The Trustee Investment Act 1961
The Trustee Investments Act 1961 was repealed in 2000 by a new act that covered the legal obligations of trustees with regards to the handling of assets that have been placed under their management.
The Trustee Act 2000 is made up of the following aspects of trust law:
The trustees’ duty of care
The trustee is bound by a duty of care which means that that they are bound by an obligation to perform their duties to the best of their ability and to avoid where possible conflicts of interest that may affect their role as trustee.
The trustees’ legal ability to invest assets
This allows trustees more legal power than the Trustee Investments Act 1961 with investments, stating that they may reasonably invest assets in a way that they deem to be suitable.
The comparison tables on this page are designed so that you can easily and effectively judge different trustee bonds and savings account deals.
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Other key features of the Trustee Investments Act are:
The ability to assign people the roles of nominees and agents
The trustee is able to appoint agents to carry out a range of activities referred to as ‘delegable functions’ as long as they do not involve the distribution or allocation of the trust’s assets in any way.
The trustees’ ability to obtain land
Trustees are allowed to purchase land as means of investment, or for the beneficiaries to live on or for any other reason deemed suitable.
The trustees’ right to have their expenses covered
Trustees are entitled to have their expenses remunerated if this is stated in the trust instrument or if the trustee is acting in a ‘professional capacity’.
If you have been assigned the role of trustee, you may wish to consider your investment options carefully. Our trustee savings and investment comparison tables contain details of several different investment options that may be of interest to you.
Provider | Plan Name | Deposit Taker | ISA Option | Term | Maximum Potential Return | More Info |
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FTSE 100 Kick Out Deposit Plan | Investec Bank plc | Up to 6 years | 6% per annum | More Info > | ||
Capital protected deposit plan with the potential to mature after years 3, 4, 5 and 6. If the plan matures early it will return 6% times the number of years the plan has been in force. Also available for Cash ISA and ISA transfer. |
For alternatives to standard trustee saving accounts, see the table below where we have brought together a selection of structured deposit plans. Structured deposits are term deposits (like a fixed rate bond). The capital is not at risk, but the returns are linked to the performance of an underlying asset, such as the UK stockmarket.
These types of plans are worth considering if capital can be committed for the plan term and you are looking for a potential return that is better than a traditional fixed rate bond.
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Provider | Plan Name | Maximum Potential Return* | Term | More Info |
---|---|---|---|---|
FTSE 100 Kick Out Deposit Plan | 6% per annum | Up to 6 years | More Info > | |
Capital protected deposit plan with the potential to mature after years 3, 4, 5 and 6. If the plan matures early it will return 6% times the number of years the plan has been in force. Also available for Cash ISA and ISA transfer. |
Savings Accounts Provider Reviews
- AA Savings
- Abbey Savings Accounts
- Access Bank Savings Accounts
- Alliance and Leicester Savings Accounts
- Bank of Scotland Savings Accounts
- Barclays Savings Accounts
- Barnsley Building Society Savings Accounts
- Bath Building Society Savings Accounts
- Birmingham Midshires Savings Accounts
- Bradford and Bingley Savings Accounts
- Britannia Building Society Savings Accounts
- Cahoot Savings Account
- Cambridge Building Society Savings Accounts
- Chelsea Building Society Savings Accounts
- Cheltenham and Gloucester Building Society Savings Accounts
- Cheshire Building Society Savings Accounts
- Clydesdale Bank Savings Accounts
- Co-operative Bank Savings Accounts
- Coventry Building Society Savings Accounts
- Darlington Building Society Savings Accounts
- Dunfermline Building Society Savings Accounts
- First Direct Savings Accounts
- FirstSave Savings Accounts
- Ford Money Savings Accounts
- Halifax Savings Account
- HBOS Savings Accounts
- HSBC Savings Accounts
- ICICI Savings Accounts
- Intelligent Finance Savings Accounts
- Investec Bank Savings Accounts
- Ipswich Building Society Savings Accounts
- Julian Hodge Bank Savings Accounts
- Kent Reliance Building Society Savings Accounts
- Leeds Building Society Savings Accounts
- Lloyds Savings Accounts
- Manchester Building Society Savings Accounts
- Marsden Building Society Savings Accounts
- Melton Mowbray Building Society Savings Accounts
- Metro Bank Savings Accounts
- Monmouthshire Building Society Savings Accounts
- National Counties Building Society Savings Accounts
- Nationwide Savings Accounts
- Natwest Savings Accounts
- Newbury Building Society Savings Accounts
- Newcastle Building Society Savings Accounts
- Northern Bank Savings Accounts
- Northern Rock Savings Accounts
- Norwich and Peterborough Building Society Savings Accounts
- Nottingham Building Society Savings Accounts
- Post Office Savings Accounts
- Principality Building Society Savings Accounts
- Progressive Building Society Savings Accounts
- RBS Savings Accounts
- RCI Bank Savings Accounts
- Royal Bank of Scotland Savings Accounts
- Saffron Building Society Savings Accounts
- Sainsbury's Bank Savings Account
- Santander Savings Accounts
- Scarborough Building Society Savings Accounts
- Scottish Building Society Savings Accounts
- Scottish Widows Bank Savings Accounts
- Skipton Building Society Savings Accounts
- Smile Savings Account
- Standard Life Bank Savings Accounts
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- Vanquis Bank Savings Accounts
- Vernon Building Society Savings Accounts
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- West Bromwich Building Society Savings
- Yorkshire Building Society Savings Accounts