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Trust

Our easy access Trust savings account is available for all UK based Trust funds. It can be opened and managed by designated trustee/s for the benefit of a 3rd party. Find out more below.

Interest rate
(AER) i
Variable/Fixed iMin/Max amount iWithdrawals i
£1 - £250,000
From July 01, 2022
£250,000+
0.15%
0.25%
0.00%
Variable£1 - £1,500,000Yes and without penalty, up to a maximum of 2 per calendar month

Suitable for savers who:

  • Bare/Simple/Will trusts, Life Interest Trust, Family Discretionary trust, Accumulation & Maintenance Trust and Charitable Trusts
  • are trustees who want instant access to their funds
  • are trustees who want to manage the account online, by phone or in our branches and agencies

Not for savers who:

  • trusts with a balance in excess of £1,500,000
  • non UK based Trusts
  • trustees who want to make more than two withdrawals a month

Summary Box

Key Product Information

What is the interest rate?

  • £1-£250,000 0.15% AER.
  • £250,000+ 0.00% AER.
  • From July 01, 2022
  • £1-£250,000 0.25% AER.
  • £250,000+ 0.00% AER.
  • Interest is calculated on a daily basis and will be credited to the account annually on 31st December.
  • Alternatively, interest can be transferred into another Bath Building Society account, or paid by faster payment into a nominated account if preferred.
  • Maximum balance £1,500,000 (for any balances in excess of £250,000, an interest rate of 0.00% gross will be paid).
  • *AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.

Can Bath Building Society change the interest rate?

  • The interest rate is variable which means we may change it to respond to changes in the Bank of England base rate or changes in law, to meet regulatory requirements, or to respond to changes to codes of practice or to our costs.
  • We will give you 30 days’ notice in writing before any reduction to the rate is applied.
  • Full details of the reasons why we may change your interest rate can be found in the Welcome to your Bath Building Society Account brochure.

What would the estimated balance be after 12 months based on a £1,000 deposit?

  • Based on the current rate of interest, if you deposited £1,000 in this account, after 12 months you would have £1,001.50.
  • This figure is only an estimate, based on there being no additional deposits, withdrawals or rate changes in that time, with all interest being added to your account. This figure is for illustrative purposes only.

How do I open and manage my account?

  • Accounts are opened by completing a Trust Account application form, available from any Branch, Agency Office, or by contacting our Customer Support Department. Alternatively, this can be downloaded from our website.
  • Identification will be required for all trustees as well as named beneficiaries. This is usually obtained through our electronic identity verification service. However, if this proves inconclusive, here’s some popular ways to verify your ID.
  • A copy of the Trust Deed must also be provided.
  • Minimum opening balance £1.
  • Minimum operating balance £1.
  • First and subsequent deposits must be by cheque or electronic transfer from a UK bank account in the name of the Trust, one of the trustees or from a solicitor acting on behalf of the Trust.
  • A passbook is available on request and will be required if you would like to carry out transactions in any of our Branches and Agencies.
  • It is possible to manage all the accounts you hold with Bath Building Society by registering through Bath Online.
  • A maximum of 5 deposits per calendar month and no more than £5,000 cash and 5 cheques per transaction.

Can I withdraw money?

  • Funds are available on request and without penalty up to a maximum of 2 per calendar month.
  • Confirmation is required that any withdrawal is in accordance with the terms of the Trust Deed.
  • Cheques and electronic transfers will only be payable to the HMRC, a person named on the account, or by prior authority from the Trustees in respect of payment of school fees or other disbursements specified by the Trust.
  • Withdrawals by cheque can also be requested in any of our Branches and Agencies.
  • Signed requests should be posted to the Society’s Head Office. Alternatively, we will accept instructions from a prenominated email address.

Additional information

  • Applicants are asked to confirm that they have read the FSCS Information and Exclusions sheet.
  • This account is a limited issue and can be withdrawn without notice.
  • This is a summary of the key features of the account. You should read the Welcome to your Bath Building Society Account brochure to ensure you fully understand how your account works.
  • This is a Savings account and should be operated as such. We reserve the right to close the account if it is used solely for the receipt and then withdrawal of funds received from a third party.
  • We reserve the right to close an account where a customer behaves inappropriately when using our services. For example, where a customer has used abusive language.

Important information before you apply

Before you apply please read our terms and conditions document and FSCS information sheet alongside the key product information above to understand how this account works.

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