Most banks and credit unions offer trust accounts, but you need a tax ID and a trustee before you start
A trust bank account is an account held in the name of a trust rather than in your personal name. You can open one at nearly any bank, credit union, or online bank that offers business accounts—because trusts are treated as separate legal entities for banking purposes. The main requirement is that you have already created the trust document itself (not just decided to create one) and that you have a trustee named in it. You will also need an Employer Identification Number (EIN) from the IRS, even if the trust has no employees.
The process is straightforward once you have those pieces in place, but the account type you choose and where you open it depends on what the trust will hold and how you plan to use it.
Key Takeaways
- You must have a signed trust document and a named trustee before any bank will open an account in the trust's name.
- You need an EIN from the IRS for the trust, which you can request online for free and receive immediately.
- Most banks treat trust accounts as business accounts, so they may charge monthly fees or require a minimum balance.
- Online banks often have lower fees than brick-and-mortar banks, but some do not offer trust accounts at all.
- The trustee (not the trust itself) will be the person signing checks and making transactions, so bring their ID to the bank.
What you need before you walk into a bank
The bank will ask for three things: the trust document itself, proof of the trustee's identity, and an EIN. Bring the original signed trust document or a certified copy—most banks will not accept a photocopy. If you created the trust yourself using an online service or template, the signed document is still valid; it does not have to come from an attorney.
The trustee will need a government-issued photo ID (driver's license, passport, or state ID). If you are the trustee, bring your own ID. If someone else is the trustee, they should come with you or you should bring a power of attorney document that lets you act on their behalf.
The EIN is a nine-digit number the IRS assigns to the trust. You can request one online at irs.gov using Form SS-4, and you will receive it immediately if you apply during business hours. You do not need to wait for a letter in the mail. Write down the number before you leave the IRS website, because you will need it at the bank.
Banks and credit unions that routinely open trust accounts
Large national banks like Chase, Bank of America, Wells Fargo, and Citibank all offer trust accounts. So do most regional banks and credit unions. Call ahead or check the bank's website to confirm they offer trust accounts—some smaller institutions do not, or they require you to meet with a trust officer by appointment.
Online banks vary widely. Ally Bank, Charles Schwab Bank, and Fidelity do not currently offer trust accounts. Axos Bank and some others do, but you will need to call their phone line rather than open the account online, because the process requires verification of the trust document. This means online banks are usually slower than in-person banks for trust accounts, even though they are faster for personal accounts.
Credit unions are often a good choice because they tend to charge lower fees on business accounts than large banks do. If you are a member of a credit union, ask whether they offer trust accounts and what the monthly fee is. Many credit unions charge nothing or a flat $5 to $10 per month.
What the bank will ask you during the appointment
Bring the trust document, the trustee's ID, and the EIN. The bank will ask the trustee (or you, if you are the trustee) to sign signature cards—these are the bank's record of who is authorized to sign checks and make withdrawals. Some banks now do this digitally; others use paper cards.
The bank will also ask what the account will be used for. Answer honestly. If the trust holds real estate, say that. If it holds investments or a family business, say that. If it is a revocable living trust that will eventually hold your personal assets, say that. The bank uses this information to set up the account correctly and to flag any unusual activity later.
You may be asked whether the trust is revocable or irrevocable. This matters because irrevocable trusts are treated differently for tax purposes, and the bank needs to know which one you have. The trust document will say which type it is.
Fees and minimum balances vary by bank and account type
Trust accounts are usually classified as business accounts, so expect a monthly maintenance fee. At large banks, this ranges from $10 to $25 per month, though some waive the fee if you maintain a minimum balance (often $2,500 to $10,000). Credit unions typically charge $0 to $10 per month with no minimum balance requirement.
Online banks that do offer trust accounts usually charge less—sometimes nothing—but they require phone verification and may take longer to open the account. If you plan to keep a large balance in the account anyway, the fee difference may not matter. If you plan to keep only a small amount, a credit union or low-fee online bank is worth the extra time.
Ask about other fees too: overdraft fees, wire transfer fees, and fees for stopping a check. These vary widely and can add up if you use the account actively.
What happens after the account opens
The bank will give you checks, a debit card (if you request one), and online banking access. The account will be in the trust's name, and the EIN will be the account number for tax purposes. Any interest the account earns will be reported to the IRS under the trust's EIN, not under your personal Social Security number.
If you are moving money into the trust account from a personal account, the bank will ask you to document where the money came from. This is standard anti-money-laundering procedure. Have a brief explanation ready: "This is my personal savings being transferred into the trust" or "This is a gift from my parents to the trust." You do not need extensive documentation for small transfers, but the bank may ask for it if the amount is large or unusual.
If the trustee changes later, you will need to go back to the bank with a new trust document or an amendment showing the new trustee's name, and the new trustee will need to sign new signature cards.
Frequently Asked Questions
Can I open a trust account online?
Most online banks do not offer trust accounts, or they require you to call and verify the trust document by phone rather than completing the process entirely online. A few online banks like Axos do offer them, but the process is slower than opening a personal account. In-person banks and credit unions are usually faster for trust accounts.
Do I need a lawyer to create the trust before I open the account?
No. You can create a trust using an online service, a template, or a self-help book, and the bank will accept it as long as it is signed and notarized (if your state requires it). Check your state's rules on trust notarization before you sign. The bank does not care whether a lawyer drafted it.
What if I do not have an EIN yet?
Get one before you go to the bank. You can request an EIN online at irs.gov using Form SS-4, and you will receive it immediately. The process takes about 15 minutes. If you apply after business hours, you can get one the next business day by phone.
Can I use a trust account for my personal bills and expenses?
Technically yes, but it defeats the purpose of the trust. A trust account is meant to hold assets that the trust owns. If you use it for personal spending, you blur the line between your personal finances and the trust, which can create tax and legal problems later. Keep personal and trust money separate.
What if the trustee is not available to come to the bank?
You can bring a power of attorney document signed by the trustee that gives you authority to open the account on their behalf. The bank will need to see the trustee's ID and your ID, and they will verify the power of attorney. Some banks accept this; others require the trustee to be present. Call ahead to ask.