Savings Account
Trust deposit
Key features
| Account Name | Trust deposit |
|---|---|
| Interest rates (AERs) |
|
| Tax status | Gross/Net |
| Conditions for bonus payment | n/a |
| Withdrawal arrangements |
|
| Access | Branch/post |
Product Info Follows
Current Interest Rate
1.75% Gross / AER
This rate is for balances from £250,000. Other rates are available on our Current interest rates page.
Apply Now
Complete this form and return to your local branch. You should also read Identification for customers and General Investment terms and conditions to ensure you understand the features and conditions of what you are buying and .
Download the application form here
Additional information
Minimum opening balance
£500
Minimum operating balance
£500. If the balance falls below the minimum operating balance a nominal interest rate applies (see Current interest rates for more details).
Maximum balance
£1,000,000
New investors
Yes
Age requirements
The beneficiary can be any age. Trustees must be aged 18 or over.
Availability
Not for the normal operation of the account (see our General Investment terms and conditions PDF for more details).
Similar products
This is the only account available to hold funds in trust for beneficiaries.
Important information
As this account is a deposit account (not a share account), when you open it neither the Beneficiary or the Trustees will become members of Newbury Building Society.
In addition to sight of normal identification (see our Identification for customers PDF) for all Beneficiaries and Trustees, we will also need a copy of the Trust Deed.
Withdrawals of up to £200,000 are available from your branch. Larger amounts are authorised by Head Office and may therefore take up to 48 hours to process.
Gross rate is the contractual rate of interest payable before the deduction of income tax at the rate specified by law, currently 20%. AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.
WE HAVE NO CURRENT PLANS TO WITHDRAW THIS PRODUCT BUT IT MAY BE WITHDRAWN WITHOUT NOTICE
Minimum opening balance
£500
Minimum operating balance
£500. If the balance falls below the minimum operating balance a nominal interest rate applies (see Current interest rates for more details).
Maximum balance
£1,000,000
New investors
Yes
Age requirements
The beneficiary can be any age. Trustees must be aged 18 or over.
Availability
- Available to hold funds in trust for beneficiaries under the terms of the Trust Deed for most types of UK based Trusts: Bare/Simple Trusts; Will Trusts; Family Discretionary Trusts; Accumulation and Maintenance Trusts and Charitable Trusts.
- Not available to Offshore Trusts, or Trusts where the Beneficiaries are not named.
- This is the only account we have available to Trusts.
- The account must be opened by all Trustees specified on the Trust Deed unless the deed allows for an alternative mandate.
- The number and name of each beneficiary will be specified in the trust deed. Each beneficiary must be an individual.
- The initial deposit must be made by cheque drawn on a UK bank account in the name of the Trust or Trustees (or a solicitor client account where the trust is the client).
- All deposits must be in accordance with the Trust Deed.
- There is no minimum deposit level once the account has been opened.
- Additional deposits must be made by cheque or bank transfer from a specified bank account in the name of the Trust or Trustees.
Not for the normal operation of the account (see our General Investment terms and conditions PDF for more details).
Similar products
This is the only account available to hold funds in trust for beneficiaries.
Important information
As this account is a deposit account (not a share account), when you open it neither the Beneficiary or the Trustees will become members of Newbury Building Society.
In addition to sight of normal identification (see our Identification for customers PDF) for all Beneficiaries and Trustees, we will also need a copy of the Trust Deed.
Withdrawals of up to £200,000 are available from your branch. Larger amounts are authorised by Head Office and may therefore take up to 48 hours to process.
Gross rate is the contractual rate of interest payable before the deduction of income tax at the rate specified by law, currently 20%. AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.
WE HAVE NO CURRENT PLANS TO WITHDRAW THIS PRODUCT BUT IT MAY BE WITHDRAWN WITHOUT NOTICE
