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Banking Bank Reviews

Best Banks for Trust Accounts [2025]: Low or No Fees and Services When You Need Them

Using a trust lets you avoid probate and decide exactly how your wealth will be distributed. These accounts provide a place to put your funds and offer opportunities for growth, too.

Banker having a meeting with clients
Ben Walker, CEPF, CFEI®
By Ben Walker, CEPF, CFEI®
Lauren Graves
Edited by Lauren Graves
Updated Jan. 31, 2025
Fact checked

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 banks for trust accounts will manage your funds properly and provide you with the right services for your needs, in addition to offering accounts with appealing benefits like high interest rates and flexible access.

We've researched many of the top banks and financial institutions with trust-friendly accounts and found Ally Bank, Wealthfront, CIT Bank, Alliant Credit Union, and Charles Schwab to be among the best options for trusts. Here's how to choose the right trust account for you.

Editor's note
Trusts can be complicated. We recommend working with an estate attorney to gather the necessary documentation to get your account, set up your account(s) properly, and understand tax law and expenses.

How we evaluate products

What is a trust account?

A trust account is a type of bank account used to manage a trust's assets. A trust is a legal contract between:

  • The grantor: This is the person who owns the assets.
  • The beneficiary: This is the person who will receive or benefit from the assets.
  • The trustee: This is the person (or entity) who holds and manages the assets for the beneficiary.

Trusts can help protect assets, make charitable giving easier and streamline wealth transfers between spouses, children, and grandchildren. They can help make sure your assets are distributed the way you want them. They can also help your beneficiaries avoid probate.

Some examples of assets you can hold in a trust include:

  • Cash
  • Stocks
  • Bonds
  • Bank accounts
  • Real estate
  • Mining rights
  • Business interests

After you move assets into the trust's name, you can establish a bank account to hold them until it's time to disburse them to a beneficiary.

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Best banks for trust accounts

  • Ally Bank
  • Wealthfront
  • CIT Bank
  • Alliant Credit Union
  • Charles Schwab

    • Compare the best bank accounts for trusts

    Bank Best for Products Fees
    Ally Bank Online banking CDs, checking, money market, savings No monthly maintenance fees
    Wealthfront Investing Brokerage No fees for Cash Account, 0.25% annual management fee for investing6
    CIT Bank High-yield savings High-yield savings accounts, CDs, interest checking No monthly service fees
    Alliant Credit Union Credit union accounts CDs, checking, high-yield savings, supplemental savings No monthly service fees
    Charles Schwab Trust services Brokerage, checking, savings No monthly maintenance fees; investment fees may apply

    Ally Bank

    Best for: Online banking

    Ally's online banking options offer very competitive annual percentage yields (APYs) – and that extends to trust accounts, too. I like that you can open a trust account online easily with Ally and choose from several different types of accounts, including CDs, checking, and savings. You can also have more than one trustee on the account (although only one account owner). 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 branches. However, Ally does offer help over the phone.

    Pros
    • No monthly fees
    • You can open an account online
    Cons
    • No trustee management services
    • No physical branches

    Visit Ally Bank | Read our Ally Online Savings review

    Wealthfront

    Best for: Extra FDIC insurance

    If your main goal for the money in your trust is to invest it, Wealthfront is one of the first institutions we'd recommend. The Wealthfront Cash Account is available for personal, joint, and trust accounts, and it's a high-yield account that earns up to 4.00% APY and offers FDIC insurance up to $8 million.7 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.8 These include:

    • Automated Index Investing Accounts
    • Automated Bond Portfolios
    • Automated Bond Ladders
    • S&P 500 Direct Portfolios
    Pros
    • $1 minimum opening deposit
    • Expanded FDIC insurance through network of program banks
    • No account fees for Cash Account
    • Trust investing options
    Cons
    • 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

    Best for: High-yield savings

    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 up to 4.10% APY on balances of $5,000 or more.9 However, if you can't meet this, you'll earn 0.25% (as of 03/20/25) APY, and you could do much better elsewhere.

    Still, you'd be beating the average APY on savings accounts regardless of your balance with CIT. Currently, the national average rate is just 0.41% (as of 3/17/25), according to FDIC data. And great high-yield trust bank accounts are somewhat hard to come by.

    Pros
    • Competitive APYs on many bank accounts
    • No monthly account fees
    • Checking and savings accounts
    Cons
    • 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

    Best for: Credit union accounts

    For those who prefer credit unions over private banks, Alliant Credit Union offers several options for trust accounts, including a yield-earning checking account, a high-yield savings account, supplemental savings accounts, and CDs. 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.

    Pros
    • Multiple account options
    • Monthly dividends
    Cons
    • Must be a credit union member
    • No branches

    Visit Alliant Credit Union

    Charles Schwab

    Best for: Trust services

    Trusts can be complicated, and sometimes you want some 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.

    Pros
    • Multiple account options including brokerage account
    • No monthly service fees
    • Personal trust services
    Cons
    • Personal trust services have a minimum fee of $5,000

    Visit Charles Schwab | Read our Charles Schwab review

    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.

    What to look for in a bank for trust accounts

    Finding the best banks for trust accounts can take dedicated research. Understanding some of the primary features of a trust account and comparing your options will help.

    Minimum balance requirements

    Each bank requires a different minimum balance for trust accounts. Look for a bank whose minimum balance aligns with your needs. You may need to phone the bank to find out the balance minimums.

    Account insurance

    Checking and savings accounts at banks and credit unions are usually insured by the FDIC up to $250,000, meaning your funds are protected if the bank goes under. 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. The excess amounts are uninsured if the account balance exceeds the allowed balance per beneficiary.

    Low fees

    Trustee fees are payments for managing the trust and can be a significant expense. Banks may also charge separate maintenance fees on trust accounts, which can eat into your trust balance considerably.

    Understand the fee structure of the financial institution you're working with. Ask detailed questions and get the fee structure in writing so that you are prepared before the trust account is created. There are so many options available with no monthly fees that I always recommend looking at a no-fee account first.

    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 your questions in detail. Ensure your beneficiaries are also comfortable working with the trust bank and trustees. If you have corporate trustees, make sure at least one of them is familiar with your beneficiaries and that your family members feel comfortable going to that person with questions or concerns.

    FAQs

    Does a trust need its own bank account?

    Having a bank account for your trust can help you move assets, such as cash, into the trust. Keep in mind that when you include assets (like a checking or savings account) in an irrevocable trust, the ownership of that account is transferred from your name into the name of the trust.

    Once an account is moved into a trust, you cannot access the funds being held, so you shouldn't include accounts that you still need to pay bills from or access for regular living expenses. You must also change the ownership of annuities and safety deposit boxes if you include them in your trust.

    Does Bank of America offer trust accounts?

    Bank of America offers irrevocable and revocable trust accounts through its private banking solutions. Bank of America does not disclose its minimum balance or fees for its trust accounts on its website. You can contact a Bank of America private client advisor to discuss your needs.

    What are the disadvantages of a trust?

    Trusts can become highly complicated. Because a trust has to account for many different circumstances or scenarios, it must be written in extreme detail by an estate attorney. A trust must be as specific and accurate as possible to ensure it is properly executed.

    Other disadvantages of a trust include the cost of setting up and maintaining it and the precise record-keeping required. Even though setting up a trust means avoiding probate, which can be costly and time-consuming, a trust still involves an attorney, filing fees, title transfers, and compensation to trustees.

    Products that didn't make our list

    During the course of my research, I came across other banks that offer trust services, but these didn't make it on our list.

    • Wells Fargo: Trust services are available through Wells Fargo's The Private Bank. Wells Fargo will serve as corporate trustee and can administer your trust. It also offers legacy and special needs trusts. However, some private banking with Wells Fargo requires a minimum balance of $500,000, which may be out of reach for some. Read our Wells Fargo Bank comparison.
    • Bank of America: Bank of America offers a variety of trust services, but most are geared toward high-net-worth Private Client families. You'll need to work with a Private Client advisor to learn about your options and set up the account. Read our Bank of America Review.
    • U.S. Bank: You can arrange for U.S. Bank to manage your trust and serve as a corporate trustee. However, the bank does not disclose its account options or fees. You'll need to talk to a wealth advisor to find out your options. Read our U.S. Bank review.

    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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    Ben Walker, CEPF, CFEI®

    Author Details

    Ben Walker, CEPF, CFEI®

    Ben Walker, CEPF, CFEI®, is credit cards specialist. For over a decade, he's leveraged credit card points and miles to travel the world. His expertise extends to other areas of personal finance — including loans, insurance, investing, and real estate — and you can find his insights on The Washington Post, Debt.com, Yahoo! Finance, and Fox Business.