difficulties opening trust account for minor beneficiary


(Lorraine Gill ) #1

I need to open a Trustees account for two Partners in my firm who are appointed as Executors and Trustees in the Will of the deceased. We need to open three such accounts, one for each minor beneficiary and into which their dpecuniary legacies are to be paid and held until the child attains the age of 18.

I have approached Santander and initial enquiries by telephone went well however when trying to proceed further it is rather like hitting your head against a brick wall. We never speak to the same person twice and each time we telephone we are given different information as to how to proceed to open a suitable account!

Surely it should be relatively straightforward to open a Trustee account? Does anybody have any recommendations?

Lorraine Gill
Cocks Lloyd


(paul.storrie) #2

Metro Bank will be able to assist – speak to Dan Bell, tel 07507 431 600.

Paul Storrie

Storrie & Company


(Tim Gibbons) #3

Most banks have decided that this is too difficult and not worth the trouble. One bank that will is Cater Allen https://www.caterallen.co.uk/- follow the links to specialist banking

Coincidentally it is a subsidiary of Santander

The other possibility is to try the bank where your firm has its client account- I would expect that they would be prepared to make an effort to assist. But the rates of interest available will probably be very poor.

Tim Gibbons


(Carol Harrigan) #4

We have a few trust accounts with Allied Irish Bank (AIB GB)

Carol Harrigan
B P Collins LLP


(jayne.parsons) #5

I have a couple with the Skipton Building Society. I’m pretty sure we download the Trustee forms from their website.

Jayne Parsons
Fishers Solicitors


#6

Metro Bank have trustee accounts but the minimum amount to open an account is £25,000.
Yorkshire Building Society allow trustees to use their Postal Saver Account.
Cater Allen we found were very unhelpful.

Vicki Chant
Lester Aldridge LLP