Trustee Bank Account - Bare Trust for Minor

[200mwaterresistant]

My son who is 2 years old inherited some money from my mother's passing, as he is a minor it has to be held in trust.

I am the sole trustee.

My plan is to ultimately put the money into a Junior ISA with Vanguard and invest within that, but to liberate the money from the solicitor they seem to need me to have a trustee bank account, which is proving difficult to set up.

Does anybody have any experience with being a trustee? I don't know if a standard child's savings account will do (in some ways easier to set up), or if it specifically needs to be a trustee account (seems to come under business banking). I'm totally lost, have phoned 5 various banks and building societies which I'd seen mentioned as offering these accounts via google searching but I'm getting nothing but 'sorry, no' from them all, perhaps I am asking for the wrong thing - I'm out of my depth, I keep my personal banking and investments simple.

[MartinMW]

Hi,

Here you go, hope this helps and it has a list of banks offering trustee accounts:

https://moneyfacts.co.uk/savings-acc...ccounts-work/#

Cheers
Martin

[200mwaterresistant]

Hi,

Here you go, hope this helps and it has a list of banks offering trustee accounts:

https://moneyfacts.co.uk/savings-acc...ccounts-work/#

Cheers
Martin

Thanks Martin, this is the list I've been working through for a couple of days, no luck yet, they seem to think I'm talking a foreign language.

[MartinMW]

Thanks Martin, this is the list I've been working through for a couple of days, no luck yet, they seem to think I'm talking a foreign language.

How bizarre. If it’s any help, I held accounts for both my kids and they were exactly as the article describes, Bare Trusts. As far as I can recall they were just straightforward ‘kids account’ with me as the trustee and the accounts automatically transfer to them at the age of 18. One account was with the Nationwide and one with the Yorkshire BS.

I think things get a bit more complicated if you don’t want the account to revert to the beneficiary at the age of 18.

Cheers
Martin

[200mwaterresistant]

How bizarre. If it’s any help, I held accounts for both my kids and they were exactly as the article describes, Bare Trusts. As far as I can recall they were just straightforward ‘kids account’ with me as the trustee and the accounts automatically transfer to them at the age of 18. One account was with the Nationwide and one with the Yorkshire BS.

I think things get a bit more complicated if you don’t want the account to revert to the beneficiary at the age of 18.

Cheers
Martin

Thanks, this helps, as perhaps I am asking for the wrong thing. I do want it to revert to him at 18, perhaps all I need is a standard child account - I am waiting to have this clarified by the solicitor.

[Omegamanic]

I have two accounts for my kids, and they are labelled as my name and then re: the child's name. maybe speak with the solicitor, as the banks idea of a trust bank account is usually wholly different - i.e. they acknowledge that the person or business is holding the money for someone else and therefore the bank has no right of set of against any debt that you have with the bank.

Not sure why it's an issue for you with the banks - maybe not getting to speak with the right person... as we set up trust bank accounts, and trustee accounts on a weekly basis, and have client money accounts with many of the main high street banks.

[Mr Pointy]

Thanks, this helps, as perhaps I am asking for the wrong thing. I do want it to revert to him at 18, perhaps all I need is a standard child account - I am waiting to have this clarified by the solicitor.

From Nationwide it would seem to be the Future Saver account:
https://www.nationwide.co.uk/product...s-and-benefits

[Alasdairmc]

While not directly related to the original post, have you considered chucking something into a pension? I’ve heard of this a few times, because growing a pension pot from birth basically allows you to not worry about your retirement during your working life, so it is quite a gift to give a child.


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[Hooshabak]

I have experience of this and I managed to get my sons cash who was 6 at the time into a HL Junior stocks and shares ISA I just had to get a letter from HL to prove where the money was going and the solicitors transferred the cash direct to the account once I’d provided account details