Broker Cases

Trust 12 Month Fixed Term Deposit

Our Trust 12 Month Fixed Term Deposit is available for UK based Trusts. It can be opened and managed by designated trustee/s for the benefit of the trust beneficiaries. The Trust 12 Month Fixed Deposit benefits from a higher rate of interest than the easy access Trust Instant account, if the trustee/s can make one deposit and not access the money for a 12 month period. Find out more below.

Please note that the Trust 12 Month Fixed Term Deposit 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 account with Bath Building Society.

You can find out more about how Trusts operate in our Trust Account Brochure.

Bath Building Society does not accept Discretionary Trusts or any Trusts with discretionary elements. An example of a discretionary element is where Beneficiaries are not explicitly named in the Trust Deed and are noted by class of beneficiary, such as ‘the grandchildren’. A further example would be where Trustees are able to add or remove Beneficiaries.

Bath Building Society also does not accept Non-resident Trusts.

Here are some Frequently Asked Questions about Trusts. Find out more below, including the important things you need to remember when applying for a Trust account.

Interest rate (AER)

Variable/Fixed

Min/Max amount

Withdrawals

Interest rate (AER)

£5,000-£1,500,000

1.50%

Variable/Fixed

Fixed

Min/Max amount

£5,000 - £1,500,000

Withdrawals

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 Discretionary Trusts or Trusts with discretionary elements
have Non-resident Trusts

Is this the right product for you?

Please read the Key Product Information below before applying

What is the interest rate?
- £5,000+ 1.50% AER*
- The interest rate is fixed for 12 months from the date you open your account.
- We calculate the interest daily and pay it on account maturity. Interest will be added to 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 when we might change one of our rates you should read our Savings Terms & Conditions.
What would the estimated balance be after 12 months based on a £5,000 deposit?
£5,075.00
- This would be the balance after 12 months if £5,000 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 be a UK resident for tax purposes to open this account. You can open it with a minimum of £5,000.
- You can open a Trust account if you have a UK based Bare/Simple/Will Trust, Personal Injury Trust, Life Interest Trust or Charitable Trust.
- 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 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 Branch, or by contacting our customer service team at savings@bibs.co.uk.
- 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.
- All deposits 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.
- 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 are not allowed to make withdrawals or close your account within the 12 month term.
- Once the term has ended, if you ask us to send money somewhere when closing the account, this must be part of the terms of the Trust deed. We will only make payments to:
  – HM Revenue & Customs,
  – A trustee or beneficiary named on the account, or
  – A person or company specified in the Trust deed as being able to receive money from the Trust.
- We will need confirmation from all signatories to close the account.
Additional information
- We will let you know the balance held in the account in the welcome letter.
- We will write to you again at least 14 days before the maturity of this product to discuss your next options for saving your money.
- If we cannot offer a similar product, if you do not want a new product, or you do not tell us what you want to do with your money, the account will transfer into a Trust Instant account at the end of the term. You can find out more about our Trust Instant account on our website.
- 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, which means it is meant to be used to help you save money for when you need it. It is not intended for making day-to-day transactions.
- You should read your Savings Terms & Conditions to fully understand how your account works.
- This account is a limited issue account and can be withdrawn without notice.
- We can close an account at any time if you don’t use the account as intended, or if you act inappropriately, such as abusive behaviour.

IMPORTANT INFORMATION you need to know when applying for a Trust:

What you need to complete a Trust application form (download below)
- The Trust application form must be fully completed and signed with wet signatures (original handwritten) by all Trustees.
- You need to provide two forms of identification for all Trustees and any beneficiaries that are over the age of 18:
  - Proof of identity (e.g., passport or driving licence)
  - Proof of address (e.g., utility bill or bank statement)
- A copy of the Trust Deed must be provided as part of your application. For Will Trusts, a valid Will may be used as the Trust Deed.
- For a Will Trust we also need to see a copy of the death certificate to confirm the Trust is in effect.
- Nominated bank account: Please provide account details for a UK bank account in the name of the Trust, Beneficiary or Trustee. This is the account to which any withdrawals will be paid.
- The Trust must be registered with HMRC. If the Trust account is exempt from tax you must include in the application form either the 10-digit Unique Tax Reference Number (UTR) or your Unique Reference Number (URN). Also please send us the Trust Registration Confirmation from HMRC. If your Trust is not required to register with HMRC, please provide an exemption letter from your Solicitor.
Important notes:
- The Society does not accept Discretionary Trusts or any Trusts with discretionary elements.
- We cannot accept applications if any Trustee or Beneficiary is a non-UK resident or if any Trustee is under 18.

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.