Trust savings accounts, or trustee savings accounts, are savings accounts opened and managed by a trustee on behalf of a third party or beneficiary.
View our trust savings accounts available to UK residents, including interest rates and product terms, via the details below.
| Minimum Balance | £25,000 + |
| Interest Rate (AER1/Gross2) | 3.50% |
| Interest Payable | Annually on 31 December |
| Withdrawals | Withdrawals, closure or transfers are subject to 180 days written notice |
| Access | Branch or post |
| Minimum Balance | £25,000 + |
| Interest Rate (AER1/Gross2) | 2.70% |
| Interest Payable | Annually on 31 December |
| Withdrawals | 1 penalty free withdrawal per calendar quarter |
| Access | Post or Branch |
Trust savings accounts can be set up for a number of reasons, including to control or protect family assets; when someone’s too young to handle their affairs or are incapacitated and cannot handle their affairs; or to help pass on assets (such as via a will).
With Trust savings accounts, a Trustee manages the funds on behalf of a beneficiary. The Trustee has legal responsibilities and we recommend that they take professional advice prior to opening the account.
At Mansfield Building Society, our trust savings accounts are available for the following types of trusts:
We offer a simple range of trust savings accounts with a minimum deposit and operating balance of £25,000.
Our dedicated Savings Support team can help with opening and managing trust accounts and our Savings Business Development Manager can also liaise with firms managing trusts.
A trust account is a type of savings account where money is held by one or more trustees for the benefit of another person or group, known as the beneficiary.
The account is managed according to the terms set out in a trust deed or legal agreement, and the trustees are responsible for ensuring the funds are used in line with those terms. Unlike personal savings accounts, trust accounts have specific rules around access and control.
For more information on our available trust accounts, please contact our dedicated savings support team today on 01623 676336.
Trust accounts can be opened by individuals or organisations acting as trustees, provided they have the appropriate legal authority and documentation. This typically includes a trust deed and identification for all trustees.
Trustees might be family members, professionals (such as solicitors), or representatives of organisations, depending on the nature of the trust. The account is opened in the name of the trust, and trustees manage the funds on behalf of the beneficiary or beneficiaries.
Trust accounts are used to manage and safeguard money for beneficiaries who may not be able to do so themselves.
Common uses include holding funds for minors, managing finances for individuals lacking mental capacity, or administering money as part of an estate or charitable arrangement. They help ensure that funds are protected and used solely for the intended purposes set out in the trust agreement.
Trust savings accounts can involve:
Trusts can be complicated and we recommend that savers contact an professional legal or tax adviser for help.
No advice will be provided by Mansfield Building Society in relation to the suitability of our Trust savings accounts, and it is the responsibility of trustees to ensure that the account meets the needs and requirements of the trust and is in the best interest of the beneficiaries.
All applications will require a supporting Trust Deed and deed of variation documents (if relevant), a Will (if it’s a Will Trust) and the Trust Registration Document. Both the Trustee and Beneficiaries will also be subject to identification requirements.
For details of identification requirements, please follow the guidance in the ‘You and your Savings Account’ document, available in branch or to download online.
Trusts exempt for registration with the Trust Registration Service (TRS) will need to provide evidence of exemption from a solicitor or tax advisor.
Once the account has been opened (see above for details), you can manage your account in branch or through the post. You will need to maintain a minimum operating balance of £25,000 with us.
You can add to your account at any time and information about withdrawals is available below.
Withdrawals from a trust savings account can only be made by cheque payable to either the Trust, Trustee or the beneficiary. We do not allow cash withdrawals from a trust savings account.
Withdrawals will also be subject to the individual savings account terms and conditions, you can check these in the product summary box under ‘Can I withdraw money?’.
AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. AERs on the Monthly Income account assume interest is added to the account each month although in practice the option to have interest added in this way is not available.
The gross rate is the contractual rate of interest payable without tax taken off.
If separate AER/Gross rates are not quoted, both rates are identical.
Tax free means exempt from UK income and capital gains tax in the hands of the investor.
Want to ask us a specific question? Enquire online here or phone us on 01623 676350
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