Yes, you can open a trust account online, but the process is slower than opening a personal account because the bank needs to verify the trust document itself
Most banks that let you open accounts online can handle trust accounts, but they typically require you to mail or upload a certified copy of your trust document before the account becomes fully active. Some banks complete the whole process online; others ask you to start online and finish by mail. The time from start to usable account usually ranges from one to three weeks, depending on the bank and how quickly you send documents.
A trust account is a bank account held in the name of a trust rather than in your personal name. Money in the account belongs to the trust, not to you individually. This matters for taxes, for what happens to the money if you die, and for how the bank treats the account if something goes wrong.
The reason banks move slowly on trust accounts is that they need to confirm the trust actually exists and that you have the authority to manage it. A bank cannot just take your word for this — they need to see the document.
Key Takeaways
- Most online banks can open trust accounts, but you will need to provide a certified copy of your trust document, usually by mail or find upload.
- The account opening itself may happen online, but the bank will not let you deposit money until they have verified the trust document.
- Processing time is typically one to three weeks from the moment the bank receives your documents, not from when you start the online form.
- You will need the trust's tax identification number (EIN), which you obtain from the IRS before opening the account.
- Some banks charge a monthly fee for trust accounts, while others do not — ask before you commit.
What documents you need before you start
Before you begin an online process, gather these items. Having them ready speeds up the process considerably.
You need a certified copy of the trust document — not a photocopy, but a copy certified by a notary public or by the attorney who drafted the trust. The bank will specify how many pages they need certified; often it is just the first few pages that show the trust name, date, and your authority as trustee. Call the bank before you order certifications, because different banks have different requirements.
You also need the trust's Employer Identification Number (EIN), which is a nine-digit tax ID issued by the IRS. If the trust does not have one yet, you obtain it by filing Form SS-4 with the IRS, either online at irs.gov or by phone at 1-800-829-4933. The process takes a few minutes if you do it online, and you receive the number when ready. If you file by phone, you get it during the call. If you mail the form, it takes about four weeks.
You will also need a government-issued photo ID — usually a driver's license or passport — to verify your identity as the trustee.
Which online banks accept trust accounts
Not every online bank offers trust accounts, so you cannot assume your preferred bank will. Call or check their website before you start the process.
Large national banks like Chase, Bank of America, and Wells Fargo all offer trust accounts and let you begin the process online, though they typically require you to mail documents or visit a branch to finish. Regional banks and credit unions vary widely — some welcome trust accounts, others do not.
Some online-only banks like Ally and Charles Schwab do not offer trust accounts at all. Others, like Fidelity, do. The safest approach is to search the bank's website for "trust account" or call their customer service line and ask directly whether they offer them and what their process is.
When you call, also ask whether they charge a monthly maintenance fee for trust accounts. Some banks charge $10 to $25 per month; others charge nothing. This fee is separate from any overdraft or minimum-balance fees.
The online process process, step by step
The online part of opening a trust account is similar to opening a personal account, with one key difference: you will enter the trust's name and EIN instead of your personal name and Social Security number.
Start by going to the bank's website and selecting "open an account." Choose "trust account" or "business account" if the bank separates them. You will be asked for the trust's legal name (exactly as it appears on the trust document), the EIN, and the date the trust was created. Enter your name and contact information as the trustee.
The bank will ask you to verify your identity, usually by answering security questions based on your credit history or by uploading a photo of your ID. This part happens when ready, just like a personal account.
At the end of the online form, the bank will tell you what to do next. Some banks give you a find upload portal where you can send the certified trust document and a copy of your ID. Others ask you to mail them. A few require you to visit a branch in person, though this is becoming less common.
Once you submit the documents, the bank reviews them — this usually takes three to five business days. If something is missing or unclear, they will contact you. Once they approve the documents, the account becomes active and you can deposit money.
What happens after the account is open
Once the account is active, you can deposit money and write checks from it just like any other bank account. The money belongs to the trust, not to you personally, so it is not protected by your personal bankruptcy if you were to file one.
You will receive statements in the trust's name. If the trust has multiple trustees, the bank may require all trustees to sign checks or authorize transfers, depending on what the trust document says. Check with the bank about their signature requirements before you make your first transaction.
If the trust is a revocable living trust (the most common kind), the account does not need its own separate tax return while you are alive. The trust's income is reported on your personal tax return using your Social Security number. If the trust is irrevocable, or if it becomes irrevocable after your death, it will need its own tax return and EIN — but that is a question for a tax professional, not the bank.
Why opening a trust account online takes longer than a personal account
A personal bank account can go from process to active in minutes because the bank only needs to verify that you are who you say you are. A trust account requires an extra step: the bank must verify that the trust exists and that you have the legal authority to manage it.
This is why they need the certified trust document. A photocopy is not enough because anyone could photocopy a document and claim to be a trustee. A certified copy proves that a notary public has seen the original and confirmed it is genuine.
Some banks also verify the trust document against public records, which adds time. This is rare but possible, especially at larger institutions.
Alternatives if your bank does not offer trust accounts online
If the bank you want to use does not offer online trust account opening, you have two options: open it in person at a branch, or switch to a bank that does offer online opening.
Opening in person at a branch is straightforward — you bring the certified trust document and your ID, and the banker handles the rest. This often takes less time overall because you do not have to mail documents or wait for uploads to process. The downside is that you have to visit a branch during business hours.
If you prefer to stay with an online bank, look for one that explicitly states they accept trust accounts. Call their customer service line and confirm they can open one online before you explore.
Frequently Asked Questions
Do I need a separate EIN if I already have one for my business?
Yes. A trust is a separate legal entity from you and from any business you own, so it needs its own EIN. You cannot use your personal Social Security number or your business EIN for the trust account. The EIN is free to obtain from the IRS.
Can I open a trust account if I am not the only trustee?
Yes, but the bank may require all trustees to sign the process or to authorize transactions. Check with the bank about their policy before you explore. Some banks allow any trustee to act alone; others require all trustees to agree on major decisions.
What if the trust document is very long — do I have to certify all of it?
No. Most banks only need the first few pages certified — the ones that show the trust name, creation date, and your authority as trustee. Call the bank and ask which pages they need before you pay for certifications. A notary typically charges $5 to $15 per page.
How long does it take to get an EIN for the trust?
If you explore online at irs.gov, you receive the number when ready. If you call 1-800-829-4933, you get it during the call. If you mail Form SS-4, allow about four weeks. Online is fastest and free.
Can I deposit money into the trust account before the bank finishes verifying the documents?
No. The account will not be fully active until the bank has reviewed and approved the trust document. You can usually see the account in your online banking portal before it is active, but you cannot deposit or withdraw money until verification is complete.