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Trusts are a way to keep funds secure for future use. Because a trust is its own legal entity, it can have its own bank account. The best trust bank accounts will manage your funds properly and provide you with the right services for your needs, in addition to offering appealing benefits like high interest rates and flexible access.
We've researched many of the top banks and financial institutions with trust bank accounts to find the best options for different situations. Here's how to choose the right trust account for you.
Featured trust accounts
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What types of trusts are available?
Some of the most common types of trusts include the following:
- Revocable trust: A revocable trust is also called a living trust and can be changed after it's created. They detail how your assets should be distributed after death. A revocable trust allows you to avoid probate, which can be a long, public process.
- Irrevocable trust: You can't change an irrevocable trust once it's been set up. The assets included in the trust are removed from your estate, and the trust files and pays its own tax return.
- Charitable trust: Charitable trusts help you leave a lasting legacy to a charitable organization.
- Special needs trust (SNT): If you have a child or family member with special needs, you can use a trust to care for them after your death. They allow you to provide for your family member after your death while keeping them eligible for government benefits.
Compare the best trust bank accounts
| Bank account | Best for | Trust type | Fees |
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Extra FDIC insurance | Revocable, irrevocable | No account fees for Cash Account, 0.25% annual management fee for investing3 <p>Wealthfront Cash account is offered by Wealthfront Brokerage LLC, Member of FINRA/SIPC. Wealthfront Brokerage is not a bank. We convey funds to partner banks who accept and maintain deposits, provide the interest rate, and provide FDIC insurance. Rate is subject to change.</p> |
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CIT Bank Platinum Savings4 <p class="">For a complete list of account details and fees, see our Personal Account disclosures: <a href="https://cit-fcb-t.cit.com/cit-bank/resources/forms">https://cit-fcb-t.cit.com/cit-bank/resources/forms</a></p> |
High-yield savings | Revocable | No monthly service fees |
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Credit union trust accounts | Revocable, irrevocable | No monthly service fees |
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Any type of trust bank account | Revocable, irrevocable | No monthly maintenance fees |
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High-yield CDs | Revocable, irrevocable | No monthly maintenance fees |
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Private trust services | Revocable, irrevocable | No monthly maintenance fees; investment fees may apply |
Wealthfront Cash Account
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If your main goal for the money in your trust is to invest it, Wealthfront is one of the first companies we'd recommend. The Wealthfront Cash Account is available for personal, joint, and trust accounts, and it's a high-yield account that earns 3.50% APY and offers FDIC insurance up to $8 million through program banks.2 <p>Rate is current as of 11/07/2025.</p> If your trust has or will have a sizable balance, we'd pick this account for you because your money will be protected far beyond the typical reaches of deposit insurance coverage ($250,000 is the standard).
However, note that checking features for this account aren't available for trusts. That means you won't be able to use a debit card, access ATMs, or pay bills with the account, for example, although you can still make unlimited free transfers and wire transfers. Another advantage of Wealthfront is that you can open managed taxable brokerage accounts as a trust.5 <p class="">FinanceBuzz receives cash compensation from Wealthfront Advisers LLC (“Wealthfront Advisers”) for each new client that applies for a Wealthfront Automated Investing Account through our links. This creates an incentive that results in a material conflict of interest. FinanceBuzz is not a Wealthfront Advisers client, and this is a paid endorsement. More information is available via our links to Wealthfront Advisers.<br></p> These include:
- Automated Index Investing Accounts
- Automated Bond Portfolios
- Automated Bond Ladders
- S&P 500 Direct Portfolios
- $1 minimum opening deposit
- Expanded FDIC insurance through network of program banks
- No account fees for Cash Account
- Trust investing options
- Can be opened in name of revocable or irrevocable trust
- No checking features
- No secondary logins
- Account management fee of 0.25% for brokerage services
Visit Wealthfront Cash Account | Read our Wealthfront review
CIT Bank Platinum Savings
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If it's a high-yield savings account or other interest-bearing product you're after because you want to maximize your trust's earnings over time, CIT Bank might be the best option for you. CIT offers the option to open new trust accounts for many of its banking products, and you can also convert an existing account into a trust account. Its high-yield savings accounts, certificates of deposit (CDs), and interest eChecking accounts can all be opened in the name of revocable trusts.
The CIT Bank Platinum Savings account is this online bank's best savings option. It earns 3.75% APY on balances of $5,000 or more. However, if you can't meet this, you'll earn 0.25% (as of 09/23/25) APY1 <p>Platinum Savings is a tiered interest rate account. Interest is paid on the entire account balance based on the interest rate and APY in effect that day for the balance tier associated with the end-of-day account balance. APYs — Annual Percentage Yields are accurate as of Nov. 20 2025: 0.25% APY on balances of $0.01 to $4,999.99; 3.75% APY on balances of $5,000.00 or more. Interest Rates for the Platinum Savings account are variable and may change at any time without notice. The minimum to open a Platinum Savings account is $100.</p> , and you could do much better elsewhere.
- Competitive APYs on many bank accounts
- No monthly account fees
- Checking and savings accounts
- Accounts only offered for revocable trusts
- Lower savings APY if you can't meet minimum requirements
Visit CIT Bank Platinum Savings Account | Read our CIT Bank Savings review
Alliant Credit Union High-Rate Checking
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For those who prefer credit unions over private banks, Alliant Credit Union offers several options for trust bank accounts, including checking accounts, savings accounts, and CDs. The Alliant High-Rate Checking account is a good choice for you if you like the idea of handling your trust banking needs with a credit union, as credit unions are generally known for providing above-average customer service compared to banks on the whole.
While Alliant's APYs aren't the highest, they'll still help you grow your funds.
On the other hand, Alliant may not be the best choice if you need convenient access to the funds; no debit or ATM cards are available for trust accounts, and there are no physical branches to visit, either. Plus, you'll need to join the credit union before you're eligible to open a trust account.
- Multiple account options
- Monthly dividends
- Can be opened in name of revocable or irrevocable trust
- Must be a credit union member
- No branches
Visit Alliant High-Rate Checking | Read our Alliant Credit Union review
Synchrony Bank CDs
If you like the idea of growing funds in a trust with strategic CD investments, Synchrony Bank might be right for you. You can open a Synchrony Bank trust account in the name of a revocable or irrevocable trust, and all of the online bank's high-yield savings products are eligible. That includes Synchrony High Yield Savings, which earns 3.65% APY9 <p>Annual Percentage Yield (APY) is subject to change at any time without notice. Rate accurate as of 11/18/2025. Offer applies to personal accounts only. Fees may reduce earnings. For High Yield Savings accounts, the rate may change after the account is opened. Visit synchrony.com/banking for current rates, terms and account requirements. Member FDIC.</p> , Money Markets, which earn 2.00% (as of 11/03/25) APY, and CDs, which earn 0.28%-4.10% (as of 11/03/25) APY. Of these accounts, we most recommend CDs for trusts.
One great thing about Synchrony CDs, besides their rates being competitive even when the market fluctuates, is that you have the option to take interest payments from them without incurring penalty fees. Not all banks let you do this, and it could be a good option if you want the flexibility to move funds around in your trust. Plus, Synchrony offers no-penalty CDs.
As is the case with many banks, you can either open a new account in the name of a trust or convert an existing account to a trust bank account. Synchrony doesn't offer any checking accounts, but you're not required to keep spending and saving money with one bank under a trust. If it's worth it to you to take advantage of better savings rates, consider converting an existing checking account into the name of a trust.
- Consistently high rates on many savings accounts
- Can be opened in name of revocable or irrevocable trust
- Option to take interest payments from CDs
- Synchrony does not offer checking accounts
- Low APY on money market accounts
Ally Bank Savings Account
Ally's online banking options offer competitive annual percentage yields (APYs) on personal and trust bank accounts. I like that you can open an Ally Bank trust account easily online and choose from several different types of accounts, including checking, savings, CDs, and money market accounts. The Ally Savings Account is probably the most appealing option because it earns a high yield without restrictions, but the bank's other deposit accounts are worthwhile options to consider too. If you need the option to spend directly from your trust account, for instance, consider Spending Accounts or Money Market Accounts.
You can also have more than one trustee on the account (although only one account owner), and Ally trust accounts are available for both revocable and irrevocable trusts, unlike some institutions. If you already have an account with Ally, it's fairly simple to convert it to a trustee account.
Although I prefer to manage my accounts online, you may want to consider a different option if you prefer in-person banking, as there are no physical Ally branches. However, Ally does offer dedicated help with trusts and converting accounts over the phone.
- No monthly fees
- You can open an account online
- Can be opened in name of revocable or irrevocable trust
- No trustee management services
- No physical branches
Read our Ally Bank review.
Charles Schwab Bank Investor Checking
Trusts can be complicated, and it never hurts to get professional advice. Charles Schwab offers several trust accounts, including its brokerage, checking, and savings. Its Schwab One trust account is available for estates of every size. Plus, Schwab's private trust services can help administrate the trust and manage investments. Schwab can act as a corporate trustee, co-trustee, or successor trustee, smoothing the management of the trust.
However, hiring Schwab to manage your trust account can be expensive and may require a significant investment. With Schwab Personal Trust Services, clients pay a 0.50% fee on the first $5 million invested and 0.25% on the next $5 million. The minimum annual fee for Personal Trust Services is $5,000.
- Multiple account options including brokerage account
- No monthly service fees
- Personal trust services
- Can be opened in name of revocable or irrevocable trust
- Personal trust services have a minimum fee of $5,000
Read our Charles Schwab review
Banks that didn't make our list
Bank of America Private Bank
Brick-and-mortar behemoth Bank of America offers the convenience of over 3,500 branch locations and the range of services that come with a big bank, but it might not be the best option for trust bank accounts. If you reach out to Bank of America with questions about trust bank accounts, you'll most likely be directed toward the institution's private trust services.
Under Bank of America Private Bank, the institution offers trust management solutions for those who want professional support with administration. If you go this route, you'll pay annual management fees and work with the bank's advisors to manage your estate, and that's assuming you meet the private bank's $10 minimum asset requirement. (If that's you, check out other banks millionaires use.)
All this said, you can open Bank of America deposit accounts in the name of a trust, but you'll likely need to visit a branch for more information, and they might try to upsell you.
U.S. Bank
Another massive institution with a strong reputation, U.S. Bank offers both trust bank accounts and trust management services. It didn't make our list of the best banks for trust accounts because its offerings don't provide the same convenience or savings as many options we did choose.
One perk of opening accounts in the name of a trust with U.S. Bank is that personal trust account balances count toward your combined balance for the purposes of the U.S. Bank Smart Rewards program. So if you already bank with U.S. Bank, maybe because you have the U.S. Bank Smartly® Checking account, and you're working on moving up to a higher Smart Rewards membership tier, your trust may help. Otherwise, this bank won't be the simplest option for a lot of people. You have to visit a U.S. Bank branch to talk about trust accounts, and there are just over 2,000 of these. Plus, U.S. Bank charges monthly service fees for banking.
What to look for in a bank for trust accounts
Finding the best banks for trust accounts can take more research than finding the best banks for other purposes. Here are tips for comparing options.
Minimum balance requirements
Each bank requires a different minimum balance for trust accounts. Make sure you know what these are and that they align with your trust's needs.
Account insurance
Checking and savings accounts at banks and credit unions are usually insured by the FDIC or NCUA up to $250,000. However, brokerage accounts don't have the same protections, and investments are always subject to risk.
The exact amount of insurance the trust is eligible for is based on the number of beneficiaries and the assets included. Generally, account balances are insured if they are less than the insurance limit.
Low fees
Some banks charge maintenance fees on trust bank accounts, which can eat into your trust balance considerably.
Understand the fee structure of the financial institution you're working with. When possible, prioritize no-monthly-fee bank accounts that can be opened in the name of a trust.
Convenience
When you're searching for an institution to hold your assets in trust, look for a bank that is easy for you and your beneficiaries to work with. Consider visiting a branch or speaking with a banker who can answer trust questions, and make sure your beneficiaries are comfortable working with the trust bank too.
How to open a trust bank account
If you're hoping to open a trust bank account, or a bank account in the name of a trust, the process is fairly straightforward with many institutions. Often, you'll have the choice to either convert an existing bank account into a trust bank account or just open a new bank account. No matter which route you go, you'll need to have a trust already established and make sure to have details of your trust on hand.
Here's the information you often need to start opening a new trust bank account:
- The type of trust (revocable, irrevocable, testamentary, etc.)
- The official name of the trust and its Social Security number or ITIN
- The date the trust was established
- Trustee names and their appointments, along with their SSNs, addresses, and employment details
- The account(s) you want to open
- Funding method details (or account information if converting an existing account)
In addition to this information, you need to have trust bank account applications signed by all trustees. You also need to attach documents showing the title of the trust, the appointments of trustees, and trustee signatures. And if anything has changed for the trust since it's been opened, such as the death of a trustee, you'll have to provide documents to prove that.
Some institutions might have extra requirements for authenticating trust documents. Synchrony, for example, requires all trustees to provide a "secret word" when verifying over the phone.
What is a trust account?
Trust accounts are bank accounts held by trusts, which are legal arrangements used for a range of reasons, including protecting assets, making charitable giving easier, and streamlining wealth transfers between spouses, children, and grandchildren. Trusts can help make sure your assets are distributed the way you want them to be and can help your beneficiaries avoid probate.
Some examples of assets you can hold in a trust include cash, stocks, bonds, real estate, and business interests. After you move assets into the trust's name, you can establish a trust account to hold them until it's time to disburse them to a beneficiary.
To choose from dozens of institutions to identify the best trust bank accounts, we first compiled a list of banks, financial technology companies, and credit unions that offer this type of account. Because trust bank accounts aren't available as an alternative to all personal bank accounts, we confirmed that the accounts on this list can be opened by revocable and/or irrevocable trusts. We considered trust checking accounts, trust savings accounts, and trust investment accounts. Then, we eliminated banks with net-worth or private advisor requirements to qualify for trust banking. Of the trust bank accounts that remained, we analyzed and compared the services, costs, and features of each one. We also considered additional key factors for trust accounts, including FDIC insurance, bank reputation, account minimums, and fees. Our final selections offer a range of services, have insurance protection on deposits, and have low or no account fees.
It’s important to note that we did not review every available trust banking option in the market. Our goal is to provide you with an overview of the best companies and banks for trust accounts that we feel confident recommending, to help you make informed decisions about where to open a trust bank account.
How we rate products
Bottom line
Setting up a trust can be a complicated process that needs to be handled by an attorney familiar with estate planning and trust creation. Finding the right bank to manage your trust account after it has been created can ensure your beneficiaries are well-educated before they inherit your assets.
Be sure to research your trust account options before signing up, and pay attention to account minimums, insurance coverage, and fees charged by the bank.
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- Earn a 3.75% Annual Percentage Yield11 <p>As of 09/23/2025, the Annual Percentage Yield (APY) of the Premium Savings Account offered by Morgan Stanley Private Bank, National Association, Member FDIC is 3.75%. Your interest rate and APY may change at any time and fees may reduce earnings. Please visit <a href="http://etrade.com/ratesheet">etrade.com/ratesheet</a> for information regarding this account's current interest rate and corresponding APY.</p> with Premium Savings
- Manage your money from anywhere with their mobile app
- No minimum initial deposit,12 <p class="">No minimum initial deposit is required to open an account. However, account must be funded within 30 days to remain open.</p> and no monthly account fees
- FDIC insured up to $500,00013 <p>The Premium Savings Account gives Morgan Stanley Private Bank, National Association, Member FDIC the ability to send any amount held on deposit in your Premium Savings Account to other depository accounts at Federal Deposit Insurance Corporation ("FDIC") member banks with the purpose of affording you additional FDIC insurance coverage. It is designed to offer up to $500,000 in FDIC coverage to individual accounts (up to $1 million for joint accounts). Certain conditions must be met. <a href="https://us.etrade.com/l/f/agreement-library/premium-savings-bank-deposit-program">Learn more</a>.</p> once certain conditions have been satisfied
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