Trustee Account

wilbert_2

Hi, I need some advice about a trustee account for my brother.
Our mam died and we are in the process of selling our house and as he is only 17 according to our solicitor his money must stay in a trustee account out of which reasonable living expenses can be withdrawn by my uncle the trustee. Can any advise on which trustee account to choose he has approx £30,000 and it needs to be an account that allows withdrawls.
Or would two seperate accounts be better -one high interest with no withdrawls or a set notice withdrawl period and one account with more instant access that would allow a direct debit or cheque?
Thanks in advance for any advice!

chrissy513

Hi, i know how difficult it is to find a Trustee operating savings account, having spent loads of time doing so. But have found one that might be of interest - it's run by the Halifax (part of HBOS group), and they have several accounts which can be run by Trustees, the highest earning of which is the 90-day notice Halifax Extra Income Saver, tiered from 5.01% to 5.22%. Ok so it's not the highest savings rate around, but the only Trustee operated one i've found so far that doesn't give a ridiculously low rate.
Incidentally under the £35,000 coverage by FSA in cases of banks going bust, the trustees' names would be covered up to £35000 each for this type of account (ie doesn't use up beneficiary's allowance in HBOS group).
Just thought i would share....
If anyone out there knows of any others, please share! It's always good to spread the cash around for extra cover.

oramgepekoe

As a trustee I've been able to use fixed rate bonds at Skipton Building Society. They're easier to set up if you can visit a branch cos you have to provide identification details for all the trustees and the beneficiary.
http://www.skipton.co.uk/savings_and_investments/bonds/fixedRateBonds.aspx


Wilbert, at what age does your brother get full access to his money - 18, 21, 25 ??