Trust account

1.

A shorter term account in which a bank or other custodian holds funds belonging to others, for specific purposes only.

Also known as an escrow account.

2.

A longer term account established under a trust deed, in which a trustee administers the funds on behalf of the beneficiaries.

See also

• Account
• Agent
• Beneficiary
• Custodian
• Escrow account
• Settlement
• Settlor
• Trust
• Trust deed
• Trustee