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Current Account for Trust.

Gan020
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Re: Current Account for Trust.

#329195

Postby Gan020 » July 28th, 2020, 1:29 pm

Hi,

Bringing this one to the top as I'm looking for some help.

At the moment I have a current account with LLoyds for a discretionary trust of which I'm a trustee. We've had the account for over 22 years.

As noted elsewhere in this thread LLoyds are not very helpful with Trust accounts. The last time I had to deal with them was to change the trustees and the cheque signatures. This took about 4 months to sort out and still was not done to my satisfaction in that whilst they have now got the trustees correct they were unable to remove two signatures and add another from signing cheques. Thus if I run into a bus it's going to be an issue.

My staff at my Lloyds branch are actually incredibly helpful but they have no control over the central trustee team. They have openly told me Lloyds do not allow new trust accounts and briefly suggested it related to trust accounts that were set up in a different time when compliance was different.

Anyway back to the point. As well as my cheque signature issues LLoyds do not offer internet banking on trust accounts, which is now becoming an issue as there's an expectation things are dealt with this way.

So, where can I get a current account for a discretionary trust with no fees that offers internet banking. The ability to gain some interest from a linked savings account would also be good for when money is sitting around doing nothing?

I see from the thread we have Carter Allen and Metrobank. Any other thoughts? Carter Allen appear to require a minimum balance of £5k which is a bit annoying as that's £5k I can't invest and earn 5% on. On the other hand if I looked back over the last 5 years at how many times there wasn't £5k doing nothing it is neglible as there is always a tax bill or distribution coming up shortly.

Many thanks in advance

Parky
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Re: Current Account for Trust.

#329209

Postby Parky » July 28th, 2020, 3:31 pm

As mentioned in the previous thread (which I started) Barclays offer a trustee account which you can access by internet.


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