Trustee savings accounts are designed to hold the financial assets being managed by the trustee before they are handed over to a pre-determined beneficiary. As a trustee, you may have to set up a trust savings account on behalf of the beneficiary, who may be unable to manage their own finances due to age or impairment.
There are various types of trust savings accounts to choose from, each with a different length of term and interest rate. A trustee savings account can also be used by employers to save for their employees’ benefits and rewards schemes. Charities also use trust savings accounts to keep their funds safe and earn interest at a fixed rate for a set term.
It is important when thinking about which trust savings account is best for you as a trustee to consider a wide range of trust savings accounts. Our comparison tables could help, as they offer a range of options: