Trust Account for family settlement trust

Trusts Discussion
1

Hi, does anyone have up to date information on bank accounts available for a family settlement trust.

Many UK banks seem to have stopped offering them in recent years.

Lloyds has a Trustee Service, but all I’m looking for is a simple bank or savings account that can be opened in the name of the Trust.

The trust currently does not have any funds, but is going to start receiving rental income.

Metro bank do one, but it has to be opened in branch (and there aren’t many!) and it charges £150 for account opening and £5 monthly fee.

Anyone know of any others?

Thanks

2

Hi Sarah,

Did you get anywhere trying to find a bank offering trust accounts? We are currently struggling with this predicament.

Many Thanks,

Teri

3

I found an intermediary who specialises in sourcing and opening accounts for people. They have access to off-market accounts where the banks won’t open them for individuals but will open them for intermediaries.

It’s costing £449 to do it though :sob:

4

Hi, who was the intermediary please? After our RBS account was closed we haven’t managed to get an account open as we had to apply to the court to replace a trustee and since that took 18 months, everyone seems to have stopped offering trustee bank accounts!

5

Search for Simpson FS, Lisa Simpson is a Trustee Accounts Specialist.