Disabled Persons Trust / Trustee Bank Account

andyjrob

I am setting up a Disabled Persons Trust for my adult daughter. It will be a 'live' trust to allow gifts over the years but also to receive her inheritance when I pass. An account or accounts need to be associated with the Trust Deed to hold 'property'. I am at my wits end as the banking industry appears to have withdrawn from offering this business! I have been to TSB, Barclays, NatWest. Santander and some building societies... all of whom now don't offer 'Trustee Accounts'. The only bank that I have found that offers such an account is the Metro Bank.... and they charge £5 per month unless there is a balance of > £25,000 held! Can you (Martin!)/anyone advise/help? Why is providing for my vulnerable daughter so difficult? This appears to be scandalous to me!

Savvy_Sue

Have you checked with Scope? https://www.scope.org.uk/ I think they offer advice on such trusts, and I'd hope they'd know who offers suitable bank accounts.

andyjrob

Thanks Sue, Yes, I did take a look. No advice there (on the Scope site)  and the only discussion thread I found referred to the exact same problem I'm finding! This is certainly an issue that MoneySavingExpert should be shedding some light on!

Albermarle

It is an issue that crops up on the Savings and Banking forums from time to time. It is not just an issue for disabled persons trusts, but trusts of all kinds.
You might want to post on one of those, as they have a much wider readership than this forum.
I think Skipton building society is often mentioned as a possibility.
Also in the circumstances I would not get too stressed about £5 a month, but I might worry that Metro bank might get sold and the policy changes

andyjrob

Albermarle, thanks for your comments. I will share the post! It appears (according to their website) that NS&I may offer something!

andyjrob

I am setting up a Disabled Persons Trust for my adult daughter. It will be a 'live' trust to allow gifts over the years but also to receive her inheritance when I pass. An account or accounts need to be associated with the Trust Deed to hold 'property'. I am at my wits end as the banking industry appears to have withdrawn from offering this business! I have been to TSB, Barclays, NatWest. Santander and some building societies... all of whom now don't offer 'Trustee Accounts'. The only bank that I have found that offers such an account is the Metro Bank.... and they charge £5 per month unless there is a balance of > £25,000 held! Can you (Martin!)/anyone advise/help? Why is providing for my vulnerable daughter so difficult? This appears to be scandalous to me!

retiredbanker1

Have a look at Cater Allen? Won't be cheap to set up though.

Albermarle

Be aware that NS&I do not have the best reputation for customer service, and their are numerous threads about problems dealing with their website.

MyMyrtle1967

Hi. Having the same problem with our trustee account with Nationwide they are closing all of this type. I've contacted NS&I (long winded live chat for nearly an hour to be told no!) I'm in contact with AgeUK at present so fingers crossed they have some other people in same position who have had some joy. My Aunt is nearly 90years old. Cannot read or write, life is hard enough eh!

eileenann59

We set up a discretionary trust for the benefit of our disabled son. We bank with Cater Allen but it took an age to do and would try the patience of a saint. Apparently most banks withdrawing from this area because trusts now being used widely by businesses(sic) for money laundering purposes. Sorry I can't be more positive.