The Lemon Fool

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?

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?

Kantwebefriends wrote: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....

UnclePhilip wrote: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.

This little bank says it offers trust accounts.

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

Kantwebefriends wrote: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

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.

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....