We act as professional Trustee for a number of Personal Injury Trust clients. Would anyone have any recommendations for a good Trustee Banking service as most banks seemed to have removed that service as far as I can tell?
There have been many discussions here on the topic of Trustee Banking. Here is one of the recent ones Bank account for discretionary trust - Trusts Discussion - The Trusts Discussion Forum.
I have seen nothing to indicate that any Trustee Banking services are easily available. If anyone has found a solution to this problem could they please let us know.
Has anyone used Simpson Financial Services to find and organise a suitable trustee bank account?
Trustee Current Account & Trustee Savings Account (trusteeaccounts.co.uk)
It should be unnecessary to pay someone to do what ought to be easy to do yourself, but on the other hand many trustees, including myself, have had considerable difficullty in opening a trustee account.
Metro Bank did stop accepting new applications because they were deluged. However they have just now re-opened for test business (or will do imminently), as they have tackled most of their backlog.
Is anyone aware of professional bodies or lobby groups or media taking up this point with HMG? There is plenty of action as regards banks etc closing branches and free ATMs. While we are glad of those still opening trust accounts the small number must surely be detrimental from a market competition aspect
Jack Harper
It’s a good question. I met with the branch manager of Metro Bank just yesterday, and asked him pretty much the same question; ‘when Metro close their doors (as they did recently), what recourse do people have when there is no other bank to turn to?’ His answer - a sympathetic shrug…
Though TBF, he also said that Metro had now cleared much off their backlog and were now opening up again.