What Banks Offer Trust Accounts: Documents, Fees, and FDIC

Most major national banks, online banks, and brokerages open trust accounts, so the question of what banks handle trust accounts usually comes down to whether you want to serve as your own trustee or hire the bank to do it. Chase, Bank of America, Wells Fargo, PNC, U.S. Bank, and Citi all offer them, as do online-first institutions like Ally, Schwab, Fidelity, and Vanguard. To open one you’ll need the executed trust document, government-issued ID for every trustee, and a tax ID number for the trust, which is either your Social Security number or an EIN depending on the trust type.

Which Banks and Brokerages Offer Trust Accounts

Trust accounts at banks fall into two categories, and the difference shapes everything else. A self-directed trust account is a checking, savings, investment, or CD account titled in the trust’s name, with you (or whoever the trust names) acting as trustee. The bank simply holds the money. A managed trust account is one where the bank itself acts as trustee or co-trustee, handling investments, distributions, tax filings, and ongoing administration. Managed services carry meaningful asset minimums and annual fees; self-directed accounts usually look like any other deposit or brokerage account at the same institution.

National Banks

JPMorgan Chase opens trust accounts for revocable, irrevocable, and testamentary trusts. You’ll provide the trust agreement (or the will, for a testamentary trust), two forms of government-issued ID per trustee, and any supporting documents through Chase’s Secure Message Center. If two trustees are named, both must be on the account opening call.¹

Bank of America handles trust and estate services through its Private Bank, which can act as trustee, co-trustee, or agent depending on how much control you want to keep.² Wells Fargo runs a similar operation through Private Wealth. PNC Private Bank administers revocable and irrevocable trusts along with more specialized structures like asset protection, dynasty, and charitable remainder trusts.³ U.S. Bank and Citi maintain trust and estate divisions as well. Because these are managed fiduciary services, you generally work with a wealth advisor rather than opening the account at a retail branch.

Online Banks and Brokerages

If you’re acting as your own trustee and just need somewhere to hold the assets, online banks and brokerages are typically the shortest path. Minimums are lower and applications are usually fully digital.

Ally Bank opens trust checking, savings, and CD accounts online for revocable or irrevocable trusts, and it will convert an existing Ally account into a trust account through a form. You need a trust agreement drafted by an attorney and either an SSN or the trust’s tax ID number.⁴

Charles Schwab offers the Schwab One Trust Account with no minimum and no monthly service fees. The online application covers revocable trusts where the grantor, trustee, and beneficiaries are the same person; other trust types use a paper application. You’ll supply your SSN, driver’s license number, employer information, and the contact details and SSN for each trustee.⁵

Fidelity opens trust accounts entirely online as well. Have your trust agreement ready and expect to enter name, email, phone, address, date of birth, SSN, citizenship status, and employment information for every grantor and trustee, plus the trust’s taxpayer ID number.⁶

Vanguard asks for three things: a legally established trust, a completed application with personal information for all trustees plus the trust type, date, and tax ID, and supporting legal documents including the trust’s name and date, current trustees’ names, and all signature pages.⁷

Credit unions open trust accounts using much the same documentation. The main practical difference is that share insurance comes from the NCUA rather than the FDIC.

Documents You’ll Need

The document list is nearly identical across banks. Assemble these before you apply:

The full executed trust agreement. The bank reads it to confirm the trust’s legal name, its date, who the trustees are, and what powers they hold.
A certification of trust as an alternative. Most banks accept this shorter document, which summarizes the essentials (trust name and date, grantor and trustees, revocable or irrevocable, trustee powers, and tax ID) without disclosing distribution terms or beneficiaries. Roughly 30 states have adopted a version of the Uniform Trust Code provision governing it, so the format is fairly standard.
Government-issued photo ID for every current trustee. Chase asks for two forms per trustee; other banks may accept one.¹
The trust’s tax identification number. SSN for a revocable trust; EIN for an irrevocable trust that is its own taxpayer.
Personal information for each trustee: name, address, date of birth, SSN, phone, and email. Fidelity also asks for citizenship status and employment details.⁶

If you’re stepping in as a successor trustee after the original trustee’s death, the bank will want proof the prior trustee is no longer serving, typically a certified death certificate or a letter of incapacitation. Vanguard specifically requires documentation explaining why the original trustee has stopped acting.⁷ You may also need an affidavit of successor trustee, and if the trust has become irrevocable, a new EIN.

For a testamentary trust, the will itself is the governing instrument the bank reviews. Estate accounts at Schwab additionally require letters testamentary or letters of administration certified as currently valid by the court clerk within the past 60 days, with the clerk’s original signature and seal.⁵

SSN or EIN: Which Tax ID the Trust Uses

This is where applications get bounced back. The rule is short: if you can revoke the trust and pull the money out, use your Social Security number. If the trust is a separate taxpayer, it needs its own Employer Identification Number.

A revocable living trust uses the grantor’s SSN while the grantor is alive. The IRS treats the grantor as owner of the trust’s assets, and income flows onto the grantor’s personal return. No separate EIN is needed.

An irrevocable trust that produces income and where the grantor has given up control needs its own EIN, files Form 1041, and reports income separately.⁸

One catch: some irrevocable trusts are still classified as “grantor trusts” for tax purposes, meaning the IRS treats the grantor as owner of the income. In that case the trustee does not need an EIN if they furnish the grantor’s name, taxpayer identification number, and the trust’s address to all payers.⁹ If you’re unsure which category your trust falls into, ask the attorney who drafted it or your tax advisor before opening the account.

When a grantor dies, a revocable trust typically becomes irrevocable and needs its own EIN, because the SSN is no longer valid for tax reporting on the trust’s income. Apply online at IRS.gov/EIN and you receive the number immediately. The application asks for the trust’s name as it appears in the trust document, the trustee’s name, and the grantor’s taxpayer identification number. Mail and fax applications on Form SS-4 also work, just slower.⁹

One boundary worth flagging: a payable-on-death account, sometimes called a Totten trust, is not a formal trust and does not need a separate document or tax ID. You name beneficiaries on a regular checking or savings account, keep full control during your lifetime, and the funds pass outside probate at death. Nearly every bank and credit union offers this option, and the FDIC treats these accounts under the same trust account rules as formal written trusts.¹⁰

How the Account Gets Opened and Funded

Once your paperwork is together, opening the account means signing a signature card that records who can transact on the trust’s behalf. Some banks handle the entire process online; others require a branch visit or a phone call. Chase wants both named trustees on the same call.¹ Schwab lets you finish online for straightforward revocable trusts but requires a paper application for other types.⁵

Fund the account by wire, check, or internal transfer from an existing account at the same institution. Ally will even convert an existing account into a trust account rather than opening a new one.⁴ At brokerages, you can usually transfer securities in kind instead of selling. After the first deposit clears, the bank issues account credentials, checks, and debit cards in the trust’s name.

Every account holding trust assets should be titled in the trust’s name. Depositing trust funds into a personal account, or mixing personal money with trust money, exposes the trustee to personal liability for any resulting losses and makes accurate accounting nearly impossible. Keep the accounts separate from the first deposit forward.

Fees to Expect

What you pay depends on whether you are the trustee or the bank is. Self-directed trust checking and savings accounts follow the same fee schedule as regular deposit accounts at the same institution. Schwab charges no monthly fees and no minimum balance on its trust account.⁵ Most online banks and brokerages price trust accounts the same way.

A bank acting as corporate trustee is priced differently. Annual fees are usually a percentage of trust assets, commonly 0.5% to 1.5%, with larger trusts paying at the lower end. Some corporate trustees add hourly charges for specific work like tax preparation or handling real estate and closely held business interests. Others bundle everything into the asset-based fee. Ask for the complete fee schedule before signing, and check whether investment management is billed separately on top of administration.

Setup costs beyond the bank are minor. Notarizing a certification of trust or other documents typically runs $2 to $25 per signature depending on the state, with remote online notarization slightly higher. The IRS issues EINs for free. The attorney-drafted trust document is usually the biggest upfront cost, and it doesn’t change based on which bank you pick.

Deposit Insurance for Trust Accounts

Trust accounts get more federal deposit insurance than individual accounts, which matters if the trust holds significant cash. The FDIC insures trust deposits at $250,000 per beneficiary, per trust owner, capped at $1,250,000 per owner at each bank (which is what you hit at five beneficiaries). Formal revocable trusts and informal payable-on-death accounts fall in the same insurance category, so the FDIC totals them together when calculating your coverage at a given bank; a POD account and a formal trust account at the same institution that name the same beneficiary do not double up.¹⁰

Credit unions apply a parallel structure through the NCUA. Effective December 1, 2026, the NCUA uses the same $250,000-per-beneficiary formula with the same $1,250,000 cap per owner at each federally insured credit union.¹¹ Coverage at a bank and at a credit union is calculated independently, so splitting deposits across institutions can meaningfully raise the insured total.

1
J.P. Morgan Wealth Management. Open a Trust Account: Learn About Trusts With J.P. Morgan
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Bank of America Private Bank. Trust and Estate Services and Solutions for Individuals and Families
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PNC Bank. Estate Services, Trust Management and Wealth Transfer
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Ally Bank. How to Set Up a Trust Account Online: Open a Trust
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Charles Schwab. Schwab One Trust Account
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Fidelity Investments. Open a Trust Account
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Vanguard. Trust Account: What Is It and How to Get Started
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Internal Revenue Service. Employer Identification Number
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Internal Revenue Service. Instructions for Form SS-4
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FDIC. Trust Accounts
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NCUA. Trust Rule Fact Sheet: Changes in NCUA Share Insurance Coverage