How often are statements sent?
For the Trustee Reserve Deposit Account and Trust Notice Account statements are sent annually, after interest is applied on 31st October each year. For Trust Fixed Term Bonds you will receive a term confirmation document and then statements are sent annually on the anniversary of the fixed term’s start date.
Should you require statements more frequently you can send us a secure message via online banking or call our friendly customer support team on 0207 190 5599.
How do I withdraw funds from my Trustee Reserve Deposit Account?
Withdrawals from the Trustee Reserve Deposit Account are permitted up to twice per month per nominated account, please note a maximum amount of £10,000 per payment also applies.
To make a withdrawal, login to online banking, select the Trustee Reserve Deposit Account and choose the ‘Make a Withdrawal’ option. Enter the amount you wish to withdraw and then choose the date the payment should be made. Please note, we require a minimum balance of £15,000 to be maintained on the Trustee Reserve Deposit Account.
Should your withdrawal request be submitted and authorised by 5pm on a business day, the funds should reach your Nominated Bank Account on the same business day. Requests made after 5pm, or on a non-business day will be processed on the next business day.
Depending on the account mandate, if the withdrawal request requires another approval this needs to be done by 5pm to receive funds same day.
How can I withdraw funds?
You are only permitted to withdraw funds if you hold a notice account or a Trustee Reserve Deposit Account with us. Please see How do I withdraw funds from my reserve account?
Early withdrawals are not permitted on our fixed term bonds, unless under exceptional circumstances. These may include if you are in financial hardship or suffering from a long-term illness and having access to your savings would help your situation. Early withdrawals are granted entirely at United Trust Bank’s discretion, and an early withdrawal charge will be payable for breaking your bond ahead of maturity. We may also request evidence to support your request.
If you are experiencing financial hardship, please find out how we can help here.
For withdrawals from our notice accounts, simply log in to your online banking, select the relevant trust account and then choose the option ‘Make a Withdrawal’. Enter the amount you wish to withdraw and choose the date you would like the funds sent to you. If you are not yet an online banking user, you can register your details here.
Please note, to keep the account open you must have a balance of at least £15,000 left after the withdrawal. Any request will also need to be in accordance with the signing arrangements on your account, i.e. if your signing arrangements are set to ‘both’, ‘any two’ or ‘all’, the withdrawal will not be processed until we have received the appropriate approval from the other individual(s).
Can each of the beneficiaries have a different nominated bank account for withdrawals?
For our Trustee Reserve Deposit Account, each beneficiary/trustee can provide their own nominated bank account in the application. Up to two withdrawals per beneficiary/trustee are allowed per month. Please note, this is subject to a maximum of eight nominated bank accounts per trust.
The Trustee Reserve Deposit Account will act as your nominated account for our Trust Savings accounts, at maturity of a fixed term or notice period if we do not receive further instructions from you the balance will be placed into the Trustee Reserve Deposit Account.
How can I open another savings account with you as an existing customer/intermediary?
If you are an existing customer or intermediary and wish to open another trust account with us, you can do so via your online log in.
Existing customers can access their online log in here.
Existing intermediaries can access their online log in here.
When you have logged in, please send us a secure message via the Contact Centre, detailing the new account you wish to open, and we will process this for you.
Can my trust hold multiple savings accounts?
Yes. You can choose to split your funds over multiple accounts, but please note you are only permitted to have one Trustee Reserve Deposit Account per trust.
Why have I been asked to provide more information?
As part of our customer due diligence, there may be instances when we need clarification on the information you have provided. This doesn’t mean your application has not been accepted, but it may delay the account being opened. It is therefore important that any information you provide is up-to-date and accurate.
Can I still apply for an account if any of the beneficiaries are under 18?
Yes, we understand some trusts can have minor beneficiaries. We are required to carry out identity checks on all beneficiaries, including minors. To fulfil our requirements if you have a minor listed in the trust please upload a copy of their passport or birth certificate at the end of the application process.
Please note, if the Trust Deed lists beneficiaries as a ‘class’ for example grandchildren of, then we do not need to identify them.
What documents do I need to upload as part of my application?
At the end of our online application form you will need to upload:
– A copy of the Trust Deed or Will (if the Trust is not registered with the TRS we will require this to be certified)
– Proof of the TRS Registration (this can be downloaded from the HMRC website)
– If the Settlor is deceased, a copy of their death certificate
– For minor beneficiaries, a copy of their birth certificate or passport
If you do not have some of these documents or have any questions, please contact us to discuss on [email protected]