Management of nil-rate-band discretionary trust.

[harryhoundog]

All my adult life, I have been a trustee.
Not really from choice but by accident of family dynamics.
Up to now, these have been interest in possession trusts, intended to partially support "elderly" relatives.

Now I find my self one of three trustees responsible for approximately £300K, in a forward looking discretionary trust, created by deed of variation; following the death of an elderly relative.
The assets of the trust are currently "cash" on deposit with several financial institutions.
The immediate objectives of the trust are:
- To support children of school age.
- To avoid (another) 40% IHT levy on funds that were left in a will from elderly pensioner to younger pensioner.
This trust will not be anything like a "churn and burn" go go arrangement, where its trustees think they can out perform the market.

Up to now, the interest in possession trusts have been able to use building society accounts as their "both must sign" current account; thus minimising costs and earning a modest return on the sums in the account.

In this new electronic era, does anyone have recommendations for "current account" arrangements, other than picking one of the "big five" banks with a pin?

[tax_schmax]

To make your hunt easier, you may find it helpful to search for SIPP bank accounts. If they can be used in a SIPP, they are usually fine for trustees. Use whatever branch is convenient. To avoid any potentially disgruntled beneficiaries, keep cash balances low. This would include building society accounts.