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Trusts - frequently asked questions

We have both current and savings accounts available for Trusts. Visit our Solutions for trusts page for more information.

Trust accounts are currently only available via an intermediary who has an existing relationship with Cater Allen.

There are currently no account opening fees, however there may be fees for certain services – please refer to our Banking Tariff (pdf) for full information. There is currently no minimum account balance required.

The Trustees should complete the Trust Accounts Application Form and Mandate in full including Trust details and source of funds and ongoing credits to the account. You'll need to give us information about:

  • trustees
  • settlors
  • any individual who has control over the trust
  • vested beneficiaries
  • corporate trustees
  • authorised signers.

More support can be found in our Trusts glossary of terms.

In addition to the application form, you'll need to send identification and additional documentation in accordance with the 'Customer Identification Requirements (pdf)'.

Please send your application and supporting documents to Cater Allen Private Bank, Cater Allen Operations, Sunderland, SR43 4FB. Please do not send original documents, due to the dangers of postal interception.

As a general rule, all Trustees need to be signatories. If you are satisfied that fewer Trustees are required to authorise any single transaction, in accordance with your Trust rules, then this can be reflected in the Declaration and Mandate section of the application form.

Please ensure that the authorised signatories and acceptance section corresponds with the information given in the declaration and mandate section. The total number of signatures in these two sections must be the same. The application form must be signed by all trustees.

Please include the Corporate Trustee details within the 'Corporate Trustee' section of the application form. New Corporate Trustees to Cater Allen will be required to complete an additional registration form which will be issued upon receipt of your application.

If you have a discretionary trust with us, i.e. the beneficiaries are not yet defined, you must provide us with the personal details and ID of any beneficiary prior to any pay-out or exercise of their vested rights in the trust.

You don't need to do anything if we already hold the personal details and ID of a beneficiary you want to pay, or, if you're paying someone that isn't a beneficiary.

To add a beneficiary please complete our Beneficiary form (pdf) and provide any supporting documentation requested within it. You can visit Account literature and choose Customer Identification Requirements to find out what supporting documentation we need to identify an individual.

Adding a beneficiary will trigger a review of your trust and we'll be in touch if we need any more information.