Trust 12 Month Fixed Account

For customers who prefer a fixed rate of interest and who do not wish to access their funds before maturity.
This account is aimed at the following types of UK based Trust: Bare/Simple/Will Trust, Life Interest Trust, Family Discretionary Trust, Accumulation & Maintenance Trust and Charitable 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 usual electronic Equifax search facility. However, if 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.

  • 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 through our website

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.

  • 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: May 2020

Further Information