Trustee bank accounts

Favignana

Does any one have any up to date info/experience about this?  I have funds for a discretionary trust I need to place as savings relating to a disabled family member. I am struggling to find a current account and savings account for it.  Currently sitting in an account in my name as I don't know what else to do. I had high hopes for NS&I but they have pulled all their accounts apart from Income Bonds (awkward vehicle) and Investment Account (poor rate).  Am hoping Metro bank will cover the current account side though as yet untested (very poor rate).  Savings side seems very difficult. Skipton BS all reference has disappeared from their website.  I understand the regulation side has made these accounts unattractive to many banks.  But really it is an impossible task for trustees these days.  Any advice gratefully received.  

xylophone

https://www.gov.uk/trusts-taxes/trusts-for-vulnerable-people

https://www.gov.uk/trusts-taxes/registering-a-trust

Above may be relevant.

Metro Bank still offer current accounts for Trustees.

For savings, had you considered  United Trust bank?

https://www.utbank.co.uk/deposits/business-accounts/

Buckinghamshire Building Society offers  a Trust Instant Access Account but the interest rate is only 2.3%.

https://www.bucksbs.co.uk/savings/all/



Have you actually contacted Skipton BS about a Trustee Savings account?

Favignana

Thanks Xylophone.  The trust is already created and registered with HMRC.  

I will followup with a current account at Metrobank, albeit 0.2%

Not come across United Trust Bank, will investigate.

similarly Buckinghamshire Building Society.  2.3% is better than 0.2%

I have not contacted Skipton, just noticed the links to its trustee accounts information were broken, showing errors and no mention on their website upon searching.  But I will.  

This is all new to me and seems difficult.  Solicitors take you so far then you are on your own it seems to me.

Thanks again.  

neilrich99

Hello, I hope this conversation is still active because I have a similar predicament and wondered what solution you  went for in the end? I note that a Bestinvest discretionary trust still requires a bank account in the name of the trustees in order to make payments. 

Favignana

Hello Neilrich,
I eventually got a Metro bank trustee current account set up and it is working well. It took a long time, several personal visits and extra follow up paperwork.  But I got there.  Hooray!  Interest only 0.2% but you have to keep at least £25k in the account or pay charges.  They also offer fixed term bonds at better rates but that does not suit me.  Also usual protection amount ceiling.
I looked into the various suggestions above but my next step I’m doing now is setting up Income Bonds with nS&I which will pay out to the current account.  Hoping this works out.  The rate is decent, unlimited protection and flexible.  

Good luck!