I need to find a new home UK bank for my decades old discretionary trust.
I know that the main banks will no longer open Trust bank acco7nts.
Does anyone know of any UK banks that will open Trust accounts?
Cater Allen but only through an intermediary, such as an IFA. Members of the Best Foundation (Estate Planning professional body) also have access to Cater Allen.
Metro Bank
And I believe Skipton offer Trust Accounts
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I believe that Metro Bank are not opening Trust accounts as readily as previously.
Up until a few weeks ago they were as I had correspondence from someone based in the Sheff Branch about this. This was before the publicised issues arose, which seem to be resolved now.
That’s good to know; thank you.
Just opened one with Dudley Building Society, (because proceeds less that £10k) but Skipton Building Society will do if more than £10k
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Hampden & Co if the balance is large enough.
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Cater Allen do both current and savings accounts for trustees with no minimum balance
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Yes, but only through an intermediary, usually an IFA. But also Best Foundation members can set these up with Cater Allen (done through the Best Foundation).
They have 3 accounts
Reserve Account (non interest)
BNA 35 day notice account (interest)
Fixed Term Acc - 1 or 2 years. £85K min deposit.
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We have an intermediary relationship with Cater Allen Bank if anyone on the forum requires a trustee bank account. Message me directly.
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Hi Stuart
Thank you for this suggestion.
Can you please spell out the approximate costs involved.
I read somewhere of £500 charges per yea for cater allen and also presumably the costs involved in having a relationship with your firm.
Alan Mace
Hi Tom,
Thanks for your email. I’m currently out of office returning tomorrow and will drop you a detailed response then. In the spirit of the Forum I’m not looking to monetise this, just to cover our P&P and AML obligations. Unless a tsunami of applications follows!