Disabled Person Discretionary Trust Bank Account

[jollyfarmer]

Does anyone know of a high street bank who will open an account for a DPDT

[SpeedyH]

I have messaged you.

[Runragged2000]

I am based in Scotland, I found getting a bank to set the DPDT up very difficult. Eventually Clydesdale Bank agreed. Clydesdale is now Virgin Money. Not sure if Virgin Money offer these accounts but worth trying.

[jollyfarmer in reply to Runragged2000]

Great- I will try them. Thanks so much for your reply - appreciated

[Runragged2000]

No problem and good luck.

[jollyfarmer in reply to Runragged2000]

Why is everything SO difficult ? !!!

[Runragged2000]

I have 2 LD siblings, one 82 & one 64, I have learned over the years that NOTHING is easy, life is one continual fight to help them live a comfortably.

[jollyfarmer in reply to Runragged2000]

So true, wish you well.

[Runragged2000]

and you.

[wazzy22]

Just recently done one with Virgin Money. The branch staff were helpful but the company do insist on a letter from a solicitor confirming a list of about 15 points relating to the DPDT. Obviously this has a cost depending what your solicitor charges but that's probably cheaper than the charges the banks solicitors would make. I think its this legislative requirement, to ensure the trust is properly set up, which puts most banks off offering this type of account.

[jollyfarmer in reply to wazzy22]

Hi, I have just spoken to a Virgin bank. They said that they do not offer a trustee account. What is the acount name that you have been able to open with Virgin please

[wazzy22 in reply to jollyfarmer]

The one we opened was their Business Account. It has to be branch managed (no internet access) due to having multiple signatories and you can’t have a bank card but you do get a cheque book. There is no interest payable but the account is free if there are less than 10 transactions a month. Once that was set up we were able to open a ‘Term Deposit Account’ which does pay a reasonable amount of interest and that’s where we keep most of our daughters funds.

Hope that helps. You probably need to talk to one of their financial advisors as the call centre and front desk staff might not know the ins and outs.

Tim

[jollyfarmer in reply to wazzy22]

PM me if you prefer, I am only asking what the name of the account type is & nothing else.

[jollyfarmer]

Great, thanks very much. I will look into Virgin today.

[MontyCat]

Hi. I looked into this for my daughter and apparently there are no high street banks which offer this type of account. I haven't looked into Virgin Money but Cater Allen do provide discretionary trust and disabled persons trust accounts. However, we have been waiting months for them to set the account up.

[jollyfarmer in reply to MontyCat]

Ok, Thanks very much for that , If we're sucessful we will post what we find in cae it helps anyone.

[Maurice_Mencap Partner]

Hi jollyfarmer , Mencap has a Wills & Trusts team who might be able to advise on this - you can reach them on [e-mail]. Hope that helps!

If you do get anywhere with this it would be great to hear about it as I'm sure other members of the community would be interested to know.

[jollyfarmer]

Thank you. I will see how we get on with it & if we have any sucess we will post

[MontyCat]

So far as I know, there are no high street banks now that offer this - Cater Allen do, or did when I set up a DPT for my daughter a couple of years ago. Good luck