Trustee account with decent interest rate

[INeverSeeYou]

Any available? Any why are these so hard to find nowadays?

They’re harder to open because banks are wary due to the possibility of money laundering. The best bet is for you and each trustee to open sole accounts at a bank and then open a joint account.

Thanks @WombForTwo but if we open a joint account I believe I'll have to pay my share of tax on the interest.

Ah. Good point.

I know NatWest offered them at one point. Not sure if they do anymore. Can you open a joint “INeverSeeYou and XYZ as trustees of XXX”? See if they’ll allow that?

On second thoughts @INeverSeeYouyou wouldn’t be liable for income tax. It’s trust property and trust income. The trust would be liable. You’d just have to sort it with HMRC each year

I asked our current account provider if I could move the money to one of their accounts with better interest but they said those accounts can't be opened as a trust.

You need to get the money into another account ASAP - no matter what. You don’t want to be accused of misappropriating trust assets.

I believe Metro bank offers trustee accounts. Not sure if you have one of those near you. Otherwise you’ll need to open a separate account and go through the rigmarole with HMRC re tax. You can’t have it sitting in your own bank account

It's currently in a trustee account and has been for many years, but the interest rate has dropped so I am looking for other options but there are few of these around.

When I wrote "current account" I meant existing account, it's a savings account, not my current account.

Thank you for the warning though @wombfortwo

Have you considered investing it? I don’t know what type of trust it is, but that’s always worth considering. They’re usually more open to trustee accounts too