Trustee Bank Account?
AngelaCam
Member
We have a client who is the trustee of a Will Trust. We need to keep some of the trust funds liquid as these will be used to fund regular expenses for the beneficiaries (both under 18).
The trustee has asked her bank (TSB and Santander) but they don't offer trustee accounts.
Does anyone know have any experience of setting up a trustee bank account or know which banks offer these?
We did think of holding the cash on a platform alongside the trust's offshore bond (i.e. Transact) but they will only pay out to a beneficiary or a trustee bank account (not the personal bank account of a trustee).
Comments
If you have access to Deposit Sense they do a list of banks that provide Trustee Accounts.
Not a lot of options, Metro Bank is probably the easiest one to open.
I probably wouldn't keep more than £85,000 in the account though!