Does anyone know which banks still offer trust accounts, and what to do if the bank says that it will not operate an account for a trust with a non-resident settlor? Is Metro Bank now the only remaining UK bank willing to set up trust accounts?
If the trust is set up but no bank is found that will accept the account, what happens to the funds that have been settled?
(I am asking this as it is a question that seems to come up regularly)
To add to this: it appears that Metro Bank will refuse accounts where the settlor is not UK resident.
Have you tried Skipton? When I had a similar issue, the non UK trustee resigned and a UK trustee was appointed just so that a bank account could be opened as it was felt that a bank account was vital to acting properly for the beneficiaries.
50% with Metro. The assets must be UK based. You could add UK resident parties. Not optimal, however its a work around.
“At least 50% of all key account parties associated with the trust (trustees, settlors and beneficiaries) must be resident in the UK”
Richard C. Bishop