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Trust Account: A Complete Guide
This article is a guide on how to set up a trust account and how a Trust account works in practice.
Trust Account Definition
A Trust Savings account is created under a Trust agreement documented in the Trust Deed where Trustees manage the funds for the benefit of one or more beneficiaries.
Trust Account Guide
Our Trust savings account offers instant access to funds. The minimum balance to operate the account is £1.
To read the full terms and conditions please see our Trust Accounts page.
All Trust account interest will be paid after the deduction of income tax at the appropriate rate specified by law. The only exception to this is when the Trust is also a registered Charity.
How a Trust Account Works
Opening a Trust Account
To open a new Trust account we require:
- A completed Trust Application form. We require all Trustees to have signed the application.
- A copy of the Trust Deed or Will.
- ID for all Trustees and named beneficiaries; please see our list of acceptable documents.
For more help opening a Trust Account please contact our Customer Support Team on 01225 475709.
- Trust Account Rules
All withdrawals must be in accordance with the terms of the Trust Deed. Payments will only be made to a person named on the account, HMRC, or by prior authority from the Trustees in respect of payment of school or care home fees or other disbursements specified by the Trust.
- Sending Instructions for Transactions
This can be done by post or email, from the nominated email address.
- Managing the Trust Account
View the Trust online using the Bath Online Service, and all Trustees will be able to see recent transactions and print statements at their convenience.
Amending a Trust Account
To change Trustees we require:
- A completed change of signatories form.
- A copy of the Deed of Retirement or Appointment.
Closing a Trust Account
To close your Trust account:
- An instruction in line with the accounts signing mandate authorising the withdrawal of all funds from the account.
Who can use our Trust Savings Account
Our Trust account can be used by any of the following UK based Trusts:
- Will Trust
- Bare or Simple Trusts
- Life Interest Trust
- Discretionary Trust
- Accumulation and Maintenance Trusts
- Personal Injury Trust
- Charitable Trust.
The information given in this guide is based on Bath Building Society’s understanding of Trusts as of March 2015, which may change in future. It does not constitute a recommendation and individuals are advised to seek professional independent advice.