We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
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 I am at my wits end as the banking industry appears to have withdrawn from offering this business!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!
0
Comments
-
£5 per month seems reasonable to me for a niche account with presumably extra admin for the bank and a relatively low balance...
1 -
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
0 -
Try Skipton Building Society. We set up one with them last year...
0 -
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
“Official Company Representative
I am the official company representative of Skipton Building Society. MSE has given permission for me to post in response to queries about the company, so that I can help solve issues. You can see my name on the companies with permission to post list. I am not allowed to tout for business at all. If you believe I am please report it to forumteam@moneysavingexpert.com This does NOT imply any form of approval of my company or its products by MSE"2
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.9K Banking & Borrowing
- 253.9K Reduce Debt & Boost Income
- 454.7K Spending & Discounts
- 246K Work, Benefits & Business
- 602.1K Mortgages, Homes & Bills
- 177.8K Life & Family
- 259.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards