Trust Bank Accounts for managing trust money
A straightforward way for trustees to manage day to day trust finances, with a simple online application, no fees and a range of savings solutions to maximise returns.
What is a Trust Account?
A trust account is a bank account used to hold money on behalf of someone else. It’s controlled by a trustee, such as a solicitor, executor, or professional firm, but the funds belong to one or more beneficiaries rather than to the trustee personally. This keeps client or third-party money separate and clearly identifiable from the trustee’s own finances.
How UTB Trust Bank Accounts work
Trustee Reserve Deposit Account
Our Trustee Reserve Deposit Account provides you with flexibility and access to your funds for the day to day running of the trust. Each trustee and beneficiary named on the account can withdraw funds up to twice a month, with funds sent directly to a nominated bank account.
The minimum balance is £15,000 and the maximum balance is £2m. You’ll need to open and maintain a Trustee Reserve Deposit Account before applying for Trust Savings Accounts. Once the account is opened, Trustees can apply for additional Trust Savings Accounts, including notice accounts and fixed term bonds.
For deposits over £2m, please get in touch with our team here.
*The interest rate is variable which means it can move up and down at the bank’s discretion. **AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. Gross is the interest rate without tax deducted.
A clear route for Trust banking
- Open a Trustee Reserve Deposit Account
- Maintain the £15,000 minimum balance
- Apply for Trust Savings Accounts
- Manage Trust funds
What you’ll need before you apply
First things first: You may need to register your trust with HMRC
Some trusts must be registered with HMRC’s Trust Registration Service (TRS) before you apply, and you’ll need to upload proof of registration. This is a separate step on gov.uk that can take time, so it’s worth doing before you begin. You can find the guidance from the HMRC about what types of trusts require registration here.
- Not registered yet? Register on gov.uk first, then come back.
- Already registered? Download your proof of registration ready to upload – how to do this.
Eligibility
- UK Trusts only
- Trust already established, or being established from a will
- Trustees must be over 18 and resident in the UK
- Non-UK trustee? Contact us before applying
Details we’ll ask for
- Trust details
- For every settlor, trustee and beneficiary: full name, date of birth, address, nationality and National Insurance number
- Nominated bank account details
Documents to upload
- Trust Deed or Will
- Proof of HMRC TRS registration or exemption
- Birth certificate or passport for any minor beneficiaries
- Death certificate and grant of probate, if the settlor has died
Ready to apply?
Tick each item that you have ready. The application opens when all three are ready – so you finish in one sitting. If you are an intermediary, please apply here.
0 of 3 ready
Why bank with us?
At United Trust Bank, we provide Trust Bank Accounts designed to help trustees manage trust money clearly and securely. With online access, no account opening or maintenance fees and additional trust savings options
once eligible, we can support a range of trust banking needs. Already have a Trust Bank Account with us? Log in to online banking to open another account.
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Frequently asked questions
What are Trust Bank accounts?
Once you have decided which account you would like to open, simply click on the ‘Apply’ button in the Summary Box window for that account and complete the application form online. You can also head directly to the beginning of the application form here.
What types of trust can apply for an account with UTB?
Once you have decided which account you would like to open, simply click on the ‘Apply’ button in the Summary Box window for that account and complete the application form online. You can also head directly to the beginning of the application form here.
What documents do I need to upload as part of my application?
Once you have decided which account you would like to open, simply click on the ‘Apply’ button in the Summary Box window for that account and complete the application form online. You can also head directly to the beginning of the application form here.
What are the types of savings accounts I can open with United Trust Bank?
Once you have decided which account you would like to open, simply click on the ‘Apply’ button in the Summary Box window for that account and complete the application form online. You can also head directly to the beginning of the application form here.
Do I have to use an intermediary to apply for a trust account with United Trust Bank?
Once you have decided which account you would like to open, simply click on the ‘Apply’ button in the Summary Box window for that account and complete the application form online. You can also head directly to the beginning of the application form here.
What is the minimum and maximum I can invest in a trust account?
Once you have decided which account you would like to open, simply click on the ‘Apply’ button in the Summary Box window for that account and complete the application form online. You can also head directly to the beginning of the application form here.
How do I apply for a UTB Trust Bank account?
Once you have decided which account you would like to open, simply click on the ‘Apply’ button in the Summary Box window for that account and complete the application form online. You can also head directly to the beginning of the application form here.
Ways to contact us
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Login and send us a message via online banking
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020 7190 5599
Monday – Friday 9am – 5pm
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Freephone – 0800 083 2228
Monday – Friday 9am – 5pm
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United Trust Bank, One Ropemaker Street, London, EC2Y 9AW
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Submit via our online contact form
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Use our Help Centre to see if we can answer any of your queries online
