Trust Savings Accounts
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:
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If these conventional options don't offer the returns you're looking for in a trust savings account, then you could consider structured deposits instead. These offer potentially higher returns that are dependent on the performance of an index, like the FTSE 100 for example, but theydo not put your capital at risk.
In the table below is a range of structured deposits, whether you're looking for income or growth. Take a look and see if they match your requirements.
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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 5% times the number of years the plan has been in force. Also available for Cash ISA and ISA transfer. |
Income Tax, Capital Gains Tax, Inheritance Tax
It is important to bear in mind your tax responsibilities as a trustee. If your trust savings account generates interest it is important that you notify HMRC before taking your share (if you are entitled to do this, which usually depends on the type of trustee savings account).
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
- Stroud and Swindon Savings Accounts
- Teachers Building Society Savings Accounts
- Tesco Savings Accounts
- Vanquis Bank Savings Accounts
- Vernon Building Society Savings Accounts
- Wesleyan Bank Savings Accounts
- West Bromwich Building Society Savings
- Yorkshire Building Society Savings Accounts