We have recently encountered considerable difficulty in finding a bank willing to open a bank account for a UK trust. Only one of the major High Street banks (Lloyds) was willing to do so. I understand that lay clients who are trustees are also experiencing similar problems.
Do other forum members also encounter such difficulty and how have they resolved it - if they have?
Michael Hasler
Beers LLP
We have an agency with Metro Bank and they would be more than happy to accommodate you. Their âInstant Access Trust Accountâ is broadly fee-free and offers the full range of features including online banking.
Paul Storrie
Storrie & Company
I administer a number of trusts with accounts with Lloyds, Barclays, Yorkshire Bank and Nat West and for none current accounts Skipton Building Society and Yorkshire Building Society, as some clients prefer those with a high street presence.
Liz Jones
Wheawill and Sudworths ltd
We find Metro Bank helpful too.
Simon Leney
Cripps LLP
I have found that some branch managers to be more willing than others to open Trust accounts even though it may be the same bank. I have also come across circumstances where the Settlors (usually husband and wife) open an entirely separate account in their names, with a âTrustees Resolutionâ recording that it is held on the terms of the " H and W Family Trust" for example. I can see some administrative issues with this, but this seems a workable solution?
Haroon Rashid
I Will Solicitors Ltd
Cater Allen have a Reserve Account for Trusts which works well.
Paul Tobias
Hart Brown
I recently had a meeting with a bank manager from Yorkshire Bank (which also includes Clydesdale Bank) and they are willing to open trust current and savings accounts. I also understand that the Skipton Building Society will open savings accounts where all the trustees are UK resident.
Philip Evans
Graham & Rosen