Most banks will open a trust account, but not all offer the same features or pricing
You can open a trust account at nearly any bank — national chains, regional banks, and credit unions all offer them. The real difference is not whether they will let you open one, but what you pay for it, what account types they support, and how much help their staff can give you with the paperwork. Some banks charge monthly fees for trust accounts; others waive them. Some require the trustee to visit in person; others let you set it up online or by mail. A few have trust specialists on staff who can answer questions about how the account works. Most do not.
The account itself is straightforward: it is a checking or savings account held in the name of the trust, not in your personal name. The bank does not care whether the trust is revocable or irrevocable, or what assets it holds. They care about your identity, your Social Security number, and the trust's tax identification number (EIN). If you do not have an EIN yet, you will need to get one from the IRS before opening the account — the bank cannot do that for you.
Key Takeaways
- Any bank can open a trust account, but fees, in-person requirements, and staff knowledge vary widely between institutions.
- You will need the trust's tax identification number (EIN) from the IRS, which takes a few days to obtain if you do not already have one.
- Some banks charge monthly maintenance fees for trust accounts while others waive them, so comparing costs before you open is worth the time.
- Large national banks usually have more account options but less personalized guidance; smaller banks and credit unions may offer more attention but fewer features.
What the bank will ask for when you arrive
Bring the original trust document or a certified copy. The bank will want to see it to confirm the trust exists and to identify the trustee (you, in most cases). They will also ask for a government-issued photo ID — a driver's license or passport — and your Social Security number. If someone other than you is the trustee, that person will need to bring their own ID.
You will also need the trust's EIN. If the trust is revocable and you are the only trustee, you may be able to use your own Social Security number instead, but this varies by bank and by state. Ask the bank before you arrive whether they will accept your SSN or require an EIN. If they require an EIN and you do not have one, you can get it from the IRS online (Form SS-4) or by phone. The process takes minutes, and the number is usually issued when ready if you explore online.
Some banks will ask for a resolution or certification letter from the trust, especially if the trust is irrevocable or if someone other than the grantor is the trustee. This is a short document that states who the trustee is and confirms they have the power to open bank accounts on behalf of the trust. If your trust document does not include this language, an attorney can draft one for you, or you can ask the bank what language they need and have your attorney add it to the trust.
National banks versus smaller institutions
Large national banks like Bank of America, Wells Fargo, and Chase will open a trust account for you, but their processes are often standardized and their staff may have limited knowledge of trust-specific questions. They usually offer checking and savings accounts for trusts, and some offer trust-specific features like the ability to name multiple signatories. Monthly fees for trust accounts at national banks typically range from $10 to $25, though some waive fees if you maintain a minimum balance.
Regional banks and credit unions often have more flexibility and may waive fees entirely if you are a member or maintain a relationship with them. Their staff may also be more familiar with trust accounts because they work with them regularly in smaller communities. However, they may not offer as many account types or online features as national banks do. If you already bank somewhere, calling ahead to ask about their trust account options and fees is faster than visiting in person.
Online banks generally do not offer trust accounts because they cannot verify documents in person and do not have the infrastructure to manage the paperwork. If you want to use an online bank for other accounts, you will need to open the trust account at a brick-and-mortar institution.
In-person versus remote account opening
Most banks require the trustee to visit a branch in person to open a trust account, especially if the trust is irrevocable or if the trustee is not an existing customer. This is because the bank needs to see the original trust document and verify the trustee's identity against a government ID. Some banks will accept a certified copy of the trust document by mail, but this is less common.
A few banks, particularly credit unions and some regional institutions, will let you open a trust account by mail if you provide a certified copy of the trust, a notarized certification of trust (a short document that proves the trust exists without revealing its contents), and copies of your ID. Call ahead to ask whether your bank offers this option. If they do, ask what documents they need and in what format — some want originals, some want certified copies, and some want notarized versions.
Fees and minimum balances
Trust account fees vary. National banks typically charge $10 to $25 per month for a trust checking account, though some waive the fee if you keep a minimum balance (often $1,500 to $5,000). Credit unions and smaller regional banks may charge nothing, especially if you are a member or if you maintain other accounts with them. Some banks charge a one-time setup fee of $50 to $100 in addition to monthly maintenance fees.
Before you open an account, ask the bank for their fee schedule in writing. Compare the total annual cost across two or three institutions, and ask whether fees are waived if you maintain a minimum balance or set up direct deposit. If you plan to keep a large balance in the trust account anyway, the monthly fee may not matter. If you plan to keep the balance low, finding a bank that waives fees will save you money over time.
What happens after you open the account
Once the account is open, the bank will issue you checks, a debit card, and online access in the name of the trust. You can deposit money into the account and write checks from it just as you would from a personal account. The bank will send statements to you as the trustee, and you will be responsible for keeping records of all deposits and withdrawals.
If the trust is revocable and you are the grantor and trustee, the IRS treats the trust account as a pass-through for tax purposes — you report the income and interest on your personal tax return, not on a separate trust return. If the trust is irrevocable, or if someone other than the grantor is the trustee, you may need to file a separate trust tax return (Form 1041) and report the account's income there. Ask your accountant or tax preparer which form applies to your situation.
Frequently Asked Questions
Do I need a lawyer to open a trust account?
No. You need a valid trust document and the trust's EIN, but the bank does not require a lawyer to be present. If your trust document is missing language that the bank requires (like a statement that the trustee can open bank accounts), you may want an attorney to add it, but this is usually a quick and inexpensive fix.
Can I use my Social Security number instead of getting an EIN?
It depends on the bank and the type of trust. Revocable trusts with you as the only trustee can sometimes use your SSN, but irrevocable trusts and trusts with multiple trustees usually require an EIN. Call the bank before you explore and ask what they require. Getting an EIN takes minutes online.
What if I do not have the original trust document?
Bring a certified copy. The bank will likely accept it, though some may require a notarized certification of trust instead. Call ahead and ask what they will accept. If you have lost your copy, your attorney or the person who drafted the trust can provide one.
Can I open a trust account online?
Most banks require you to visit a branch in person because they need to see the original trust document and verify your identity. Some credit unions and regional banks accept certified copies by mail. Call your bank and ask whether they offer remote account opening for trusts.
Will the bank charge me to close the trust account later?
Most banks do not charge a fee to close an account, but some charge $25 to $50 if you close it within a certain period (often 90 days to a year). Ask the bank about their early closure policy before you open the account.