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Trust Bank Accounts
andyjrob
Posts: 5 Forumite
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 I am at my wits end as the banking industry appears to have withdrawn from offering this business!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!
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Comments
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£5 per month seems reasonable to me for a niche account with presumably extra admin for the bank and a relatively low balance...
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If a BS (rather than current account) will suffice, had you tried Skipton BS?
NS&I might be another possibility.
https://www.nsandi.com/help/manage-money-for-others/manage-saving-for-adult
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Try Skipton Building Society. We set up one with them last year...
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Hi there, we do have a savings account available to open in Trust at Skipton. Feel free to call our team for further information. Thanks - Skipton
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