How do I apply for a UTB Trust Bank account?
To apply for our Trustee Reserve Deposit Account please complete an application here, scroll down to ‘Start Application’ and then select ‘Trust’ from the dropdown menu.
If you are an intermediary, please register for an account here or login to complete an application here.
If you already hold a Trustee Reserve Deposit Account with a minimum balance of £15,000 please login to online banking to apply for our Trust Savings Accounts or call our friendly, London based, customer support team on 0207 190 5599.
Are trust savings protected by the FSCS?
If your funds are held in a bare trust, each eligible beneficiary is protected by the Financial Services Compensation Scheme (FSCS) up to £120,000. If any beneficiary holds a separate account with us, please note this protection cover incorporates all accounts held.
For funds held in a non-bare trust, the £120,000 protection cover is applied to the trust rather than the individual trustees. Any trustees with an interest in more than one non-bare trust are protected up to £120,000 per trust.
For more information on the FSCS protection, please visit the FSCS website or click here.
What is the minimum and maximum I can invest in a trust account?
Our Trustee Reserve Deposit account has a minimum balance requirement of £15,000 at all times. For our Trust Savings Accounts the minimum balance requirement is £5,000.
Our maximum balance for the Trustee Reserve Deposit account is £2m and for our Trust Savings Accounts the maximum balance is £5m. If you have a requirement outside of these limits, please contact us to discuss on: [email protected]
Do I have to use an intermediary to apply for a trust account with United Trust Bank?
No, you do not need to use an intermediary to apply for a trust bank account with us, you can open an account directly. If you are an intermediary please register for a call back here.
What is the UTB Trustee Reserve Deposit Account?
The Trustee Reserve Deposit Account is an account we offer to trusts to help with the day to day running of the trust, it provides trustees with flexibility to access funds when they need to.
Each Trustee or Beneficiary can withdraw funds up to twice per month, each payment can be for a maximum value of £10,000 and will be sent directly to their nominated bank account. Please see our Terms and Conditions for further information on payments here.
To open any fixed term or notice accounts available to trusts the trust must have opened a Trustee Reserve Deposit Account and maintain a minimum balance of £15,000. Further information can be seen here in our Product Guide.
What are the types of savings accounts I can open with United Trust Bank?
We offer a Trustee Reserve Deposit Account to assist with the day to day running of the trust, once the minimum balance of £15,000 is met you will be able to access our range of Trust Savings Accounts including notice accounts and fixed term bonds.
You can find out more details and our current rates here.
What types of trust can apply for an account with UTB?
We currently accept applications from:
– Bare Trusts
– Will Trusts
– Interest in Possession Trusts
– Life Interest Trusts
– Personal Injury Trusts
If you have a different type of trust, we may still be able to help you so please contact us on: [email protected]
What are Trust Bank accounts?
A Trust Bank account is an account specifically designed for trusts to enable them to manage the day to day running of the trust.
At UTB we offer a Trustee Reserve Deposit Account that can be used to receive and make payments relating to the trust. Once the minimum balance of £15,000 is met, Trustees can then also apply for our range of Trust Savings accounts.
You can find out more details and our current rates here.