Savings account for an RTM

LordStreet

We are a block of 20 apartments and are a RTM Co. Ltd with a managing agent looking after collectionof service charges.
We are very proactive and manage most of the building ourselves.
We have now built up a substantial amount of service charge surplus funds held in a trust account by our agent.
Our agent however will not assist in diverting some of this money into a savings account (presumably as they are keeping the interest)
Can anyone in a similar situation advise where are RTM can invest money in trust on behalf of its members, this reserve fund needs relativley ready access as it is for maintenance of the building should future repairs be required.
I'm presuming only safe investment with high street banks/building societies in business accounts.

masonic

My understanding is that the legislation requires the funds to be held in trust, so that is the main consideration. You'll also have an agreement with the agent, which may contain some relevant clauses. So if the agreement is overly restrictive when it comes to their control of the money, you may need to address that issue first.

It would be advisable to use specific trustee accounts to provide the correct legal separation of the money from the company's own funds. This will limit your choices, but protect the members. The trustees would be obliged to select appropriate products for this money - putting it at investment risk would be tough to justify.

LHW99

You may find people with some experience of this on the House buying, renting and selling board

https://forums.moneysavingexpert.com/categories/house-buying-renting-selling

LordStreet

LHW99 said:

You may find people with some experience of this on the House buying, renting and selling board

https://forums.moneysavingexpert.com/categories/house-buying-renting-selling

Thank you.... I'll keep researching where we can place the money.LHW99 said:

You may find people with some experience of this on the House buying, renting and selling board

https://forums.moneysavingexpert.com/categories/house-buying-renting-selling

masonic said:

My understanding is that the legislation requires the funds to be held in trust, so that is the main consideration. You'll also have an agreement with the agent, which may contain some relevant clauses. So if the agreement is overly restrictive when it comes to their control of the money, you may need to address that issue first.

It would be advisable to use specific trustee accounts to provide the correct legal separation of the money from the company's own funds. This will limit your choices, but protect the members. The trustees would be obliged to select appropriate products for this money - putting it at investment risk would be tough to justify.

Thank you.... our articles of association.do state that the money should be invested. As you point out this needs to be using a trustee or trust account so the question is where? 
More research needed.

x44

Try CAF Bank or Charity Bank.

They have experience in Charities and trust accounts with multiple signatories required.

CAF bank requre a current account with them to access their savings accounts

Charity bank you can have a standalone savings account.