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Savings account held in trust

A savings account held in trust is an account opened and managed by a trustee on behalf of a beneficiary, for example a parent could open an account and hold it in trust on behalf of their child until that child reaches a certain age.

Our savings accounts held in trust did not transfer to NatWest on 1 May 2025 and continue to be Sainsbury’s Bank products.

Later this year we’ll stop managing our savings accounts held in trust. This means that if you hold a savings account in trust, it’s important that you take action now to either transfer the funds to another account where they can continue being held in trust or to the beneficiary if they can now receive these funds. You can then close this Sainsbury’s Bank account.

What does this mean for you?

When you opened the account, you did so as a trustee on behalf of a beneficiary. Funds deposited into the account must continue to be held in trust for the beneficiary until they receive the funds. Your obligations as a trustee mean that when you transfer funds out of this account, they must be transferred either to the beneficiary or to another account you can hold in trust for them (see further information below).

Depending on if the balance should continue to be held in trust for the beneficiary or if they are now entitled to receive these funds, you should take one of the following actions:

  • Transfer to an account held by the beneficiary: If the funds are still due to the beneficiary and they are now entitled to receive the funds, you could arrange for these to be transferred to an account in their name. If you do this, we might ask you to provide some documentation to verify their identity; or
  • Transfer to an account with another bank or a building society where the funds will continue to be held in trust: If the funds are to continue being held in trust for the beneficiary, as trustee you can arrange to transfer the funds to another account where they will continue to be held by you as trustee on their behalf. We may ask you to confirm this or provide some evidence that this is what will happen to these funds.

Once the funds have been transferred, the account must be closed.

To transfer the funds and close the account, please call us on 08085 40 50 60*.

We may need to do some additional checks before we can transfer the funds. If you do need to provide any documentation, we’ll let you know what we need when you call us.

Managing your account

Since 1 May 2025, you can no longer view and manage savings accounts held in trust in online banking, and you won’t be sent regular statements. You’ll still be able to manage the account, check the balance and request copies of statements by phone.

Once the account is closed, you’ll be sent a closing statement by post.

If you hold any other Sainsbury’s Bank Savings accounts for yourself (and not in trust), that are now legally owned by NatWest, you’ll still receive regular statements and be able to view and manage those accounts in online banking, until we tell you otherwise.

We’re here to help

If you need any additional support or have any questions, please call us on 08085 40 50 60*.

You can also visit www.moneyhelper.org.uk/en for free and impartial guidance on money and finances. MoneyHelper is a service provided by the Money and Pensions Service, backed by the government. It can provide advice on savings accounts and can recommend further, trusted support if you need it. You may also find it helpful to discuss your options with a professional adviser such as your solicitor or financial adviser.

Important information

If you have a hearing or speech impairment, you can also contact us by Typetalk, or specialised text phone. Please dial 18001 followed by 08085 40 50 60.

*Our lines are open 8am to 8pm on weekdays and 8am to 6pm at weekends. Telephone calls are free from a landline and from a mobile when calling from the UK and may be recorded for security purposes and monitored for quality control procedures.