In the UK, several high street banks and building societies have recently withdrawn their personal injury trust accounts, citing increased costs, complexity, and compliance challenges. Notably, Nationwide Building Society has closed such accounts, leaving customers to seek alternatives.

This trend has significantly impacted vulnerable individuals, including those with disabilities or learning difficulties, who rely on these accounts to manage compensation funds without affecting their eligibility for means-tested benefits. The closures have led to difficulties in accessing essential funds, causing distress among account holders.

The Monika Banking Platform provided by Money Carer, the UK’s largest provider of appointee money management services for vulnerable people, provides a much-needed solution via its Personal Injury Trust Bank Account that allows professional and family trustees to open an account online and free of charge.

The account can be used to receive deposits and make payments to support trustees and beneficiaries, and can also be linked to separate, everyday spending accounts and issue prepaid debit cards for use by beneficiaries or their carers.

In summary, while a few traditional banks like Metro Bank offer personal injury trust accounts with associated fees and potentially longer setup times, innovations such as the Monika Banking Platform provide a more modern, cost-effective banking service with quick account opening and no setup fees.

Linked Article: Nationwide Building Society Personal Injury Trust Accounts