Most banks and credit unions offer trust accounts, but the right choice depends on whether you need a revocable living trust or a testamentary trust
A trust bank account is a deposit account held in the name of a trust rather than in your personal name. The account itself works like any other checking or savings account — you deposit money, write checks, use a debit card — but the legal ownership sits with the trust document you've created, not with you as an individual.
You can open a trust account at nearly any bank, credit union, or online bank that offers deposit accounts. The main difference between institutions is not whether they offer them, but how much paperwork they require upfront and whether they charge a fee to set up or maintain the account. Some banks ask for a copy of the trust document; others ask only for the trust's tax ID number and the trustee's identification.
The type of trust you have — revocable or irrevocable, living or testamentary — affects which institutions will accept it and what documentation you'll need to bring. A revocable living trust, which you can change or cancel during your lifetime, is the most common type opened as a bank account. An irrevocable trust, which cannot be changed once created, may face more scrutiny from banks because the trustee has less flexibility.
Key Takeaways
- Traditional banks, credit unions, and online banks all offer trust accounts, and the process is similar across all three — you provide the trust document or tax ID and the trustee's ID.
- Revocable living trusts are easier to open as bank accounts than irrevocable trusts, because banks see them as more flexible and lower-risk.
- Some banks charge monthly fees for trust accounts while others do not, so comparing fee schedules before opening saves money over time.
- You will need the trust's Employer Identification Number (EIN) or the trustee's Social Security number, a copy of the trust document or certification of trust, and the trustee's government-issued ID.
Traditional banks and what they require
Large national banks like Bank of America, Wells Fargo, Chase, and Citibank all offer trust accounts. The process is straightforward: you visit a branch with the trustee's ID, a copy of the trust document (or a certification of trust, which is a shorter legal summary), and proof that the trust has an EIN if it is irrevocable or has been in existence for more than a few months.
Most national banks do not charge a separate fee to open a trust account, but they may charge a monthly maintenance fee — typically $10 to $25 — if the account does not meet a minimum balance requirement. Some banks waive this fee if you maintain a certain balance or link the account to other accounts at the bank. Ask about fee waivers before you open the account, because they vary by branch and by the banker you speak with.
The main advantage of a traditional bank is that you can walk in, speak to someone in person, and have questions answered on the spot. The main disadvantage is that the process can take longer — some branches require the trust document to be reviewed by their legal department before the account is opened, which can add a week or more to the timeline.
Credit unions and membership requirements
Credit unions offer trust accounts to their members, often with lower fees or no fees at all. The process is similar to a bank — you provide the trust document, the trustee's ID, and the trust's tax ID — but you must first become a member of the credit union.
Membership requirements vary. Some credit unions are open to anyone in a geographic area; others are restricted to employees of a specific company, members of a specific profession, or people who live in a specific county. The National Credit Union Administration (NCUA) maintains a directory where you can search for credit unions in your area and their membership rules.
Credit unions often charge no monthly fee for trust accounts, or charge a lower fee than traditional banks. If you already belong to a credit union, opening a trust account there is usually faster and cheaper than opening one at a bank. If you do not belong to one, check whether you meet the membership criteria before you explore.
Online banks and what you lose in person
Online banks like Ally, Charles Schwab, and Discover offer trust accounts entirely through their websites and phone lines. The process is faster than a traditional bank — you upload images of the trust document and the trustee's ID, and the account opens within one to three business days in most cases.
Online banks typically charge no monthly fee for trust accounts and often pay higher interest rates on savings accounts than traditional banks do. The trade-off is that you cannot walk into a branch to ask questions or resolve problems in person. If you are comfortable managing your account online and by phone, an online bank can be the cheapest and fastest option.
Not all online banks accept all types of trusts. Some will not open accounts for irrevocable trusts, or require additional documentation like a court order or a letter from an attorney. Before you start the process, call the bank's customer service line and confirm that they accept the type of trust you have.
What documents you need to bring or upload
The exact documents required vary slightly by institution, but most banks ask for the same core set. You will need the trustee's government-issued photo ID (a driver's license or passport), proof that the trust has a tax ID number (an EIN letter from the IRS, or a copy of the first page of the trust document showing the EIN), and either a full copy of the trust document or a certification of trust.
A certification of trust is a shorter legal document that confirms the trust exists, names the trustee, and gives the trustee power to open bank accounts — without revealing the full contents of the trust to the bank. Many attorneys include a certification of trust with the trust document when they draft it. If you do not have one, your attorney can prepare one for a small fee, or you can ask the bank whether they will accept the full trust document instead.
If the trust is irrevocable or has been in existence for more than a few months, the bank will likely ask for an EIN letter from the IRS. You can request this letter online through the IRS website or by calling the IRS at 1-800-829-4933. The letter arrives by mail within two to four weeks.
Fees and account features to compare
| Institution Type | Typical Monthly Fee | Fee Waiver Options | Interest on Savings | In-Person Access |
|---|---|---|---|---|
| Traditional Bank | $10–$25 | Minimum balance or linked accounts | 0.01%–0.05% | Yes, at branches |
| Credit Union | $0–$10 | Often no fee | 0.05%–0.25% | Yes, at branches |
| Online Bank | $0 | No fee structure | 4.00%–5.35% | No branches |
Beyond the monthly fee, compare what features matter to you. If you plan to write checks from the trust account, confirm that the bank offers a checkbook. If you need to deposit cash, an online bank may not work because you cannot walk into a branch. If you want to earn interest on the balance, online banks currently pay significantly more than traditional banks or credit unions.
Ask whether the bank charges fees for wire transfers, stop payments, or account closures. Some banks charge $15 to $30 for a wire transfer, while others do not. These fees add up if you move money frequently.
How to open the account step by step
At a traditional bank or credit union, visit a branch with your documents. Tell the banker you want to open a trust account and provide the trustee's ID, the trust document or certification of trust, and the EIN letter if you have one. The banker will fill out an account process, confirm the trust's details, and open the account on the spot or within a few days if the document needs to be reviewed.
At an online bank, go to the bank's website and select "open a new account." Choose the account type (usually listed as "trust account" or "account in trust"). You will be asked for the trustee's name, Social Security number, and date of birth. Upload images of the trust document and the trustee's ID using your phone or computer. The bank will review the documents and send you a confirmation email within one to three business days.
Once the account is open, the bank will provide you with account details — the account number, routing number, and any debit cards or checks. You can then deposit money into the account and begin using it. The trustee's name will appear on statements and checks, followed by "Trustee" or "as Trustee of [Trust Name]."
Frequently Asked Questions
Do I need a trust document to open a trust account, or can I just tell the bank it's a trust?
You need a written trust document. Banks will not open a trust account based on a verbal statement. Most banks accept either the full trust document or a certification of trust, which is a shorter legal summary. If you do not have either, ask your attorney to prepare a certification of trust before you go to the bank.
Can I open a trust account if the trust is irrevocable?
Yes, but some banks require additional documentation. Irrevocable trusts must have an EIN, and the bank will ask for an EIN letter from the IRS. Some online banks do not accept irrevocable trusts at all, so call ahead and confirm before you explore. Traditional banks and credit unions are more likely to accept them.
What if I do not have an EIN yet?
You can request an EIN from the IRS online at irs.gov or by calling 1-800-829-4933. The process is free and takes about 15 minutes online. The EIN letter arrives by mail within two to four weeks. Some banks will open the account without the EIN letter if you have a copy of the trust document showing the EIN, so ask what the bank will accept.
Can I use my Social Security number instead of an EIN for the trust account?
For a revocable living trust, some banks will use the trustee's Social Security number instead of an EIN. For an irrevocable trust, the bank will require an EIN. Ask the bank which option they accept before you explore, because this affects how quickly you can open the account.
What happens to the trust account if the trustee dies or becomes unable to manage it?
The successor trustee named in the trust document takes over the account. You will need to contact the bank, provide the death certificate or incapacity documentation, and show the bank the trust document naming the successor trustee. The bank will update the account ownership and issue new checks or debit cards if needed.