Financially speaking, a trust is a protected set of assets managed by the trustees on behalf of the beneficiaries. These financial entities can be set up (by a settlor) for several 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.
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Legally speaking, a trust is a binding agreement between the trustees, settlor, and beneficiaries.
Trustee accounts are just tools by which the trustees manage the beneficiaries’ funds.
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If you are appointed as trustee of a new trust, you will most likely have to set up a trustee bank account 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.
