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Trust 12 Month Fixed

The Trust 12 month fixed 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. The Trust benefits from a higher rate of interest than the easy access account if the trustee/s can make one deposit and not move the money for a 12 month period. Find out more below.

Interest rate
(AER) i
Variable/Fixed iMin/Max amount iWithdrawals i
£1 - £250,000
£250,000+
0.10%
0.00%
Fixed£1 - £1,500,000No

Suitable for savers who:

  • Bare/Simple/Will trusts, Life Interest Trust, Family Discretionary trust, Accumulation & Maintenance Trust and Charitable Trusts
  • trustees who prefer a fixed rate of interest
  • trustees who do not wish to access funds before maturity

Not for savers who:

  • trusts with a balance in excess of £1,500,000
  • trustees who wish to add funds following the initial deposit
  • trustees who need instant access to funds
  • non UK based Trusts

Summary Box

Key Product Information

What is the interest rate?

  • £1-£250,000 0.10% AER
  • £250,000+ 0.00% AER
  • A fixed rate for a 12 month term from the date of opening the account – which will be known as the maturity date.
  • Interest is calculated on a daily basis and will be capitalised 12 months from the date of opening.

Can Bath Building Society change the interest rate?

  • The interest rate is fixed throughout the term of the investment and cannot be varied during that period.

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.
  • 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?

  • Minimum opening balance £1.
  • Maximum balance £1,500,000.
  • Once placed, funds may not be added to the initial deposit.
  • Accounts are opened by completing a Trust application form, available from any Branch, Agency Office, or by contacting our Customer Support Department. Alternatively, this can be downloaded from our website.
  • Personal details are required for all Trustees as well as for named beneficiaries. Please note that all Trustees and beneficiaries must be resident for tax purposes only in the UK and be UK citizens.
  • Identification will be required for all Trustees and 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.
  • The opening deposit must be by cheque or electronic transfer drawn on a UK bank account in the name of the Trust, one of the Trustees or from a solicitor acting on behalf of the Trust.
  • It is possible to view all the accounts you hold with Bath Building Society by registering for Bath Online.

Can I withdraw money?

  • Withdrawals are not permitted.
  • You can however close the account and withdraw the whole balance during the fixed term, subject to a 90 day interest penalty.
  • If there is insufficient accrued or paid interest to cover any interest penalty, then the difference will be taken from the money in the account.
  • In order to close the account a payment will be made direct to the designated UK bank account, which has been set up in the same name as the Bath Building Society Account, by next day faster payment.
  • Signed requests to close your account should be posted to the Society’s Head Office, alternatively, we will accept instructions from a prenominated email address.

Additional information

  • An opening statement will be posted out.
  • Applicants are asked to confirm that they have read the FSCS information and exclusion sheets.

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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