 452.5K Spending & Discounts
  • 241K Work, Benefits & Business
  • 617.4K Mortgages, Homes & Bills
  • 175.7K Life & Family
  • 254.2K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 15.1K Coronavirus Support Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.