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

Please note that the Trust 12 Month Fixed account is opened on a non-advised ‘execution only’ basis, where no advice or assessments have been given to its suitability. You must seek your own independent advice if you need clarification on anything concerning opening a Trust with Bath Building Society.  You can find out more about how Trusts operate and how to open a Trust account with us in our Trust Account Brochure.

 

Interest rate (AER)
£1+
1.50%
Variable/Fixed
Fixed
Min/Max amount
£1 - £1,500,000
Withdrawals
No

Suitable for savers who:

  • have Bare, Simple, Will, Life Interest or Charitable Trusts that have been registered with HMRC
  • are Trustees who prefer a fixed rate of interest
  • are Trustees who do not wish to access funds before maturity

Not for savers who:

  • want to deposit funds in excess of £1,500,000
  • are Trustees who wish to add funds following the initial deposit
  • are Trustees who need instant access to funds
  • have non-resident or Discretionary Trusts

Is this the right product for you?

Please read the Key Product Information below before applying

  • What is the interest rate?
    • £1+ 1.50% AER*
    • We calculate the interest daily and pay it 12 months from the date the account is opened.
    • You earn interest on the whole amount in your account. You cannot have more than £1,500,000 in your account.
    • *AER stands for Annual Equivalent Rate and shows what the interest rate would be if interest was paid and compounded once each year. The gross rate is the interest rate payable before tax.
  • Can Bath Building Society change the interest rate?
    • The interest rate is fixed, so it will not change for the length of the term.
    • For more details about why we might change the rate, you should read your Welcome to your Bath Building Society Account brochure.
  • What would the estimated balance be after 12 months based on a £1,000 deposit?

          £1,015.00

    • This would be the balance after 12 months if £1,000 was paid in, all interest was paid back into the account, there was no change to the interest rate and no money was taken out or paid in.
    • This is just an example to help you compare accounts. It does not take into account what you may do with the money in your account.
  • How do I open and manage my account?
    • You must live in the UK to open this account. You can open it with as little as £1.
    • A trustee is someone who operates the Trust according to the Trust deed. A beneficiary is the person or people that receive money from the trust.
    • All trustees and beneficiaries must be UK citizens and be resident in the UK for tax purposes. All trustees must be over 18 years old.
    • You need to complete a Trust Account application form to open the account. These can be found on this product page, in one of our Branches in Bath, or by contacting our Savings team.
    • You must give us a copy of the Trust deed.
    • You will need to give us details and identification documents for all trustees and any beneficiaries over 18 years old.
    • The opening deposit must be from a UK bank account. The bank account must be in the name of the Trust, a trustee, or a solicitor acting on behalf of the Trust.
    • You can deposit only once into your account. You cannot put any more money into your account after it is opened.
    • You can manage the accounts you hold with us through Bath Online, or by using our Mobile App. You can register for Bath Online on our website, and you can register for the Mobile App on your smartphone.
    • An opening statement will be posted to you when the account is opened.
    • Account holder identification will be required. This is usually obtained through our electronic identity verification service. However, if this proves inconclusive, here’s some popular ways to verify your ID.
  • Can I withdraw money?
    • You cannot withdraw any money from this account during the 12 month term.
    • You cannot close your account within the first 6 months after the account is opened.
    • This is a limited access account. After the first 6 months, you can close the account and withdraw the whole balance. If you do this, we will charge your account.
    • The charge is the same as 90 days’ interest on the money you withdraw from your account. If your money has not earned enough interest, we will take the charge from your balance.
    • If the account is closed or after 12 months, the money will be paid by faster payment to your nominated account. If you are closing the account before the end of the term, this can be done on Bath Online, through the Mobile App, or in a Branch. You can also send us a signed letter in the post, or an email from your nominated email address.
    • This account is protected by the Financial Services Compensation Scheme (FSCS). You should read your FSCS Information and Exclusions sheet for more information about how your money is protected.
    • This account is a savings account, not a payment account as outlined in the Payment Services Regulation 2017.
    • You should read your Welcome to your Bath Building Society Account brochure to fully understand how your account works.
    • We can close an account at any time if you act inappropriately, such as by using abusive language.
  • Additional information

    This account is protected by the Financial Services Compensation Scheme (FSCS). You should read your FSCS Information and Exclusions sheet for more information about how your money is protected.

    • This account is a savings account, not a payment account as outlined in the Payment Services Regulation 2017.
    • You should read your Welcome to your Bath Building Society Account brochure to fully understand how your account works.
    • We can close an account at any time if you act inappropriately, such as by using abusive language.

Here are some FREQUENTLY ASKED QUESTIONS about Trusts

  • How can I open a Trust account?

    Please note that the Trust account is opened on a non-advised ‘execution only’ basis, where no advice or assessments have been given to its suitability. You must seek your own independent advice if you need clarification on anything concerning opening a Trust with Bath Building Society.  You can find out more about how Trusts operate and how to open a Trust account with us in our Trust Account Brochure.

    Once you have decided you want to open a Bath Building Society Trust account, you can download a Trust application form from this page, contact our Savings team or visit us in Branch with the Trust details and identification for all Trustees and beneficiaries.

  • What documents do I need to provide to open a Trust account?

    You will need to provide a copy of the Trust Deed or Will and identification for all Beneficiaries and Trustees. If the Trust is liable for tax, please provide the Unique Tax Reference (UTR) Number with the application. If it is not liable for tax, please provide the Unique Reference Number (URN) instead.

  • What is the minimum investment needed to open a Trust account?

    Trust accounts can be opened with as little as £1.

  • How does a Trust beneficiary receive the funds?

    A Trust will have set conditions for when beneficiaries can receive funds, for example when the beneficiary reaches a certain age or if the funds are being used for a purpose outlined in the Trust.

    Beneficiaries cannot access the funds held in Trust savings accounts and Trustees cannot give permission to them to directly access these funds.

    Instead, the Trustee must either transfer the funds from the Trust savings account to an account in the name of the beneficiary, or transfer the whole account into a personal account in the name of the beneficiary.

  • What happens when a Trustee dies?

    If they were the only Trustee, then their personal legal representative can nominate a new Trustee, become a Trustee themselves or chose to have the funds sent to the beneficiary.

    If there are joint Trustees, then the surviving Trustee may continue to manage the Trust account as before. Those Trusts with multiple Trustees may choose to nominate a replacement for a Trustee who has died.

  • What is the Unique Reference Number asked for on the Trust application form?

    This is a number provided by HMRC. If the Trust is taxable, HMRC will provide you with a UTR code. If the trust is not taxable, HMRC will provide a URN code instead.

  • I am unsure where the funds are being held as this is through a 3rd party. How do I complete this section of the application form?

    Please seek advice from your solicitor as we are unable to provide any advice, support or guidance on this.

  • If a Trust is set up for a child prior to their 18th birthday, can the money stay in the account for a while?

    Yes. The money will remain deposited in the Trust Account for the sole purpose(s) of the Trust. We will release funds to the named beneficiaries that are disclosed on the application form, in line with the instructions held in the Trust Deed. The funds will need to remain untouched for six months, before the account can be operated as per the Key Product Information (KPI) of the account.

  • Are there any costs associated with setting up a Trust account?

    Your solicitor will be able to provide advice on any costs associated with the Trust itself. There are no associated fees with our Trust Accounts and there are no ongoing charges on this account. Once monies are deposited, and after six months, they are accessible for the beneficiaries in line with the Trust Deed, for the duration of the Trust Deed, or until an amendment to that Trust Deed is made via your solicitor, or until the account is closed in line with Trustee instructions, whichever is soonest.

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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