UK banks who will open Trust accounts

Trusts Discussion
24

If just using platform cash accounts rather than cash funds for longer-term holdings, some platforms may be reluctant if they do not hold a banking licence. Not all do.

25

Thanks. What about the ā€œguaranteed amountā€ of 85000? Does Cater Allen guarantee more? Also what about Handelsbanken? Are they any good please?

26

The guarantee is provided by the state to cover the failure of the bank, not by the bank.

27

What about if one of the benficiaries of the Trust is not a UK tax payer. I need an account to put half the proceeds of the sale of my Mothers house into. As part of my Fathers will half of the house is covered by a Life Interest Trust (to make sure my Mother could live there while alive) but now she has developed Alzheimers and has had to move into residential care. We need to sell the house to pay for the care fees but half of the sale proceeds is covered by the life interest trust and apparently has to be paid into a Trust account. But all of the providers I have contacted only offer Trust saving accounts when all beneficiaries are UK Tax payers and my Sister now lives and pays tax in Malta.
Anyone know anyone offering a Trust Account that allows for non UK resident beneficiaries?

28

I have a client trying to open a Skipton account for a discretionary trust but Skipton have told them they will only pay out to a named beneficiary and my client wants to use trust funds to purchase a property so are rather frustrated!

29

Hi Alec - did you find a bank that would open a Trust Account with one of the beneficiaries living overseas? We have this precise problem - my brother is UK taxpayer, the Trustee and also joint beneficiary with me and I donā€™t live in UK. Metro Bank wonā€™t do it for this reason.

Any suggestions would be amazing.

Thanks

30

Hi Karl,

I have a Personal Injury Trust already setup & my decades old Trust Bank has stopped doing these accounts & asked me to move my Trust funds elsewhere. I have started making enquiries with Metro Bank & Iā€™ll do same with Skipton, but can you or anyone else suggest any other bank/s I can open Trust accounts with for PITs whereby I can put the funds into a savings account or other growth plan to fight inflation as my last bank didnā€™t & the funds have eroded over time.

32

HI Karl,

I am looking to open a bank account with Cater Allen for two family trusts. Can you help and would there be a cost?

Thanks

Guy

34

Is it worth going with Cater

35

Tell me abit more Karl about Kater and feeā€™s etc

36

Whom did you end uo using Kate

37

But they wonā€™t do discretionary trust

38

Where are you based Stuart,please

39

Im looking for my father in law to be able to open a discretionary trust, were local to St helens.

40

We have a trustee (discretionary) savings account with Dudley Building Society. They only operate by post but interest rate at 3.7% is very competitive cf other building societies. Very straightforward process. Dudley will write cheques to any third parties nominated by the trustees but no online transactions.

41

Hi Hugh,
Will they accept Bonds also,we have Isaā€™s for which we would have to convert over as over Ā£85000.

Can we access it at any time just like a standard bank?

42

Hi Marie

This is a site for professionals to pose tricky technical questions to other professionals.

It sounds as if you are a lay person trying to set up a trust on a do it yourself basis.

You need a solicitor to give you the appropriate advice and draft the appropriate trust deed. Not taking appropriate advice will cost you dearly in the long term. A solicitor will also be able to point you in the direction of appropriate advisers for the trust investments and a bank account if required.

I suggest you look on the STEP website and search for a local specialist.

When you sign up for the TDF you have to show which firm you work for. I am curious as to what you put there. It seems this part of the screening process is failing.

Good luck

Sara

Sara Spencer ATII TEP | Trust Manager

www.trustandestate.co.uk

Sara Spencer Ltd, 8 Kingsway, Harrogate, HG1 5NQ

07952 651881 | 01423 524114

Sara.spencer@trustandestate.co.uk

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43

Hi Richard,

If Will Trust funds are deposited into a non-Trust account then in whose name is the account opened? The Trustee? Also how does this segregate the funds from the account holderā€™s own estate for HMRC purposes?

Steve

44

This the problem that I am now facing. The Trustees are non- UK residents and none- of the beneficiaries are UK based either.
Is it still mandatory to open a UK based discretionary bank account as the discretionary trust account was set up upon death of the settlor with the proceeds of the estate, therefore cash only.
With non- of the trustees are living or residents in the UK, opening up a trust bank account is rather challenging.

45

I have the exact same requirements and was wondering if you found a suitable Trust Account?