Trustee Bank Accounts

Mattclegg · April 2016

We are researching the interest rates and availability of Trustee Bank Accounts for a client but there doesn't seem to be much information available. Has anybody got any tips on where to start looking rather than trawling through dozens of bank websites.

thanks

amarshall · April 2016

This is a list of accounts that allow SIPP investments. As SIPP cash accounts are set up as trustee accounts they should accept non-SIPP trustee money too.

richallum · April 2016

had one recently and lots of providers no longer take trust (not SIPP trust) money. We used Cater Allen Bank but I think they may now have some restrictions in place.

Mattclegg · April 2016

great, thanks for this.

Mattclegg · April 2016

thanks Richard, yes I saw Cater Allen but finding any alternatives is time consuming. I suppose the Banks aren't keen on customers they won't be able to cross sell credit cards and loans too

richallum · April 2016

There are a couple of paid for services that you could use:

and

Claire Goodwin · May 2016

Hi Matt - I've used investment sense too, also savings champion might have something

There are also services like this one which have a cost but may be able to help. (this is not an endorsement BTW) but they search out the best rates for you.

Finding a bank which will open a trustee account is getting harder and this is where the traditional banking relationships come in so any solicitor connections you have should be able to offer you some help here too. I'm not sure whether you've tried or have a relationship with Handelsbanken or UBS (or any other banking providers) but they might be able to help too.

Jona · February 2017

@Mattclegg and all - did you find anything over and above those previously mentioned here?

Just had a Solicitor contact call asking look for Trust deposit account....

Jona · February 2017

A couple of other options I've come across.

NS&I Investment Account or Income Bond can be opened and operated by Trustees.

Via platform (eg Transact and their term deposit offerings) - albeit platform cost detract from interest rates.

Ralfos · February 2017

I've been using Julian Hodge for recent ones. Cant guarantee rates are the best but they work well with the SSAS and SIPP providers we tens to use (MW, Investacc, Suffolk Life).

richallum · October 2020

Bumping this one to see what tools people are still using for deposit account research for trustees and POA.

Suse1969 · October 2020

Team here has been using Investment Sense but have noticed a number of providers pulling rates for pension schemes and rates reducing (no surprise there).

arongunningham · October 2020

Deposit Sense here. There's an update today if you wanted the latest info!

Trust Accounts:
Scottish Building Society - Instant (0.30%)
United Trust Bank - 1 Year (1%)
Hodge Bank - 3 year (0.96%)
Cambridge & Counties - 5 year (1.40%)

POA:
Newbury BS - Instant (0.85%)
Yorkshire - 1 year (0.80%)
Aldermore - 3 year (1.30%)
Furness BS - 5 year (1.35%)

Trustee Bank Accounts

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