Bath Building Society Guide to Trust Accounts
General
Bath Building Society has a wide range of accounts designed to meet the various different needs that individual, business and professional customers may have.
The Society has now developed an account specifically for Trusts that need to place funds on deposit.
We accept the following types of UK based Trust:
- Bare/Simple Trust
- Life Interest Trust
- Family Discretionary Trust
- Accumulation and Maintenance Trust
- Charitable Trust
We offer two types of account, each paying the same rate of interest:
Trust Instant:
Giving instant access to funds specifically where Trustees and Beneficiaries are named and identified.
Trust 60:
Giving access at 60 days’ notice, where funds may be for the benefit of a discretionary beneficiary.
Other Benefits of investing in a Bath Building Society Trust Account: |
|
- Easy access to the deposit funds
- The interest rate on this account is variable. You should be aware that when the Bank of England changes its rate it will take approximately 1 month for the Society to respond.
- Access directly to your Account Manager
Account Limits:
- Minimum Opening Balance £1
- Maximum Balance £1,000,000
Deposits:
- All deposits must be made by cheque or by BACS transfer from a UK account in the name of the Trust, one of the Trustees, or a Solicitor acting for the Trust.
Withdrawals:
- Confirmation is required that any withdrawal is in accordance with the terms of the Trust Deed
- For Trust Instant accounts, instant access is available by cheque or BACS transfer.
- Cheques will only be made payable to the Inland Revenue, a person named on the account, or by prior authority from the Trustees in respect of school fees.
- For Trust 60 accounts, 60 days’ notice is required on all withdrawals, except those payable to the Inland Revenue.
Interest and Income Tax:
- Interest is variable, calculated daily, and capitalised annually on 31st December.
- Interest is paid to the account NET of tax
Opening a Trust Account:
In order to open a Trust Account, we will need the following documentation:
- Fully completed DEPOSIT Application form, signed by all Trustees
- 2 forms of ID for each individual Trustee
- Copy of the Trust Deed
- ID for the beneficiaries
- First deposit must be by cheque drawn from a UK bank Account in the name of the Trust, one of the Trustees or a Solicitor acting for the Trust.
Documents should be sent for the attention of:
Investment Development Manager, Bath Building Society, 15 Queen Square, Bath BA1 2HN
To discuss your requirements in more detail, call 01225 423271 and ask for Noel Broomfield or Mark Wiltshaw. |
|
