Savings account for disabled persons trust?

Wazzy999

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 The funds are currently invested with a bank which used to offer this facility but they have now withdrawn this type of account and interest on it is virtually zero.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 I found an old list on this forum but the banks checked so far seem to have withdrawn this facility.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? 

Robin9

I have asked MSE to move this post

Keep_pedalling

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

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.

Wazzy999

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

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.

Albermarle

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.