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Frequently Asked Questions about Trusts

Here are some of the questions we get asked a lot about Trusts. If you can’t find the answer you’re looking for please contact us via Live Chat.

  • 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.  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 choose 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 when the trust is registered. If the Trust is taxable, HMRC will provide you with a Unique Taxpayer Reference (UTR) code. If the trust is not taxable, HMRC will provide a Unique Reference Number (URN) code instead.

  • I am unsure where the funds are being held as this is through a third party. How do I complete that 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 Account 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.