The Lemon Fool

My father set up a discretionary trust in 2012 and the bank account was set up with the NatWest bank.

I have been informed by NatWest that ,from June ,they will no longer be operating trust bank accounts and advised me to find another bank. I have visited the two banks In my town which are Lloyds and HSBC and they have told me but they also no longer offer trust bank accounts.

I find it unusual that such major banks do not wish to operate trust accounts considering the millions of pounds of cash that must be out there - held in trust.

Could anybody recommend a bank that could operate the trust account?

Kind Regards,

might depend on how active you expect the account to be
but
we use building societies (3) for our family trusts
very few actions annually and as ever expected absolute rubbish interest rates 0.3% instant....so better than a bank but...

So good to know that our main banks are reducing the services they offer
they are so out of touch with the public
anyway try Metro Bank
https://www.metrobankonline.co.uk/busin ... e-banking/

pje16 wrote:So good to know that our main banks are reducing the services they offer
they are so out of touch with the public
anyway try Metro Bank
https://www.metrobankonline.co.uk/busin ... e-banking/

They are indeed. The public generally want to have free banking and not pay the costs of some of the services banks provide. I wonder sometimes whether the public should be more in touch with the banks. If they were perhaps some of those services wouldn't be being reduced.

firefly wrote:My father set up a discretionary trust in 2012 and the bank account was set up with the NatWest bank.

I have been informed by NatWest that ,from June ,they will no longer be operating trust bank accounts and advised me to find another bank. I have visited the two banks In my town which are Lloyds and HSBC and they have told me but they also no longer offer trust bank accounts.

I find it unusual that such major banks do not wish to operate trust accounts considering the millions of pounds of cash that must be out there - held in trust.

Could anybody recommend a bank that could operate the trust account?

Kind Regards,

Many banks still appear to offer trust accounts, even the major banking groups, but often it will be via one of their smaller subsidiaries and not very a high street branch. Have you tried the many Private Banks, those that are independent, or those within a major banking group?

dealtn wrote:

pje16 wrote:So good to know that our main banks are reducing the services they offer
they are so out of touch with the public
anyway try Metro Bank
https://www.metrobankonline.co.uk/busin ... e-banking/

They are indeed. The public generally want to have free banking and not pay the costs of some of the services banks provide. I wonder sometimes whether the public should be more in touch with the banks. If they were perhaps some of those services wouldn't be being reduced.

As a holder of bank shares (don't know why I still hold them, they've been pretty disastrous investments), I don't see why the banks should provide loss making services, which I expect is what personal trust banking is. Similarly it is hard to see why they should keep open lots of branches that hardly anyone goes into. I can't remember when I last visited a bank branch!

I hope you manage to find a bank that still provides accounts for trusts, but I don't think there is any obligation for commercial banks to provide them.

dealtn wrote:

pje16 wrote:So good to know that our main banks are reducing the services they offer
they are so out of touch with the public
anyway try Metro Bank
https://www.metrobankonline.co.uk/busin ... e-banking/

They are indeed. The public generally want to have free banking and not pay the costs of some of the services banks provide. I wonder sometimes whether the public should be more in touch with the banks. If they were perhaps some of those services wouldn't be being reduced.

It tends to be the older generation who still go to banks, by that I mean those who don't use internet banking
I only go to one IF someone still gives me a cheque (and that hasn't happened for a good few years)
MY local high street used to have every main bank and buildng society, now there is one bank and 2 building societies
Do I miss them, not all all

Thank you for your replies.

I have been told that Barclays still operate trust bank accounts and I’m going to visit them In branch next week.I I have tried to open an account online without success so I’m grateful for the availability of the branch.

I have heard mention of free banking , but Is this actually the case? ,cash I have in the bank account is in a current account ,not earning anything , and the bank have of the use of this money. They don’t charge me for the transactions ,which are minimal, but I don’t think they will be offering the service at a loss?

I cannot see my trust account is any different to a personal current account.

Or am I missing something?

There must be thousands of trustees out there searching for a new bank account.

I have a trustee account with Barclays, but I read somewhere in a similar thread to this that they have stopped offering new trustee accounts. I have to say I had a lot of hassle opening the account because of communication problems between the various departments of Barclays involved.
I believe Cater Allen still offer trustee accounts - their web site indicates that they do.
Good luck with Barclays.

Parky,

Thank You.

I have printed off the Cater Allen forms.

Regards,