Trust account

[UnclePhilip]

We are thinking of putting a property and some investments into a discretionary trust.

As such, we will then need a bank account. Just beginning to research, our bank (NatWest) doesn't seem to provide one.

Does anyone have experiences, recommendations, please?

[Kantwebefriends]

Over the years of looking at websites I've learnt that this can be tricky business.

Metro Bank often gets mentioned. Barclays used to do trust accounts: maybe they still do. Sometimes a local BS will be recommended.

Cater Allen? Investec? Handelsbanken? Might the trust's stockbroker offer a cash account?

[UnclePhilip]

Over the years of looking at websites I've learnt that this can be tricky business.

Metro Bank often gets mentioned. Barclays used to do trust accounts: maybe they still do. Sometimes a local BS will be recommended.

Cater Allen? Investec? Handelsbanken? Might the trust's stockbroker offer a cash account?

Thanks for that, appreciated! Will look into them....

[Gan020]

We are thinking of putting a property and some investments into a discretionary trust.

As such, we will then need a bank account. Just beginning to research, our bank (NatWest) doesn't seem to provide one.

Does anyone have experiences, recommendations, please?

This question has been asked a number of times in recent years and sadly there are few options at least for the bank account. I'm limping along with a Lloyds account set up in 1997 but they've made is clear they don't really want the business and they haven't supported this type of account for at least a decade. Options are Metro Bank and Carter Allen as far as I'm aware. I would be delighted to hear of others as at some point I'm half expecting Lloyds to serve notice.

[Kantwebefriends]

This little bank says it offers trust accounts.

https://ccbank.co.uk/?s=trust+accounts

[Gan020]

This little bank says it offers trust accounts.

https://ccbank.co.uk/?s=trust+accounts

Savings accounts for Trusts are fairly easy to find. I've used Shawbrook in the past but I see plenty advertised. The difficulty is a traditional bank account with a cheque book or internet banking to pay HMRC their tax and the beneficiaries distributions.

I suspect this is because the banks/building socities offering the savings accounts only allow funds to be transferred backwards and forwards to the nominated bank account and thus the risk of compliance failure is small

[Jimbob47]

I have no complaints about my trust account with Cater Allen.

Setting up the account was relatively simple - just the normal paper work. I have on-line access which allows me to transfer funds into the account and then out to HL when I am making an investment. I have a cheque book for paying HMRC and other expenses. I receive a monthly statement.

On the rare occasion I have called C/A, the phone has been answered promptly and the person answering the call has been able to answer my question.

[UnclePhilip]

Just an update in case anyone's looking....

We just set up a trust account with Metro Bank. Went fairly smoothly, and I've just set up online banking with them.

We'll see how it goes....