trust account Meaning in the Cambridge English Dictionary Cambridge dictionaries logo

Meaning of “trust account” in the English Dictionary

"trust account" in Business English

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trust accountnoun [C]

uk   us   FINANCE
a ​bankaccount that is used by a ​person or ​organization to ​managemoney for another ​person or ​group of ​people: The ​money was ​deposited in a ​trustaccount for her until she ​reached the age of 18.
an ​account that is used to ​keepmoney for a particular ​purpose: A ​trustaccount has been ​established by the ​solicitors for ​donations to the ​charity.
an ​account set up by two ​people or ​organizations in which ​money or ​property is ​kept by a third ​person or ​organization until a particular ​condition is satisfied: All pre-payments by ​travellers are ​placed in a ​trustaccount and not ​released until ​completion of the ​tour.
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(Definition of trust account from the Cambridge Business English Dictionary © Cambridge University Press)
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“trust account” in Business English

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