Trust Bank Accounts for managing trust money
A straightforward way for trustees to manage day to day trust finances, with a simple online application, no fees and a range of savings solutions to maximise returns.
What is a Trust Account?
A trust account is a type of account where money is held by one or more trustees for the benefit of another person or group, the beneficiaries. The account is managed in accordance with the trust deed or will and trustees are responsible for managing the funds as set out in the documents. Trustees can be individuals or a Trust Company and it’s important to use a trust account so that the trust funds are kept separate from the trustee’s own funds. The account is opened in the name of the Trust with the trustees listed as signatories, all trustees will receive an online banking login once the account is open and activated by us.
How UTB Trust Bank Accounts work
Trustee Reserve Deposit Account
Our Trustee Reserve Deposit Account provides you with flexibility and same day access to your funds to assist with the day to day running of the trust. Each trustee and beneficiary named on the account can withdraw funds up to twice per month, with funds sent directly to their nominated bank account.
The minimum balance is £15,000, all funds are deposited into the Trustee Reserve Deposit Account, once the minimum balance of £15,000 is met you will then be able to open additional Trust Savings accounts, including our notice account and fixed term bonds.
For deposits over £2m, please get in touch with our team here.
*The interest rate is variable which means it can move up and down at the bank’s discretion. **AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. Gross is the interest rate without tax deducted.
Trustee Reserve Deposit Account
0.50% Gross/AER*
A clear route for Trust banking
- Complete online application for Trustee Reserve Deposit Account
- Fund the account via electronic transfer
- Apply for Trust Savings Accounts
- Manage Trust funds using online banking
What you’ll need before you apply
Is the Trust eligible for registration with HMRC?
Some trusts need to be registered with HMRC’s Trust Registration Service (TRS) and as part of our application we do require the proof of registration document. If they are exempt from registration, please supply us with a certified copy of the trust deed or will. You can find the HMRC guidance on which types of trust require registration here.
If you are already registered, please download your proof of registration as you will need to upload it at the end of the application – how to do this.
Eligibility
- UK Trusts only
- Trust already established, or being established from a will/insurance policy
- Trustees must be over 18
- Non-UK parties to the Trust? Contact us first before applying
Details we’ll ask for
- Trust name, address, date of establishment, source of funds and TRS registration number (if registered)
- For every settlor, trustee and beneficiary: full name, date of birth, nationality, home address, mobile number, email address and National Insurance Number (if applicable)
- Nominated account details (if available)
Documents to upload
- Trust Deed or Will (certified if no TRS registration)
- Proof of HMRC TRS Registration, guidance on how to download can be found here
- Copy of birth certificate or passport for any minor beneficiaries
- If the Settlor is deceased; a copy of their grant of probate and death certificate
- If any parties to the Trust are resident in a care home please also provide: an invoice or letter confirming they are a resident dated in last 3 months and HMRC or DWP letter dated in last 12 months
Ready to apply?
Please tick each item as you go through the list to ensure you have everything you need to complete the application in one sitting; the start application button will appear once you have ticked all the boxes. If you are a professional firm please click here.
0 of 6 ready
Why bank with us?
At United Trust Bank, we provide Trust Accounts to help trustees manage trust money clearly and securely. Accounts can be accessed and managed online with no account opening or ongoing maintenance fees. Our dedicated Trust Team are available to guide you through the process from start to finish and our friendly London based customer service team are available to support you with any day-to-day queries once the account is up and running.
Once the Trustee Reserve Deposit Account is open additional Trust Savings accounts can be opened to maximise returns on cash sitting in the Trust.
Frequently asked questions
What are Trust Bank accounts?
A trust account is a type of account where money is held by one or more trustees for the benefit of another person or group, the beneficiaries. The account is managed in accordance with the trust deed or will and trustees are responsible for managing the funds as set out in the documents. Trustees can be individuals or a Trust Company and it’s important to use a trust account so that the trust funds are kept separate from the trustee’s own funds. The account is opened in the name of the Trust with the Trustees listed as signatories.
What types of trust can apply for an account with UTB?
We accept applications from bare, discretionary, life interest, interest in possession, vulnerable beneficiary, intestacy, personal injury and trusts created from a will or life insurance policy. If you have a trust type not listed, please contact us here.
What documents do I need to upload as part of my application?
We will require the following:
– Trust Deed or Will plus any deeds of amendment – if the Trust is not registered with HMRC then these documents need to be certified
– Proof of HMRC TRS Registration Document (if you are unsure how to download this please follow the guidance here)
– If the settlor is deceased, a copy of their death certificate and grant of probate or letters of administration
– Copy of passport or birth certificate for any minor beneficiaries
- If any parties are resident in a care home; an invoice or letter from the care home confirming their residency dated in the last 3 months and a DWP/HMRC letter dated in the last 12 months
How do I open Trust Savings Accounts?
Once the Trustee Reserve Deposit Account has been opened and funded with the minimum balance of £15,000 Trustees can contact us via email or secure message to open additional Trust Savings accounts. You can view our full range of trust accounts here.
Do I have to use an intermediary to apply for a trust account with United Trust Bank?
No, we can accept applications directly from Trustees.
What is the minimum and maximum I can invest in a trust account?
The minimum balance required is £15,000 – once that is met additional Trust Savings accounts can be opened, the minimum balance on our Trust Savings accounts is £5,000.
If you have over £2m to invest, please contact us here.
How do I apply for a UTB Trust Bank account?
Once you have completed the application preparation checklist above you will be directed to the application page, please click here to start.
Ways to contact us
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Submit a query via our online contact form
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Call us on 0207 190 5599 or Freephone 0800 083 2228
Monday – Friday 9am – 5pm
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Existing Trust Customer?
Login and send us a secure message via online banking
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United Trust Bank, One Ropemaker Street, London, EC2Y 9AW
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Use our Help Centre to see if we can answer any of your queries online
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