Trust Accounts


These accounts are aimed at the following types of UK based Trusts: Bare/Simple/Will Trusts, Life Interest Trust, Family Discretionary Trust Accumulation and Maintenance Trust and Charitable Trusts.
 

Summary Box - Key Product Information

What is the interest rate?

  • 0.40% gross, 0.40% 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.

Can Bath Building Society change the interest rate?

  • The interest rate is variable, which means we reserve the right to change it to reflect market conditions, to comply with legal or regulatory guidelines or for any reason we deem to be appropriate.

  • 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 General Terms and Conditions leaflet, under Section 7.

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 £1,004.

  • 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 application form, available from any Branch, Agency Office, or by contacting our Customer Support Department. Alternatively, this can be downloadedfrom our website.

  • Personal details are required for all trustee signatories 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 usual electronic Equifax search facility. However, in the event that this proves inconclusive then two original or certified forms of identification are needed to prove name and verification of address. Ideally, these will be a passport, driving licence and recent utility bill. All signatories must be over 18 years old.

  • A copy of the Trust Deed must also be provided.

  • Minimum opening balance £1.

  • Maximum balance £250,000.00 (for any balances held in excess of this level, an interest rate of 0.05% gross will be paid).

  • A passbook can be made available for this type of account.

  • First and subsequent deposits 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 through our website www.bathbuildingsociety.co.uk

Can I withdraw money?

  • Funds are available on request and without penalty.

  • 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.

  • Signed requests should be posted to the Society’s Head Office, alternatively, we will accept instructions from a pre nominated email address.

Additional Information

  • Applicants are asked to confirm that they have read the FSCS information and exclusion sheets.

  • 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 both the Savings Accounts and General Terms and Conditions leaflets to ensure you fully understand how your account works.

Version: December 2016

Further Information