Trust Accounts?

[Piece]

Looking for some forum advice. My Dad and I are Trustees of a small Trust that is looking after the affairs to do with land ownership. Currently, the solicitor is looking after the account but is looking to offload that to us - save us their annual fee. So what I need is a Current/Trust account to be opened and the funds (£5-£10k) to be transferred in. Ideally, we need an account that pays some interest on this, as it's likely to just sit there. Access to the funds may not be needed for years, but want the flexibility to get access when required - 30 days notice is needed. No funds will be paid in. I've tried Googling, but not much about that steers me in the right direction. So the exam question is:

• What Trust Accounts are around that you know could fit the bill
• Any advice on things to look out for.

I do have a Financial Adviser, but looking for your experience before going to him.

Cheers

 

[SocketRocket]

Looking for some forum advice. My Dad and I are Trustees of a small Trust that is looking after the affairs to do with land ownership. Currently, the solicitor is looking after the account but is looking to offload that to us - save us their annual fee. So what I need is a Current/Trust account to be opened and the funds (£5-£10k) to be transferred in. Ideally, we need an account that pays some interest on this, as it's likely to just sit there. Access to the funds may not be needed for years, but want the flexibility to get access when required - 30 days notice is needed. No funds will be paid in. I've tried Googling, but not much about that steers me in the right direction. So the exam question is:

• What Trust Accounts are around that you know could fit the bill
• Any advice on things to look out for.

I do have a Financial Adviser, but looking for your experience before going to him.

Cheers

You could put it in premium bonds.

 

[Doon frae Troon]

You could put it in premium bonds.

I would second that.
I have had most of my savings in PB's for the last 15 years.
Easy to withdraw [within 30 days], chuntering along with interest rates [for me] and well, you never know:lol:

 

[PhilTheFragger]

Nice idea, but Premium Bonds cannot be held in trust, they are for personal individuals only.

As long as you have the Trust Document, (the solicitor will have this) you can open a bank account at any bank, (similar to an executors account)
To be honest, with interest rates so low, you are never going to get a decent return , especially with an amount that size, best you can hope for is that the interest you get is more than inflation, otherwise you might just as well put it under the mattress .

 

[Piece]

Nice idea, but Premium Bonds cannot be held in trust, they are for personal individuals only.

As long as you have the Trust Document, (the solicitor will have this) you can open a bank account at any bank, (similar to an executors account)
To be honest, with interest rates so low, you are never going to get a decent return , especially with an amount that size, best you can hope for is that the interest you get is more than inflation, otherwise you might just as well put it under the mattress .

Thanks :thup: I see that HSBC do a business community account which caters for executors. That might work. I also have found a trust account from Cater Allen, a private bank owner by Santander, but it looks like I have to just through hoops to get that.