I recently facilitated opening 2 Trustee Account with Cater Allen for a client of mine (I did this as a member of the Best Foundation) and she was very positive about using the accounts when I spoke with her.
I’m happy to help if required but would be with Cater Allen.
A trust bank account for a Disabled Trust needs to be able to pay different third parties in respect of services and items for the disabled person. In our experience many investment platform cash facilities only allow for cash transfer to one linked current account.
Cater Allen offer 3 account options. One is a current account that can pay multiple parties. Access is online.
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.
Thanks. What about the “guaranteed amount” of 85000? Does Cater Allen guarantee more? Also what about Handelsbanken? Are they any good please?
The guarantee is provided by the state to cover the failure of the bank, not by the bank.
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?
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!
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 don’t live in UK. Metro Bank won’t do it for this reason.
Any suggestions would be amazing.
Thanks
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 & I’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 didn’t & the funds have eroded over time.