United Trust Bank (UTB) has launched a new range of deposit accounts specifically designed to cater for Trustee customers. The range includes the easy access Trustee Reserve Deposit Account paying 0.5% Gross/AER interest and a variety of fixed term Trustee Bonds and a 10-day Notice Account. The accounts have no additional administration fees often associated with Trustee savings accounts.
Deposit accounts designed specifically to cater for trustees and beneficiaries properly recognise the legal structure of a trust, protecting trustees and beneficiaries while keeping administration compliant straightforward and providing legal clarity and protection.
The UTB Trustee Reserve Deposit Account
UTB’s Trustee Reserve Deposit Account is an account designed to help trustees with the day to day running of the trust’s finances.
The Trustee Reserve Deposit Account:
- Currently pays 0.5% Gross/AER
- No fees
- Provides trustees with flexibility to access funds when they need to
- Allows each trustee or beneficiary to withdraw funds up to twice per month
- Can be managed online, over the phone or by post
- Has a limit of £10,000 for each payment
The Trustee Reserve Deposit Account is the gateway account to UTB’s other fixed term and notice accounts designed specifically for Trusts. Once Trusts have opened a Trustee Reserve Deposit Account, they can then open any fixed term or notice accounts available to trust customers subject to them maintaining a minimum balance of £15,000 in the Reserve account.
Other UTB deposit accounts designed specifically for Trustees include:
- Trustee 6 Month Bond – 3.10% Gross – 3.12% AER
- Trustee 1 Year Bond – 3.15% Gross/AER
- Trustee 18 Month Bond – 3.17% Gross/AER
- Trustee 2 Year Bond – 3.20% Gross/AER
- Trustee 10 Day Notice Account – 2.20% Gross/AER* from the 4th March 2026
Stephanie Charsley, Head of Deposit Solutions – United Trust Bank, said: “Trusts are no longer the preserve of the very wealthy, with more and more people exploring how trusts can help them to maintain control over their combined assets during their lifetime and how those assets are passed on after their death.
“UTB’s new range of deposit accounts designed specifically for trusts fully recognise the legal structure of a trust and the protection it provides to trustees and beneficiaries and they are backed by our outstanding customer service. Unlike many other ‘Trust’ deposit accounts, our Trustee Reserve Deposit Account pays interest on the balance and does not impose any administration charges. When trustees are taking the trouble to choose accounts specifically designed to suit the trust’s needs, it makes sense to choose accounts which reward them with interest and don’t penalise them with charges.”
