How can I set up a Trust Bank Account?

Once you have set up a Trust, you will then need to set up a Trust bank account to hold the Trust funds. This process is slightly different to opening a simple bank account for an individual or couple as not all banks offer trust accounts, and they require a number of key documents and checks in order to be set up.

Setting up the Trust

Before opening a Trust bank account, you must already have a Trust drafted and registered; a solicitor can help you with this process. At this point, Trustees should be appointed to have responsibility for managing the Trust.

You can find out more about Trusts here.

What documentation is required for setting up a Trust Bank Account?

In order to open a Trust bank account you will need a number of key documents, including:
• A copy of the Trust deed.
• Government-issued identification documents for all Trustees and Beneficiaries connected with the Trust (e.g. Passport, Driver’s License, Birth Certificate or National ID Card).
• Proof of address (e.g. utility bills or bank statements).
• Where relevant, tax registration numbers may also be required.

Setting up a Trust Bank Account

As not all banks offer Trust banking services, you may need to do some research to find an appropriate Trust bank account. Once you have chosen a Trust bank account, you will need to complete the relevant documentation supplied by the bank, and this will need to be signed by all Trustees. At this point, the relevant identification and Trust documents will need to be supplied to the bank.

Once you have set up your Trust bank account, you can then transfer funds into this account. A Trustee will need to be appointed to have responsibility for the management of this account and its funds.

Is there a fee for opening a Trust Bank Account?

Some banks may charge a fee for opening a Trust bank account and some may also have a minimum opening account balance. Solicitors’ fees will also be payable, if you instruct a solicitor to set up your trust and/or trust account.

Setting up a Trust bank account can be complicated if you are unfamiliar with the process. Our Private Client team can provide advice and full assistance with setting up Trusts and Trust bank accounts. Please get in touch if you would like further information.