Trust Account

• £1-£250,000 0.90% AER*.
• £250,000.01+ 0.00% AER*.
• Interest rate from 3rd January 2025 – 0.80% AER*
• We calculate the interest daily and pay it annually on 31^st December. Interest can be added to your account or paid to your nominated account.
• You do not earn any interest on money in the account over £250,000. You cannot have more than £1,500,000 in your account.
• *AER stands for Annual Equivalent Rate and shows what the interest rate would be if interest was paid and compounded once each year. The gross rate is the interest rate payable before tax.

• The interest rate is variable, so it can go up or down at any time.
• For more details about why we might change the rate, you should read our Savings Terms & Conditions.

      £1,009.00

• This would be the balance after 12 months if £1,000 was paid in, all interest was paid back into the account, there was no change to the interest rate and no money was taken out or paid in.
• This is just an example to help you compare accounts. It does not take into account what you may do with the money in your account.

• You must live in the UK to open this account. You can open it with as little as £1.
• A trustee is someone who operates the Trust according to the Trust deed. A beneficiary is the person or people that receive money from the trust.
• All trustees and beneficiaries must be UK citizens and be resident in the UK for tax purposes. All trustees must be over 18 years old.
• You need to complete a Trust Account application form to open the account. These can be found on this product page, in Branch, or by contacting our Savings team.
• You must give us a copy of the Trust deed.
• You will need to give us details and identification documents for all trustees and any beneficiaries over 18 years old.
• All deposits must be from a UK bank account. The bank account must be in the name of the Trust, a trustee, or a solicitor acting on behalf of the Trust.
• You can deposit a maximum of 5 times a month. You cannot deposit more than £5,000 in cash or 5 cheques in each transaction.
• You can manage the accounts you hold with us through Bath Online, or by using our Mobile App. You can register for Bath Online on our website, and you can register for the Mobile App on your smartphone.
• You can ask for a passbook to be sent to you. You will need this if you want to withdraw or deposit money in our Branches.
• Account holder identification will be required. This is usually obtained through our electronic identity verification service. However, if this proves inconclusive, here’s some popular ways to verify your ID.

• You cannot withdraw money or close your account within the first 6 months after the account is opened.
• This is an limited access account. After the first 6 months, you can withdraw a maximum of twice each month.
• All withdrawals and any closures will need to be part of the terms of the Trust deed.
• We will only make payments to:
  – HM Revenue & Customs
  – A trustee or beneficiary named on the account, or
  – A person or company specified in the Trust deed as being able to receive money from the Trust.
• You can withdraw by cheque from our Branches. There is no limit to how much you can withdraw.
• You can take out money in a Branch, up to a maximum of £500 without telling us first. If you tell us first, you can withdraw up to £2,000 the next day.
• You can also ask us to make a faster payment to your nominated account. This can be done on Bath Online, through the Mobile App, in a Branch, or you can contact our Customer Service Department.

• This account is protected by the Financial Services Compensation Scheme (FSCS). You should read your FSCS Information and Exclusions sheet for more information about how your money is protected.
• This account is a savings account, not a payment account as outlined in the Payment Services Regulation 2017.
• You should read your Savings Terms & Conditions to fully understand how your account works.
• We can close an account at any time if you act inappropriately, such as by using abusive language.