UK banks who will open Trust accounts

Trusts Discussion
1

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?

2

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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3

Try Lisa Simpson at

lisa@simpsonfs.co.uk

regards
Caroline

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4

I believe that Metro Bank are not opening Trust accounts as readily as previously.

5

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.

6

That’s good to know; thank you.

7

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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8

Hampden & Co if the balance is large enough.

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9

Cater Allen do both current and savings accounts for trustees with no minimum balance

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10

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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11

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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12

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

13

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!

14

Alan, re our message exchange, can you email me? stuart@laterlifeasset.co.uk

15

Hello, Im having this same problem. I have been having an email back and forth with Metro, but they are not happy on a couple of points, and its £150 opening fee and £5 p/m for balances under £25K. Our DT was set up as my 15 yr old is severely learning disabled and will need care for the rest of his life. Granparents are starting to ask where they can leave some inheritance money. We now have just had one set up, but no one can give advice on how to set up a bank account! Ive called/emailed many banks, most flat no, some need IFA referral (Cater Allen) some need large balances. I was advised myself and my husband (the only trustees) could just set up a joint current account and use that for now - but that seems like a grey area - although as there won’t be many transactions/large sums of money maybe its an option?

16

Have you considered a National Savings Investment Account?

I have seen a number held in the names of A & B as trustees for C and which continue to be operated by A and B even though C is well into adulthood.

Paul Saunders FCIB TEP

Independent Trust Consultant

Providing support and advice to fellow professionals

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17

Agree with Paul above.

There is an obsession that a trust needs a trust bank account. The same incorrect assumption with a SSAS pensions.

You can hold the cash in any bank account - we advise clients to use an investment platform (plenty available online) that in addition allow a bear trust to be created. Very cheap to run and you can use the platforms cash account. I’d argue this is the main reason why banks have pulled out of this market.

Metro are offering trust bank accounts with out any issue. They’ve just simplified their application process.

Example -

Open a bare trust | Bestinvest | Bestinvest

Discretionary trusts | Bestinvest

Richard C. Bishop
PFEP

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18

I need to find a bank for a Trust account with 3 trustee names. Cater Allen gets terrible reviews what are other people’s experiences? Also what about Flagstone? Any good? Any help much appreciated thanks

19

Hi

Metro Bank has reopened its facility to open a trustee bank account and is opening one for one of our clients.

It may be worth giving them a try.

Cater Allen is slow, but this is in part due to the lack of accounts on the market.

Clive Perks

20

Thanks very much-seems Metro is a bit hit and miss depending on which branch you try. :smiley: