Trust Account


This account is 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?

  • £1-£250,000                  0.05% AER

  • £250,000+                     0.00% 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 may change it to respond to changes in the Bank of England base rate or changes in law, to meet regulatory requirements, or to respond to changes to codes of practice or to our costs.

  • 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 £1,000.50

  • 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 downloaded from our website.

  • Personal details and identification 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 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.

  • Minimum opening balance £1.

  • Maximum balance £1,500,000

  • A passbook is available on request and will be required if you would like to carry out transactions in any of our Branches or Agencies.

  • 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 manage all the accounts you hold with Bath Building Society by registering with Bath Online through our website www.bathbuildingsociety.co.uk

Can I withdraw money?

  • Funds are available on request and without penalty up to a maximum of 2 per calendar month.

  • 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.

  • Withdrawals by cheque can also be requested in any of our Branches and Agencies.

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: May 2020

Further Information