Savings accounts for existing discretionary trust

spider18361

Hi…. Looking to pick the brains of the wonderful MSE community.

I am a trustee of a discretionary trust held with Metro Bank. We would like to move some of the trust fund to a savings account of some kind as there is little to no interest in the current bank account.

I am looking for accounts which can be opened when a discretionary trust is already in place. I see that Metro Bank itself has a fixed term option or two, also Mansfield BS tho that is a variable rate.

The beneficiary could probably put up to £50,000 in without prejudice to having funds available from the Metro trust fund account.

Any ideas? We are keen not to lose money so unwilling to speculate however would like to see the money rising a little in worth each year even tho it won’t match inflation I’m sure!

Any advice appreciated. Thank you

Keep_pedalling

What do mean by the beneficiary can put in up to 50k? Beneficiaries don’t add to a trust.

It might to have a bit more knowledge about the reason the trust exists and the amount in it. Unless this is a trust for a vulnerable adult the tax rate you will be paying on any interest will kibosh any chance of keeping up with inflation.

spider18361

sorry Keep_pedalling you're quite right! I got my terms muddled - the trustees would like to get a better level of interest for the beneficiary. The beneficiary is a vulnerable adult with serious mental health problems.
The trust has around £75,000 in it and was set up when a close relative died to help provide for the beneficiary as needed.

Tax is paid but then claimed back due to the beneficiary's financial circumstances.

We're aware we won't be able to keep up with inflation but get 0% in current trust account with Metro bank. We would keep that account however we're asking if anyone has any good ideas about other accounts - open to discretionary trusts - which might pay some interest. I've only found the two mentioned in my initial post. Thanks

bobster2

Try Skipton Building Society - recently they were still doing a trustee savings account

poseidon1

You could consider NSI products - example application below

https://share.google/IDqKF35XRaZ4tZbKr