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Financially speaking, a Trust is a ring-fenced set of assets managed by one person (the Trustee) on behalf of another person (the Beneficiary). These financial entities can be set up (by a Settlor) for a number of reasons, such as the management of someone’s estate after they’ve passed away, or the provision of a managed wealth portfolio for a child who is not yet old enough to access the funds that belong to them.

  • Legally speaking, a Trust is just a binding agreement between the three people defined above (Trustee, Settlor, and Beneficiary).

    Once you understand these facts, and assuming that you know what a bank account is, understanding what Trustee Bank Accounts are becomes very simple: they are just tools by which the Trustee manages the beneficiary’s funds.

  • If you are being appointed as Trustee of a new Trust, then you will most likely have to set up a Trustee Bank Account in order to perform your duties. If you are already a Trustee of an existing Trust, you will already have a bank account – but how competitive are the account charges and interest rates compared to other products on the market now? In either case, we can help.

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