Trust Bank Account Opening
Strategic Asset Protection can help with bank account opening
Most UK banks don't support the opening of trust bank accounts due to their complexity and compliance requirements.
SAP are here to help support a trustee in providing all the infromation required to successfully open an account. There may be requirements to make amendments to your trust which we will assist with advice in this area. It is not like opening a standard bank account and can take significant time. Working with SAP who provides the application and knowledge to navigate the banking regulations. We hope to deal with the heavy lifting and make the process easier.
Document requirements
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Completed Trust Account Opening form signed by all trustees
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Certified copy of Trust Deed/Will
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Relevant documents such as deeds of amendment or death certificate (certified true copies)
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Confirmation of HMRC Trust Registration or valid exemption reason
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Signed Individual ID&V form for each trustee
Id Checks Required
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Electronic ID&V for trustees, settlors, named beneficiaries
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Possible request for paper ID or proof of address if electronic checks fail
Application Review and Account Opening
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Review and response within 10-15 working days
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Requests for missing or unclear information handled by email
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Account opened after completion, welcome pack provided with registration instructions
Account Type
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Fully operational transactional account
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Cheque book facility
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Online banking access
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Telephone banking access if needed
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Interest bearing
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Maximize returns by locking funds for a period
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Free to open but requires a trust bank account first
Fees
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£600 + 150 to open a trust account
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£5 monthly maintenance fee if balance below £25k
