Almost every bank in the United States will open an account titled in the name of a trust. National banks, regional and community banks, most credit unions, and a growing number of online-only institutions all accept trust-titled checking, savings, and CD accounts. Dedicated trust companies go further and act as professional fiduciaries. The banks that allow trust accounts differ mainly in how smoothly the paperwork goes, what digital tools you get, and whether the institution can handle anything beyond holding cash.
National and Regional Banks
Large national banks such as JPMorgan Chase, Bank of America, and Wells Fargo open trust accounts routinely. Their compliance departments process trust documentation regularly and have standardized procedures for verifying trustee authority across states. If your documents are in order, the account-opening process is usually straightforward.
The trade-off is flexibility. A big bank’s trust account is typically a standard checking or savings product with the trust’s name on it. Anything outside the normal workflow, like an unusual trustee arrangement or a trust with complex distribution terms, can mean explaining the situation to several different departments. Regional and community banks often handle those edge cases better because you can sit down with the same officer who makes the decision. Their trust experience varies, though, so ask whether the bank has opened accounts for your type of trust before committing.
Credit Unions
Credit unions can hold trust accounts, but eligibility depends on the credit union’s charter. Federal credit unions must operate within a defined “field of membership,” which can be based on a shared employer, an association, or a geographic community, and only people and entities inside that field may join.1National Credit Union Administration. Choose a Field of Membership State-chartered credit unions follow their own state’s rules, which vary.2Federal Register. Chartering and Field of Membership Manual
Before approaching a credit union, verify that the trust itself qualifies under the institution’s charter. Some credit unions allow a trust to join if the trustee or beneficiary is already a member. Others don’t accommodate trust-titled accounts at all. Call ahead rather than assuming.
One important distinction: credit union deposits are not covered by FDIC insurance. They carry share insurance through the National Credit Union Administration, which provides equivalent per-beneficiary coverage for trust accounts up to $1,250,000.3National Credit Union Administration. Trust Rule Fact Sheet – Changes in NCUA Share Insurance Coverage
Online Banks
The idea that online banks can’t handle trust accounts is increasingly outdated. Several major online-only institutions now allow you to open or convert accounts in the name of a trust without visiting a branch. Ally Bank accepts both revocable and irrevocable trust accounts and lets you either convert an existing account or apply for a new one online.4Ally Bank. How To Set Up A Trust Account Online – Open a Trust Capital One takes a slightly different approach: you open a personal account first, then submit a notarized Certificate of Trust form to convert it to trust ownership.5Capital One. How To Convert to Revocable Living Trust
Not every online bank offers trust accounts, and some that do only support revocable trusts. Mailing or faxing notarized forms can feel clunky compared to handing them across a desk. But online banks often offer higher savings rates than traditional institutions, which matters if the trust holds significant liquid assets.
Trust Companies and Fiduciary Services
If what you need goes beyond a checking account, dedicated trust companies and the trust departments of large financial firms offer a fundamentally different service. These institutions don’t just hold cash. They act as professional fiduciaries, managing investments, handling tax preparation, administering distributions, and overseeing real estate held in the trust.
Trust companies operate under specialized state or federal charters that require expertise in fiduciary law, asset valuation, and tax compliance. Firms like Fidelity and Charles Schwab integrate fiduciary oversight with their brokerage platforms, letting the trustee delegate investment execution and custody of non-cash assets to the same institution. Schwab, for instance, offers checking features including debit cards and bill pay for living trust brokerage accounts.
This level of service costs considerably more than a retail bank account. Corporate trustees typically charge annual fees based on a percentage of assets under management, often in the range of 0.5% to 1.5%, with larger trusts paying toward the lower end of that range. For a trust holding $1 million, that is $5,000 to $15,000 per year. The expense makes sense for complex trusts that genuinely need professional management. It is overkill if all you need is a place to park cash for distributions.
Documentation Every Bank Will Ask For
Regardless of which institution you choose, you’ll bring a consistent set of documents. The core requirement is proof that the trust exists and that you have authority to act on its behalf.
Most banks prefer a Certification of Trust over the full trust agreement. A certification confirms the trust’s existence, names the current trustees, identifies their powers, and lists the beneficiaries, without disclosing the trust’s private terms about asset distribution. Many states have adopted provisions modeled on the Uniform Trust Code allowing banks to rely on this certification rather than reviewing the entire agreement.
You’ll also need trustee identification, meaning a government-issued photo ID such as a driver’s license or passport. Banks must verify the identity of anyone who controls an account under federal anti-money-laundering rules.
Finally, the bank needs a tax identification number for the trust. Depending on the type of trust, that is either the trust’s own Employer Identification Number or the grantor’s Social Security Number.
The bank will record the trust’s full legal name exactly as it appears on the trust agreement. Any mismatch between the trust document, the tax ID records, and the bank application will stall the process. Double-check spelling, dates, and the precise legal name before you walk in.
EIN or Social Security Number
Which tax ID the trust uses depends on whether it is a grantor trust.
While the grantor is alive, a revocable living trust typically uses the grantor’s Social Security Number for both banking and tax reporting. The IRS treats these trusts as extensions of the grantor, not as separate taxpaying entities. You do not need a separate EIN for a revocable trust during the grantor’s lifetime.6Internal Revenue Service. Employer Identification Number
An EIN becomes mandatory when the trust can no longer use the grantor’s SSN. The most common trigger is the grantor’s death, which converts a revocable trust into an irrevocable one. At that point the successor trustee must obtain an EIN before the bank will update the account. Irrevocable trusts created during the grantor’s lifetime also need their own EIN from the start.6Internal Revenue Service. Employer Identification Number
You can get an EIN instantly and for free through the IRS online application tool, as long as your principal place of business is in the United States and you have the responsible party’s SSN or ITIN available. Filing Form SS-4 by fax or mail still works but takes longer.7Internal Revenue Service. Get an Employer Identification Number
Banks need the trust’s tax ID number to report interest income to the IRS on Form 1099-INT.8Internal Revenue Service. Instructions for Forms 1099-INT and 1099-OID (01/2024) Give them the wrong number and you’ll end up with mismatched tax records and potentially an IRS notice.
FDIC Insurance on Trust Accounts
Trust accounts at FDIC-insured banks receive more coverage than individual accounts, though the rules have limits that catch people off guard. The FDIC calculates trust deposit insurance using a straightforward formula: the number of owners multiplied by the number of eligible beneficiaries, multiplied by $250,000.9FDIC.gov. Trust Accounts
A single-owner revocable trust naming three beneficiaries, for example, would be insured up to $750,000 at one bank. Name five or more beneficiaries and coverage caps at $1,250,000 per trust owner per institution, regardless of how many additional beneficiaries you add.9FDIC.gov. Trust Accounts
Under current FDIC rules, all deposits a person holds in revocable trusts, irrevocable trusts, and informal payable-on-death accounts at the same bank are combined for insurance purposes.9FDIC.gov. Trust Accounts You can’t sidestep the cap by splitting funds between a revocable and irrevocable trust at the same institution. If the trust holds liquid assets approaching those thresholds, spreading deposits across multiple banks is the simplest way to maximize coverage.
When opening the account, the bank will ask whether the trust is revocable or irrevocable and will need the names of your beneficiaries. Getting that information into the bank’s records accurately is what triggers the higher coverage. If the account records don’t identify the trust or its beneficiaries, the FDIC may default to the lower individual account limit.10FDIC. Financial Institution Employees Guide to Deposit Insurance – Trust Accounts
How the Account Is Titled and Who Can Sign
How the account is titled matters more than most trustees realize. The title must clearly identify the fiduciary relationship so that trust funds are never confused with the trustee’s personal assets. A typical title reads something like “The Smith Family Trust, Jane Doe, Trustee” or “Jane Doe, Trustee of the Smith Family Trust dated January 15, 2020.”
Only the named trustee can transact on the account unless the trust document grants co-trustees or delegated agents signatory authority. The bank’s signature card should reflect exactly who has access. If the trust authorizes multiple signers, bring the relevant trust provisions when opening the account so the bank can document them properly.
Trust checking accounts at retail banks generally come with the same features as personal accounts: checks, debit cards, online banking, and bill pay. Some institutions restrict certain features for trust accounts, so confirm what’s available before opening. Monthly maintenance fees are typically comparable to standard checking accounts at the same bank.