trustee bank account

Grannyto11

Good Evening, I need to set up a trustee bank account for my son, I am his appointee as he is classed as a vulnerable adult. He is due a payout following an accident and requires an account for this to be paid into. I went into my local natwest branch and they told me they are all online. I am not sure which to use any advice or pointers appreciated. 

xylophone

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

Does he qualify under terms set out above?

Or
https://www.markreynoldssolicitors.co.uk/personal-injury-trust-work/

Check on whether registration needed

https://www.gov.uk/hmrc-internal-manuals/trust-registration-service-manual/trsm23030

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


Try Metro Bank?

https://www.metrobankonline.co.uk/business/sector-services/products/trustee-banking/

Or Skipton Building Society?

Or perhaps NS&I might be a possibility?

https://www.nsandi.com/help/manage-money-for-others/manage-saving-for-adult

If you need advice a solicitor with expertise in Trusts could help.

https://www.step.org/about-step/public

Grannyto11

im not sure he is on UC, and been awarded over 200 thousand for a personal injury, he has ADHD and learning difficulties. 

xylophone

and been awarded over 200 thousand for a personal injury, he has ADHD and learning difficulties.

Does he lack capacity to manage his own affairs? You say that you are his appointee - does this indicate that you have authority from the Court of Protection?
 

If he does not qualify under the terms in the first link, then as this is compensation for a personal injury. he should be eligible for a personal injury trust.

 Read all the links above and consult a solicitor with the necessary expertise if you are unsure about how to proceed.

If it is intended that the whole amount should be held in deposit accounts, you will need to spread the money about  (FSCS protection) unless you use NS&I.