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Trustees' bank account

Anthear
Anthear Posts: 227 Forumite
Tenth Anniversary 100 Posts Name Dropper Combo Breaker
in Deaths, funerals & probate
Does anyone have any suggestions for a Trustees' Bank Account? I am not convinced that one is necessary, but I am taking over the role of trustee for money left by my parents for my 2 sons. 'Professional' Trustees are retiring and there is some money currently in NS&I Income Bonds, but it would appear that the interest has to be paid out??? Rather than left in the Bond??

Doesn't sound very useful to me, but I didn't set it up!

Any information on charges for these sorts of accounts would be appreciated.

Many thanks
«1

Comments

  • BobQ
    BobQ Posts: 11,181 Forumite
    Ninth Anniversary 10,000 Posts Name Dropper Combo Breaker
    Have you done any research at all into this?

    https://forums.moneysavingexpert.com/discussion/5410551
    Few people are capable of expressing with equanimity opinions which differ from the prejudices of their social environment. Most people are incapable of forming such opinions.
  • Anthear
    Anthear Posts: 227 Forumite
    Tenth Anniversary 100 Posts Name Dropper Combo Breaker
    Yes, maybe surprisingly, I have. My bank doesn't offer them. Google didn't throw up enough info, so I thought, as part of my research, that I would ask here. So many people on here offer brilliant advice as they're been through the process before. It made sense to ask. You disagree?
  • Yorkshireman99
    Yorkshireman99 Posts: 5,470 Forumite
    Anthear wrote: »
    Yes, maybe surprisingly, I have. My bank doesn't offer them. Google didn't throw up enough info, so I thought, as part of my research, that I would ask here. So many people on here offer brilliant advice as they're been through the process before. It made sense to ask. You disagree?
    An HSBC Trustee Account should suit your needs.
  • Anthear
    Anthear Posts: 227 Forumite
    Tenth Anniversary 100 Posts Name Dropper Combo Breaker
    Thank you. I bank with Firstdirect and they don't - I had tried calling HSBC as my nearest branch closes at 3.30pm and I can seldom get there, but gave up after around 15 mins on hold! I'll go in over Christmas when I am not working. Thank you.
  • SevenOfNine
    SevenOfNine Posts: 2,444 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    We have been investigating the type of trustee a/c that would be "Fred Bloggs and Fiona Bloggs trustees of the XYZ Account", (XYZ being name of the person who left the money in trust for minors).

    Unfortunately, anyone who thinks this is relatively easy probably hasn't actually tried! First challenge is to get further than the counter staff.

    Resounding "no" from Lloyds, Halifax, Santander, Nationwide & TSB. Lloyds said they would not be offering such accounts for at least another 2 years. We have accounts with them all except Halifax. Made enquiries with Metro who failed to respond at all.

    Xylophone on the banking forum suggested https://www.caterallen.co.uk/reserve-account-for-trusts may be worth a look. I'm going to follow up YM99's suggestion of HSBC, but not holding my breath!
    Seen it all, done it all, can't remember most of it.
  • Yorkshireman99
    Yorkshireman99 Posts: 5,470 Forumite
    Noted and tanks. Worth knowing as a fellow FD customer.
  • jjj1980
    jjj1980 Posts: 581 Forumite
    Part of the Furniture 500 Posts Combo Breaker
    Just be aware with the Cater Allen account that there needs to be a minimum opening balance of £5,000 and if the balance falls below £5,000 at some point, there is a £15 per month fee until the balance again exceeds £5,000.
  • getmore4less
    getmore4less Posts: 46,882 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Barclays did(do) trustee account.

    Was set up in branch.
  • TW1234
    TW1234 Posts: 221 Forumite
    Ninth Anniversary 100 Posts
    Presumably there is an existing trustee's account for the funds. Could you arrange to have the signatories for that account changed from the retiring trustees to yourselves as the new ones?
  • Anthear
    Anthear Posts: 227 Forumite
    Tenth Anniversary 100 Posts Name Dropper Combo Breaker
    Current funds are held partly in cash in a Solicitor's client account and partly on an investment platform. Thanks for the thought, but not in this case. x
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