United Trust Bank

United Trust Bank is a UK bank that specialises in savings accounts and specialist lending rather than everyday banking. It does not offer current accounts, debit cards or branches you can walk into. Instead it sells fixed rate bonds, notice accounts, limited access accounts, easy access accounts and Cash ISAs to personal savers, and a wider range of deposit accounts to trusts, businesses and charities. On the lending side it provides mortgages and bridging loans, but only through brokers and intermediaries, never directly to the public¹.

United Trust Bank is a UK savings and lending bank. Its savings side offers fixed term bonds, notice accounts, a notice tracker account, limited access accounts, easy access accounts and Cash ISAs, alongside savings accounts for charities and trusts, while its lending side covers mortgages and bridging loans³. The bank has been incorporated since 1955 and appears on the Bank of England's list of UK banks authorised to accept deposits⁴. Money held in its savings accounts and Cash ISAs is protected by the Financial Services Compensation Scheme (FSCS) up to £120,000 per person, or £240,000 for joint accounts¹.

United Trust Bank savings accounts: bonds, notice, limited access, easy access and Cash ISAs

United Trust Bank's personal savings range covers the main types of savings account on the UK market. The bank offers fixed rate bonds, which lock your money away for a set term in return for a fixed rate of interest; notice accounts, where you tell the bank in advance before withdrawing; limited access accounts, which let you make only a set maximum number of withdrawals each year in order to earn interest at a higher rate; and easy access accounts, which can be held jointly by up to two people¹. The general shape of the UK savings market, including instant access and fixed term options, is explained in our guide to savings accounts.

Its Cash ISAs are typically fixed rate bonds held inside an ISA wrapper, so the interest is paid free of UK income tax within your annual ISA allowance⁷. The range of ISA types available in the UK, and how the allowance works, is covered in our guide to [ISAs](/isas/].

If you want to move an existing Cash ISA to United Trust Bank, you only have to apply with the bank: when it receives your transfer request, it contacts your current ISA provider to arrange the movement of the funds¹¹. The bank accepts transfers in from existing ISA providers for previous years' subscriptions up to a maximum of £1 million². Two restrictions apply to transfers in: United Trust Bank accepts Cash ISA transfers only, not Stocks and Shares ISA transfers, although a Stocks and Shares ISA that has been converted into cash can be accepted¹¹. To transfer a United Trust Bank ISA out to another provider, you contact the receiving provider to arrange the transfer, and they then contact United Trust Bank with details of the request¹¹.

There is no limit on how many savings accounts you can open with United Trust Bank⁷. All personal savings with the bank are protected by the FSCS up to £120,000, and £240,000 for joint accounts¹.

Savings accounts for trusts, businesses and charities

Alongside personal savers, United Trust Bank is a significant provider of deposit accounts for trusts, businesses and charities, which is a niche many high street banks do not serve in the same way.

For trusts, the bank's main product is the Trustee Reserve Deposit Account, and you can open only one of these per trust with United Trust Bank¹². The bank currently accepts applications from a wide range of trust types: Bare Trusts, Discretionary Trusts, Will Trusts, Interest in Possession Trusts, Life Interest Trusts, Vulnerable Beneficiary Trusts, Intestacy Trusts and Personal Injury Trusts¹². Existing holders of a Trustee Reserve Deposit Account with a minimum balance of £15,000 can apply for the bank's Trust Savings Accounts by logging in to online banking or by calling its London-based customer support team¹³.

For charities, the bank offers several types of savings account: fixed term bonds, notice accounts, a notice tracker account, a limited access account and an easy access account¹⁴. There is no limit on how many signatories can be added to a charity account¹⁴. For business and charity accounts, all named individuals, including any beneficiaries, directors, officers and partners, must be at least 18 years old and must permanently reside in the UK for tax purposes¹⁰.

For trust and charity accounts alike, there is no limit on how many signatories you can add¹⁵. Note that basic bank accounts, a product aimed at individuals, are not available to businesses at all, though charities may find the industry body UK Finance's guide on opening a charity bank account helpful.

Mortgages and bridging loans

United Trust Bank also lends: it provides mortgages and bridging loans, but only through brokers and intermediaries. You cannot apply directly. Which? lists United Trust Bank among the providers that offer bridging loans in the UK, alongside names such as Together Mortgages, Precise Mortgages, MT Finance and LendInvest¹⁶. Bridging loans are short-term loans typically used to bridge a gap, most commonly between buying one property and selling another; how they work, and the risks of borrowing against your home in this way, is explained in our guide to mortgages and our section on home buying.

Because the bank sells through intermediaries, an application is made by a broker who registers for an account or logs in to complete it¹³. United Trust Bank states it cannot provide any advice on the suitability of the product you choose, so if you are unsure it says to speak to an independent credit intermediary or a regulated adviser⁸. As with any mortgage, your home may be repossessed if you do not keep up repayments⁸.

A few practical points from the bank's own mortgage pages: it offers the option of switching your mortgage rate up to 3 months ahead of your rate expiring, and you have up to 3 months after your product expiry date to transfer⁸. If you pay by cheque, allow 5 working days for it to clear with your bank, and the standard turnaround time for redemption statements is 5 working days⁸. United Trust Bank has also agreed to the commitments of the Mortgage Charter released by the UK government⁸.

Who can open a United Trust Bank savings account

For personal accounts, you apply online at the bank's website, www.utbank.co.uk¹. For business and charity accounts, every named individual on the application must be at least 18 years old and must permanently reside in the UK for tax purposes¹⁰. The bank is not currently accepting new Power of Attorney accounts¹⁰, which matters if you are looking to manage savings on someone else's behalf.

To open a savings account, you will need to pass identity checks. United Trust Bank carries out identity checks from reference agencies based on the information you provide, and it reserves the right to request additional documentation¹⁷. Accepted identity documents for new account holders and signatories include a valid passport, a valid full photocard driving licence, an HMRC letter addressed to you dated in the last 12 months, a Department for Work and Pensions communication dated within the last 12 months, a valid firearms certificate, and a national ID card such as an EU state-issued national identity card¹⁷.

Every personal savings account requires a nominated bank account when you apply. This must be a transactional UK bank account, and it must be in your name¹. The same rule applies to the bank's ISA Bonds². Each customer is allowed only one nominated bank with United Trust Bank⁹. Money you pay in and interest you withdraw generally moves through this account, so it is worth making sure the account you nominate is one you intend to keep.

How to open and fund an account

Personal accounts are opened online at www.utbank.co.uk, via the Apply button or the application form¹. The process for trust accounts is slightly different: to apply for the Trustee Reserve Deposit Account you complete an application, scroll down to 'Start Application' and then select 'Trust' from the dropdown menu¹³. Intermediaries register for an account or log in to complete an application on a customer's behalf¹³.

Funding works through your nominated bank account rather than a debit card or cheque paid in at a counter. Because United Trust Bank has no branches, everything happens by bank transfer between your nominated account and your savings account. If you hold a joint account elsewhere, note that a joint account normally allows two or more people to receive payments, pay by debit card, transfer money and manage the account, depending on the bank¹⁹, and both holders can manage the account and withdraw cash²⁰.

One restriction on joint holdings: United Trust Bank states you are only able to add a joint account holder if interest has not been applied to your account during the current tax year²¹. The UTB Easy Access Account can be held jointly by up to two people¹.

Withdrawals, notice and early access rules

How you get money out depends on which type of account you hold, and this is the main trade-off between them.

• Fixed rate bonds: your money is locked in for the term. Withdrawals before maturity are normally not allowed, or only allowed in very limited circumstances, at the bank's discretion²².
• Notice accounts: you must submit a notice request before withdrawing your money, and notice must be given for at least the number of days stated in your product terms. With United Trust Bank's 40-Day Notice Account, for example, you would have to request a withdrawal 40 days before you needed to have the money⁷.
• Limited access accounts: you can only make a set maximum number of withdrawals each year in order to earn interest at a higher rate⁷.
• Easy access accounts: the most flexible option, held jointly by up to two people¹.

The general pattern across the market is that instant access accounts let you withdraw at any time without giving notice, subject to any limits, while notice accounts require the notice period to pass first²². The trade-off is straightforward: the more notice you give up, or the fewer withdrawals you are allowed, the higher the interest rate the account tends to pay. If you may need the money at short notice, a bond is the wrong shape; if you are saving towards something at a known date, the loss of access may not matter.

What happens when a bond matures

United Trust Bank contacts you approximately 14 days before your fixed term bond matures, detailing your options and enabling you to give your maturity instructions¹. The same 14-day contact applies to its fixed term ISA Bonds². For trust bonds, the bank contacts you two weeks before your bond matures to ask what you would like to do with the funds¹⁵.

What matters most is what happens if you do nothing. At the end of the fixed term of your account, in the absence of instructions being received from you, your funds will be reinvested into an easy access account with an interest rate at the bank's prevailing rate for such accounts¹. That rate is not guaranteed to match the rate you were earning on the bond, so it is worth deciding before maturity whether to reinvest, move the money elsewhere, or withdraw it.

Managing your account online

United Trust Bank is an online and phone bank: there are no branches, so day-to-day servicing happens through its online banking portal or by contacting its customer support team. To get started with online banking you register your details and then log in²⁵. Once registered, you can send secure messages, arrange withdrawals, provide maturity instructions, serve notice, and more²⁵.

Registration needs your United Trust Bank account number, National Insurance number, email address and mobile phone to hand²¹. Access is limited by customer type: a personal customer can only see their personal accounts on online banking, and a trust customer can only see their trust accounts²⁶. If you hold both a personal account and a trust account, you must complete the registration form separately for your personal online banking and your trust online banking, because account numbers are linked to customer type and profile²⁶. The same separate registration applies between personal and charity online banking¹⁴, and if you are a signatory for more than one trust, each trust must be signed up separately²⁶.

For trusts, all trust types are eligible for online banking, though only the trust's signatories can sign up²⁷. Only signatories for your trust will have access to online banking, which includes the ability to provide maturity instructions, change their personal details, and send secure messages²⁵. The same applies to charities, where only signatories for your charity have access¹⁴. The UTB Trustee Reserve Deposit Account can only be managed online, so if you have opened one of those accounts you will need online banking to run it¹².

To change your nominated bank account, personal customers first unlink the old one: select the account in question, choose 'My Linked Account' at the top, remove the link, and then add a link to the new nominated bank. The bank recommends you then cancel the old nominated bank²⁸. For business and charity customers this service is not yet available online, so the request must be emailed, including a copy of a recent bank statement dated within the last three months, and the request must be made in accordance with the signing arrangements on the account²¹.

If you are struggling with mortgage payments

If you have a United Trust Bank mortgage or bridging loan and are finding payments hard, the first step is to contact the lender immediately rather than waiting until you have missed a payment²⁹. Lenders have a duty to help if you are struggling to pay your mortgage, which could include reducing your monthly payments or taking a break from your payments for a few months³⁰.

United Trust Bank has agreed to the commitments of the Mortgage Charter released by the UK government⁸. If you are having problems with your mortgage you could get help from your lender if they have signed up to the Mortgage Charter³¹. Under the charter, you may be eligible if you are finding it hard to pay your mortgage repayments but have not missed a repayment yet³². The bank itself says a chat about your options will not affect your credit score, so the sooner you get in touch, the sooner it can help⁸.

People who claim Universal Credit or Pension Credit may be eligible for a Support for Mortgage Interest loan, which pays some or all of the interest on your mortgage³³. Homeowners who claim Universal Credit may get help towards their mortgage interest payments³⁴. Free, impartial help with mortgage debt is available from National Debtline³³, and our guide to debt sets out the full range of options. The warning that sits behind all of this is the bank's own: your home may be repossessed if you do not keep up repayments on your mortgage⁸.

Bereavement

If a United Trust Bank customer dies, the bank provides forms for personal representatives to register the death and deal with the accounts. These include a Personal Representative Registration form to register a death with the bank, a Bereavement Request to Close Account(s) form, and a Personal Representative Request for Funds to Cover Costs form for an urgent Inheritance Tax payment or funeral expenses, for deposit customers only¹⁷.

Contacting United Trust Bank and making a complaint

United Trust Bank's customer support team is London-based. For trust accounts other than the Trustee Reserve Deposit Account, accounts can be serviced by calling 020 7190 5599 or freephone 0800 083 2228, or via the contact form on the bank's website²⁵. Existing holders of a Trustee Reserve Deposit Account with a minimum balance of £15,000 can log in to online banking or call 0207 190 5599¹³. Online banking also carries a secure messaging function for account queries²⁵.

If something goes wrong, the process is the standard one for UK financial firms. First complain to the bank's customer services. If you are not satisfied, make a formal complaint: the bank then has eight weeks to investigate and give a final response¹⁹. If you are still unhappy, or if eight weeks pass without a final response, you can take the complaint to the Financial Ombudsman Service, which is free to use¹⁹. United Trust Bank is covered by the Financial Ombudsman Service³⁵. Citizens Advice also explains how to check whether a financial service has followed the rules³⁰.

FSCS protection: £120,000 per person, per bank

Money held with United Trust Bank is protected by the Financial Services Compensation Scheme. The bank is a member of the FSCS, established under the Financial Services and Markets Act 2000, and payments under the scheme are limited to 100% of the first £120,000 of a depositor's total eligible deposits with the bank³⁵. For personal savers the bank states this as up to £120,000, and £240,000 for joint accounts¹. The FSCS covers deposits in current accounts, savings accounts, cash ISAs and savings bonds³⁶.

The limit applies per person, per bank, not per account. That means all your eligible deposits with United Trust Bank count together towards the one £120,000 limit, so several accounts with the bank do not multiply the protection. You can check whether your money is protected using the FSCS's own protection checker⁶.

For trusts the position depends on the trust's structure. The FSCS states that if an account is set up as a trust, protection is dependent on the type of trust⁶. United Trust Bank says that for funds held in a non-bare trust, the £120,000 protection cover is applied to the trust rather than the individual trustees¹². If you are saving as a trustee, it is worth checking how your trust's structure affects the cover before you deposit.