If you have been made the Trustee of a close one’s assets it is your responsibility to take care of the capital assets of the deceased person until their chosen beneficiary is mature enough to deal with their own finances. The Settlor (the person who has the assets) gives another person (called a Trustee) the responsibility of setting up a Trustee savings account which they should manage on behalf of the Beneficiary (the person who is due to inherit the assets of the Settlor upon maturity).
If you want to set up a trustee savings account it is important to compare financial products. The internet is a great resource to do this and you may wish to take a look at our comparison tables to compare a range of Trustee savings plans and accounts with varying rates of interest and length of terms:
You should keep your tax responsibilities in mind with regards to your Trustee savings plan. If the Trust savings plan generates income in the form of interest it is important that you notify HMRC before taking your share.
Your entitlement to the interest accumulated in the Trust account depends on which type of Trustee savings account deal you have signed up to, so make sure you have studied the detail of each product properly.