Trust accounts need help please.

irst as I need the money safe I just need a trust account, then when I've worked out how much I'm spending hi, so my solicitor has recieved my personel injury trust money, it seemed a little expensive her opening the trust accounts so i want to do it myself. I have no idea where to start because I asked my own bank which is barclays and they said they do not do them at the moment. I think maybe the solicitor was signing me up with skipton, and cater allen. First I need the money safe. So need an account to hold it untill I decide how much is going where. Secondly cater allen only offer 3% I looked on here for 5% fixed trust accounts and none seemed okay Like the top ones a saudi bank people struggle to get there money back. So if you can advise that would be really helpful.

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  • Zanderman
    Zanderman Posts: 4,619
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    Your post is confusingly written, it's not clear what you need a trust account for, or what the reference to money being 'safe' is about.  The reference to saudi banks is very odd. 

    Could you clarify what it is you're asking, and in what context.
  • wmb194
    wmb194 Posts: 3,131
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    Tinybop said:
    irst as I need the money safe I just need a trust account, then when I've worked out how much I'm spending hi, so my solicitor has recieved my personel injury trust money, it seemed a little expensive her opening the trust accounts so i want to do it myself. I have no idea where to start because I asked my own bank which is barclays and they said they do not do them at the moment. I think maybe the solicitor was signing me up with skipton, and cater allen. First I need the money safe. So need an account to hold it untill I decide how much is going where. Secondly cater allen only offer 3% I looked on here for 5% fixed trust accounts and none seemed okay Like the top ones a saudi bank people struggle to get there money back. So if you can advise that would be really helpful.
    When it comes to these sorts of trust accounts you're probably going to find that you're going to have to take what you can get. As you've already discovered, many banks and BSs don't want to deal with them.
  • xylophone
    xylophone Posts: 43,892
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    edited 3 November 2023 at 5:55PM
    https://www.markreynoldssolicitors.co.uk/personal-injury-trust-work/


    Information in the above. Presumably you will be one Trustee - who will be the other?

    You will note that the account must be in the name of the Trust and not your personal name.

    Financial organisations have become  more unwilling to open Trust accounts - you may have to settle for what you can get.

    https://www.metrobankonline.co.uk/business/sector-services/products/trustee-banking/ might be worth a look.


     Or you could try  investmentsense under Trust Deposit Accounts.
  • Keep_pedalling
    Keep_pedalling Posts: 16,233
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    How much are we talking about here? If we are talking about a large sum that has to last you a lifetime then it should not all be held in cash some would needed to be invested for the long term in which case you should probably take advice from an independent financial adviser (IFA).
  • xylophone
    xylophone Posts: 43,892
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     independent financial adviser (IFA).

    He could try

    https://adviserbook.co.uk/


    Tick "confirmed independent" and "Trust Planning" when the menu comes up.

    But the OP has mentioned reservations concerning the solicitor's fees for setting up the Trust.

    He would certainly have to accept that specialist financial advice costs money.

    But he could  find that not taking expert advice might lead to expensive mistakes.

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