Choosing the right bank to manage your trust is important. Discover our picks for the best banks for trust accounts based on fees, features, and services.
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Setting up a trust often raises a practical question: Where should the trust's money actually live?
For many people, the answer is a low-fee, secure place to hold trust cash that earns interest, provides FDIC or NCUA protection, and doesn't require paying ongoing trustee or management fees. Thankfully, the best banks for trust accounts offer these important features.
Let's be real, if you're a billionaire with several lifetimes' worth of cash to leave your progeny, you're probably not reading this. You've got someone to handle that for you. But the best trust fund accounts can be useful even if you're not Scrooge McDucking it into a pile of cash every night.
Here, we'll focus on banks and financial platforms that work well for simple trust cash management. These options are typically best for revocable or irrevocable trusts that already have a trustee and don't need the bank to provide fiduciary or estate administration services, though some do provide more extensive services for a fee.
Editor's note
Trusts can be complicated. We recommend working with an estate attorney to gather the necessary documentation, get your account set up properly, and understand tax law and expenses.
FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment.
Our partners do not influence our ratings.
Q4 2026 New Customer Offer Terms and Conditions
Offer valid from September 1, 2026, through and including December 31, 2026 (“Offer Period”). Only New Customers are eligible for this offer.Definitions:
“New Customer” means a customer that does not have a current or past HSBC account in the U.S. on file. Customers who have a current or past HSBC account in the U.S. on file are not eligible for this offer.
“New Money” means deposits or investments not previously held by any member of the HSBC Group in the U.S. New Money is determined at HSBC’s discretion.
“Qualifying Balance” means the total amount of New Money in consumer deposit and/or eligible investment accounts being held by the New Customer (as “primary” account holder) at a determined timeframe described below. Consumer accounts/assets that are ineligible for Qualifying Balance: insurance products; fixed and variable annuities; 529 College Savings Plans; any retirement accounts, including, but not limited to, IRAs, Keogh, Simple IRAs and 401(k) Plans; UTMA and UGMA accounts; commercial accounts; and revocable or irrevocable trust accounts.Terms to Qualify for Cash Bonus:
New Customer must meet each of the following requirements to qualify for the cash bonus:
Open a new HSBC Premier checking account (“New Account”) during the Offer Period; AND
Meet a Qualifying Balance of $50,000 or more of New Money in deposit and/or eligible investment accounts within 30 calendar days of opening the New Account; AND
Maintain the required Qualifying Balance for 3 full consecutive calendar months following the New Account opening month. AND
Remain opted-in to receive HSBC marketing emails.
For purposes of determining whether the New Customer has maintained the required Qualifying Balance and the associated cash bonus tier, the New Customer’s Qualifying Balance will be reviewed at the end of 3 full consecutive calendar months following the New Account opening month.Cash Bonus Tier: The cash bonus amount is tiered and based on the Qualifying Balance, as follows:
Qualifying Balance: Cash Bonus
$50,000-$99,999.99: $1,000
$100,000-$249,999.99: $1,500
$250,000-$499,999.99: $2,000
$500,000+: $3,000
If all offer requirements are met, the cash bonus will be deposited into the New Account within 8 weeks from the date the New Account is fully qualified. “Fully qualified” means all offer requirements have been met, including the 3-month maintenance requirement. Any payments may be subject to tax and will be reported to the Internal Revenue Service as required by applicable law.Important: The minimum Qualifying Balance of $50,000 required to earn the cash bonus under this offer is less than the $100,000 combined balance requirement to waive the $50 Monthly Maintenance Fee on your HSBC Premier checking account. If you do not meet at least one of the HSBC Premier qualification criteria, you will be charged a $50 Monthly Maintenance Fee regardless of your eligibility for this promotional cash bonus. Please refer to the HSBC Premier Terms and Charges Disclosure for full details on fee waiver requirements.Additional Terms:
Offer is non-transferable and available only to individuals who are at least 18 years of age.
Your New Account must be open and in good standing at time of bonus fulfillment.
All promotional offers, products, and services offered by HSBC are subject to updates, modifications, and/or termination by HSBC at any time without notice.
Eligible New Customers who take advantage of this offer cannot receive any other New Consumer Deposit Offers provided by HSBC Bank USA, N.A. New Consumer Deposit Offers are defined as incentives in the form of merchandise and/or cash bonus that are offered to consumers who open an eligible checking account and satisfy qualifying activities. New Assets cannot be applied to meet the requirements of more than one offer, unless the other offer(s) state otherwise.
For joint accounts, the first name on the joint account is considered the new customer for the cash bonus.
If you do not wish to participate in this campaign or if you qualify for this offer and do not want to receive the cash bonus and/or future marketing messages for this campaign, please contact us and reference offer name: Q4’26 New Customer Offer. You can Chat with us 24 hours a day, 7 days a week on the HSBC US Mobile Banking App or at us.hsbc.com/chatwithus. You can call us at 1-888-662-4722 or outside the U.S. or Canada at 716-841-6866 or contact your Wealth Relationship Manager.
Minimum Opening Balance
$0
Monthly Fee
$50
Why We Like It
Earn up to a $3,000 bonus1 <div class="hsbc-premier-q4-2026-terms">
<p><strong>Q4 2026 New Customer Offer Terms and Conditions</strong><br>
Offer valid from September 1, 2026, through and including December 31, 2026 (“Offer Period”). Only New Customers are eligible for this offer.</p>
<p><strong>Definitions:</strong><br>
“<strong>New Customer</strong>” means a customer that does not have a current or past HSBC account in the U.S. on file. Customers who have a current or past HSBC account in the U.S. on file are not eligible for this offer.<br>
“<strong>New Money</strong>” means deposits or investments not previously held by any member of the HSBC Group in the U.S. New Money is determined at HSBC’s discretion.<br>
“<strong>Qualifying Balance</strong>” means the total amount of New Money in consumer deposit and/or eligible investment accounts being held by the New Customer (as “primary” account holder) at a determined timeframe described below. <strong>Consumer accounts/assets that are ineligible for Qualifying Balance</strong>: insurance products; fixed and variable annuities; 529 College Savings Plans; any retirement accounts, including, but not limited to, IRAs, Keogh, Simple IRAs and 401(k) Plans; UTMA and UGMA accounts; commercial accounts; and revocable or irrevocable trust accounts.</p>
<p><strong>Terms to Qualify for Cash Bonus:</strong><br>
New Customer must meet each of the following requirements to qualify for the cash bonus:</p>
<ul>
<li>Open a new HSBC Premier checking account (“New Account”) during the Offer Period; AND</li>
<li>Meet a Qualifying Balance of $50,000 or more of New Money in deposit and/or eligible investment accounts within 30 calendar days of opening the New Account; AND</li>
<li>Maintain the required Qualifying Balance for 3 full consecutive calendar months following the New Account opening month. AND</li>
<li>Remain opted-in to receive HSBC marketing emails.</li>
</ul>
<p>For purposes of determining whether the New Customer has maintained the required Qualifying Balance and the associated cash bonus tier, the New Customer’s Qualifying Balance will be reviewed at the end of 3 full consecutive calendar months following the New Account opening month.</p>
<p><strong>Cash Bonus Tier</strong>: The cash bonus amount is tiered and based on the Qualifying Balance, as follows:<br>
Qualifying Balance: Cash Bonus<br>
$50,000-$99,999.99: $1,000<br>
$100,000-$249,999.99: $1,500<br>
$250,000-$499,999.99: $2,000<br>
$500,000+: $3,000<br>
If all offer requirements are met, the cash bonus will be deposited into the New Account within 8 weeks from the date the New Account is fully qualified. “Fully qualified” means all offer requirements have been met, including the 3-month maintenance requirement. <strong>Any payments may be subject to tax and will be reported to the Internal Revenue Service as required by applicable law.</strong></p>
<p><strong>Important: </strong>The minimum Qualifying Balance of $50,000 required to earn the cash bonus under this offer is less than the $100,000 combined balance requirement to waive the $50 Monthly Maintenance Fee on your HSBC Premier checking account. If you do not meet at least one of the HSBC Premier qualification criteria, you will be charged a $50 Monthly Maintenance Fee regardless of your eligibility for this promotional cash bonus. Please refer to the HSBC Premier Terms and Charges Disclosure for full details on fee waiver requirements.</p>
<p><strong>Additional Terms:</strong></p>
<ul>
<li>Offer is non-transferable and available only to individuals who are at least 18 years of age.</li>
<li>Your New Account must be open and in good standing at time of bonus fulfillment.</li>
<li>All promotional offers, products, and services offered by HSBC are subject to updates, modifications, and/or termination by HSBC at any time without notice.</li>
<li>Eligible New Customers who take advantage of this offer cannot receive any other New Consumer Deposit Offers provided by HSBC Bank USA, N.A. New Consumer Deposit Offers are defined as incentives in the form of merchandise and/or cash bonus that are offered to consumers who open an eligible checking account and satisfy qualifying activities. <strong>New Assets cannot be applied to meet the requirements of more than one offer, unless the other offer(s) state otherwise.</strong></li>
<li>For joint accounts, the first name on the joint account is considered the new customer for the cash bonus.</li>
<li>If you do not wish to participate in this campaign or if you qualify for this offer and do not want to receive the cash bonus and/or future marketing messages for this campaign, please contact us and reference offer name: Q4’26 New Customer Offer. You can Chat with us 24 hours a day, 7 days a week on the HSBC US Mobile Banking App or at us.hsbc.com/chatwithus. You can call us at 1-888-662-4722 or outside the U.S. or Canada at 716-841-6866 or contact your Wealth Relationship Manager.</li>
</ul>
</div> when you open an HSBC Premier2 <div class="hsbc-premier-qualification-criteria">
<p>To qualify for an HSBC Premier relationship, you need to open an HSBC Premier checking account and meet one of the following requirements. A monthly maintenance fee of $50 will be incurred if at least one of these requirements is not maintained. Refer to your ‘HSBC Premier Terms and Charges Disclosure’ for full details.</p>
<ul>
<li>Balances of $100,000 in combined U.S. consumer and qualifying commercial U.S. Dollar deposit and investment accounts; OR</li>
<li>Monthly recurring direct deposits totaling at least $5,000 from a third party to an HSBC Premier checking account(s); OR</li>
<li>Any HSBC U.S. residential mortgage loan serviced by HSBC. Home Equity products, loans that are in foreclosure or bankruptcy, and loans for which servicing rights have been transferred are not included</li>
<li>Consumers who maintain Private Bank status</li>
</ul>
</div> 3 <p>Qualifying direct deposits are electronic deposits of regular periodic payments (such as salary, pension, Social Security, or other regular monthly income) deposited through the Automated Clearing House (ACH) network to this account by your employer or an outside agency (please check with your employer or outside agency to determine if they use the ACH network). Direct deposits that do not qualify include but are not limited to transfers from one account to another, mobile deposits, or deposits made at a Wealth Center or ATM.</p> checking account and complete qualifying activities.
Get $1,000: Deposit or invest $50,000 to $99,999; Get $1,500: Deposit or invest $100,000 to $249,999; Get $2,000: Deposit or invest $250,000 to $499,999; Get $3,000: Deposit or invest $500,000+
Manage your finances around the world, with Premier privileges in select countries, perfect for global lifestyles.
Our credit cards come with a competitive range of rewards and benefits that complement your lifestyle.
When comparing the best trust fund accounts, you'll need to consider what type of trust you want to set up. Some of the most common types of trust accounts 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.
CIT Bank Platinum Savings4 <p class="">For complete list of account details and fees, see our <a href="https://www.cit.com/cit-bank/resources/forms">Personal Account disclosures</a>.</p> 5 <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 July 1, 2026: 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>
No account fees for Cash Account, 0.25% annual management fee for investing6 <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>
No monthly maintenance fees; investment fees may apply
Alliant Credit Union High-Rate Checking
Best for: Credit union trust accounts
5.0
FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment.
Our partners do not influence our ratings.
Alliant Credit Union High-Rate Checking
Alliant Credit Union High-Rate Checking - 0.25% (as of 06/17/26) APY7 <p>APY=Annual Percentage Yield. The High Rate Checking Dividend provides an Annual Percentage Yield (APY) of 0.25% (as of 06/17/26) APY. The APY is accurate as of the 6/26/2025 dividend declaration date. Checking dividend may change after account is opened and is subject to change at any time. There is no minimum balance requirement to earn the stated APY. Checking Dividends are paid on the last day of each month to checking accountholders who have opted out of receiving paper statements (receive eStatements only) and have a recurring monthly electronic deposit to their Alliant checking account each month (e.g., a direct deposit, payroll deposit, ATM deposit, mobile check deposit or transfer from another financial institution). Otherwise, Alliant checking accounts do not earn a dividend. Alliant checking charges no monthly maintenance or service fees; however, if incurred, other fees may reduce earnings on the account. Please refer to the Alliant <a href="https://www.alliantcreditunion.org/images/uploads/files/FeeSchedule.pdf">Fee Schedule</a> for a list of these types of fees. Dividend applies to Checking and Teen Checking Accounts. Account is subject to approval. We may not open checking for you if you do not meet Alliant criteria.</p>
No monthly service or overdraft fees8 <p>Overdraft protection is optional. You must opt in to benefit from this free service and you can unenroll at any time. Alliant's overdraft protection program honors your overdrafts on your checking account when you don't have enough money in your Alliant checking account to cover a transaction, provided you have enough money in your Alliant Savings or Supplemental Savings Account. To do so, we automatically transfer funds from your Alliant Savings or Supplemental Savings Account to your Alliant checking account to cover your overdrafts. Overdraft protection does not cover ATM transactions.</p><p>Courtesy Pay is a discretionary "courtesy" overdraft service. There is no fee to enroll in or use the Courtesy Pay service and you can unenroll at any time. To be eligible for Courtesy Pay, members must be in good standing and have an Alliant checking account that has been open for at least six months. Other eligibility factors are risk-based and determined by Alliant using internal and confidential information, including your account history. To qualify to use Courtesy Pay, eligible members must have qualifying deposits totaling at least $600 into their Alliant checking account in the previous 30 days. Standard Courtesy Pay may pay checks and ACH electronic items that would not have not cleared otherwise due to insufficient funds, up to an approved limit. The full amount of the overdraft balance will be due immediately but in no event more than 30 days from the date of the occurrence at which time Courtesy Pay privileges will be suspended and possibly terminated. If you opt in for extended coverage, Courtesy Pay may also cover everyday debit transactions on your Alliant Visa debit card that would not have cleared otherwise due to insufficient funds, up to an approved limit. See the Alliant Account Agreement and Disclosures and the Courtesy Pay Disclosure for details and the Fee Schedule for a list of fees. Courtesy Pay does not cover ATM transactions.</p> and no monthly minimum balance requirement.9 <p>There is no minimum balance requirement to maintain a High-Rate Checking account. However, there is a minimum opening deposit requirement of $25 for new and existing Alliant members that open a High-Rate Checking account online via open.alliantcreditunion.com, and for new Alliant members that open a High-Rate Checking account by telephone (see the Truth-in-Savings Disclosure Chart in the <a href="https://www.alliantcreditunion.org/images/uploads/files/AccountAgreementAndDisclosures.pdf">Account Agreement and Disclosures</a> for more information regarding minimum opening deposit requirements). Any funds that are deposited at account opening to satisfy a minimum opening deposit requirement may be withdrawn at any time. High-Rate Checking accounts that are opened via a paper application, online banking, or in connection with obtaining an Alliant loan (whether originated directly by Alliant or through an indirect lending channel) do not have a minimum opening deposit requirement.</p> NCUA Insured
For trustees who prefer credit unions over private banks, Alliant Credit Union offers several options for trust bank accounts, including trust 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. You also should be comfortable with an online-only account.
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
Can be opened in name of revocable or irrevocable trust
FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment.
Our partners do not influence our ratings.
CIT Bank Platinum Savings
CIT Bank Platinum Savings - up to 4.10% APY5 <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 July 1, 2026: 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>
Earn up to 4.10% APY on balances of $5,000 or more for up to 6 months.10 <p>*This is a limited time offer available to New and Existing customers who meet the Platinum Savings APY Boost promotion criteria. Accounts enrolled in the Platinum Savings Annual Percentage Yield (APY) Boost promotion will receive a 0.35% APY boost on the Platinum Savings current standard APY tiers for 6 months following the opening of a new account or when an existing Platinum Savings account is enrolled in the promotion. The Platinum Savings APY boost will be applied on account balances up to $9,999,999.00. Account balances above $9,999,999.00 will earn the standard APY. If the standard-published APY should change during the promotion period, the APY boost will move with it, offering an account APY above the standard rate. The Promotion begins on February 13, 2026, and ends October 31, 2026. Customers enrolled in the promotion prior to the end date will receive the APY boost for the 6-month period outlined in the terms and conditions. The promotion can end at any time without notice.</p> Enter code CITBoost to qualify. $100 minimum opening deposit.4 <p class="">For complete list of account details and fees, see our <a href="https://www.cit.com/cit-bank/resources/forms">Personal Account disclosures</a>.</p>
If you're looking for a high-yield place to hold cash, the CIT Bank Platinum Savings account is a strong option. It's a high-yield savings account, which helps to maximize your trust's earnings over time. 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 bank account. Its high-yield savings accounts, certificates of deposit (CDs), and interest eChecking accounts can all be opened in the name of revocable trusts.
This account is best if you don't need frequent withdrawals, debit card access, or in-person banking. It's a good choice for trustees who want to maximize interest while minimizing ongoing costs.
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 for up to 6 months (enter code CITBoost to qualify).10 <p>*This is a limited time offer available to New and Existing customers who meet the Platinum Savings APY Boost promotion criteria. Accounts enrolled in the Platinum Savings Annual Percentage Yield (APY) Boost promotion will receive a 0.35% APY boost on the Platinum Savings current standard APY tiers for 6 months following the opening of a new account or when an existing Platinum Savings account is enrolled in the promotion. The Platinum Savings APY boost will be applied on account balances up to $9,999,999.00. Account balances above $9,999,999.00 will earn the standard APY. If the standard-published APY should change during the promotion period, the APY boost will move with it, offering an account APY above the standard rate. The Promotion begins on February 13, 2026, and ends October 31, 2026. Customers enrolled in the promotion prior to the end date will receive the APY boost for the 6-month period outlined in the terms and conditions. The promotion can end at any time without notice.</p> However, if you can't meet this balance, you'll earn 0.25% (as of July 1, 2026) APY5 <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 July 1, 2026: 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> after the APY boost promotion ends, and you could do much better elsewhere.
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
FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment.
Our partners do not influence our ratings.
Wealthfront Cash Account
Wealthfront Cash Account - Earn up to 4.05% variable APY11 <p>Earn up to 4.05% Annual Percentage Yield (APY) for your uninvested cash in a Wealthfront Cash Account: a 3.30% base APY (provided by program banks, as of 1/30/26) plus a 0.75% APY Boost for 3 months for new clients (on balances up to $150,000). Eligibility requirements must be met to earn the APY boost. Without the boosts, the base rate is 3.30% APY. Rates are variable, subject to change. The Cash Account is offered by Wealthfront Brokerage LLC, Member FINRA/SIPC, and is not a bank or deposit account. Wealthfront Brokerage LLC is not a bank. Funds are swept to program banks where they earn a variable APY and are eligible for FDIC insurance. See full terms at<a href="https://www.wealthfront.com/cash"> wealthfront.com/cash</a>.</p>
No minimum balance, no account fees,12 <p class="">Fees and Eligibility requirements may apply to certain checking features, please see the Customer Debit Agreement at <a href="https://wealthfront.com/deposit-agreement">wealthfront.com/deposit-agreement</a> for details.</p> and free 24/7 instant withdrawals.13 <p class="">Instant and same-day withdrawals use the Real-Time Payments (RTP) network or FedNow service. Transfers may be limited by your receiving institution, daily caps, or participating entities. New Cash Account deposits have a 2–4 day hold before transfer. Wealthfront does not charge fees for these services, but receiving institutions may impose an RTP or FedNow Fee. Processing times may vary.</p>
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 3.30% APY and offers FDIC insurance up to $8 million through program banks.14 <p>Rate is current as of 01/30/2026.</p> Wealthfront also occasionally offers eligible customers temporary APY boosts through promotions, such as referral rewards or qualifying account activity, allowing them to earn a higher rate for a limited time.
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. This means it's best for trustees who are comfortable managing everything online and who don't need regular payment or ATM access.
Another advantage of Wealthfront is that you can open managed taxable brokerage accounts as a trust.15 <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
Editor's note
Keep in mind that Wealthfront FDIC insurance is provided through a cash sweep program, which sends your money to partner banks to be covered, and Wealthfront investment accounts are not FDIC insured.
Pros
$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
Cons
No checking features
No secondary logins
Account management fee of 0.25% for brokerage services
If you like the idea of growing funds in a trust with strategic CD investments and you're comfortable with limited liquidity, 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 3.30% APY16 <p>Annual Percentage Yield (APY) is subject to change at any time without notice. Rate accurate as of 6/16/2026. 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 0.25%-4.00% (as of 07/09/26) 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.
Pros
Consistently high rates on many savings accounts
Can be opened in name of revocable or irrevocable trust
Option to take interest payments from CDs
Cons
Synchrony does not offer checking accounts
Low APY on money market accounts
Ally Bank Savings Account
Best for: Any type of trust bank account
Ally's online banking options offer competitive annual percentage yields (APYs) on personal and trust bank accounts. We like that you can open an Ally 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 for an Ally Bank trust account 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 trust bank 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.
An Ally trust account isn't for you 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.
Pros
No monthly fees
You can open an account online
Can be opened in name of revocable or irrevocable trust
Trusts can be complicated, and it never hurts to get professional advice. Charles Schwab offers several trust bank 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 administer the trust and manage investments. Schwab can act as a corporate trustee, co-trustee, or successor trustee, helping manage 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. If you're looking to minimize costs, this may not be the best option for you.
Pros
Multiple account options including brokerage account
No monthly service fees
Personal trust services
Can be opened in name of revocable or irrevocable trust
Cons
Personal trust services have a minimum fee of $5,000
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 million 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 fund accounts. Make sure you know what these are and that they align with your trust's needs.
Warning
Some banks, especially those offering trust services, require balances in the millions. For that, consider one of the best banks for high-net-worth banking.
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.
Editor's note
We don't necessarily recommend holding large amounts of cash in a trust, as this isn't ideal for supporting long-term growth, especially in times of high inflation. Balance your cash access and liquidity needs with your long-term investment goals for the best mix of safety and growth potential.
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.
Need to set up a trust?
To set up a trust, you'll need to designate trustees, beneficiaries, and assets. Depending on the complexity of your estate, you can either do this yourself or work with a lawyer. Many online platforms, such as LegalZoom and Trust & Will, can help you set up estate plans and make sure you're completing the required documentation.
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.
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Earn up to a $3,000 Bonus With This Checking Account
Open a new HSBC Premier checking account by December 31, 2026. Add your preferred amount of deposits and/or eligible investments within 30 days, maintain your balances for 3 full consecutive months, and remain opted-in to receive HSBC marketing emails.1 <div class="hsbc-premier-q4-2026-terms">
<p><strong>Q4 2026 New Customer Offer Terms and Conditions</strong><br>
Offer valid from September 1, 2026, through and including December 31, 2026 (“Offer Period”). Only New Customers are eligible for this offer.</p>
<p><strong>Definitions:</strong><br>
“<strong>New Customer</strong>” means a customer that does not have a current or past HSBC account in the U.S. on file. Customers who have a current or past HSBC account in the U.S. on file are not eligible for this offer.<br>
“<strong>New Money</strong>” means deposits or investments not previously held by any member of the HSBC Group in the U.S. New Money is determined at HSBC’s discretion.<br>
“<strong>Qualifying Balance</strong>” means the total amount of New Money in consumer deposit and/or eligible investment accounts being held by the New Customer (as “primary” account holder) at a determined timeframe described below. <strong>Consumer accounts/assets that are ineligible for Qualifying Balance</strong>: insurance products; fixed and variable annuities; 529 College Savings Plans; any retirement accounts, including, but not limited to, IRAs, Keogh, Simple IRAs and 401(k) Plans; UTMA and UGMA accounts; commercial accounts; and revocable or irrevocable trust accounts.</p>
<p><strong>Terms to Qualify for Cash Bonus:</strong><br>
New Customer must meet each of the following requirements to qualify for the cash bonus:</p>
<ul>
<li>Open a new HSBC Premier checking account (“New Account”) during the Offer Period; AND</li>
<li>Meet a Qualifying Balance of $50,000 or more of New Money in deposit and/or eligible investment accounts within 30 calendar days of opening the New Account; AND</li>
<li>Maintain the required Qualifying Balance for 3 full consecutive calendar months following the New Account opening month. AND</li>
<li>Remain opted-in to receive HSBC marketing emails.</li>
</ul>
<p>For purposes of determining whether the New Customer has maintained the required Qualifying Balance and the associated cash bonus tier, the New Customer’s Qualifying Balance will be reviewed at the end of 3 full consecutive calendar months following the New Account opening month.</p>
<p><strong>Cash Bonus Tier</strong>: The cash bonus amount is tiered and based on the Qualifying Balance, as follows:<br>
Qualifying Balance: Cash Bonus<br>
$50,000-$99,999.99: $1,000<br>
$100,000-$249,999.99: $1,500<br>
$250,000-$499,999.99: $2,000<br>
$500,000+: $3,000<br>
If all offer requirements are met, the cash bonus will be deposited into the New Account within 8 weeks from the date the New Account is fully qualified. “Fully qualified” means all offer requirements have been met, including the 3-month maintenance requirement. <strong>Any payments may be subject to tax and will be reported to the Internal Revenue Service as required by applicable law.</strong></p>
<p><strong>Important: </strong>The minimum Qualifying Balance of $50,000 required to earn the cash bonus under this offer is less than the $100,000 combined balance requirement to waive the $50 Monthly Maintenance Fee on your HSBC Premier checking account. If you do not meet at least one of the HSBC Premier qualification criteria, you will be charged a $50 Monthly Maintenance Fee regardless of your eligibility for this promotional cash bonus. Please refer to the HSBC Premier Terms and Charges Disclosure for full details on fee waiver requirements.</p>
<p><strong>Additional Terms:</strong></p>
<ul>
<li>Offer is non-transferable and available only to individuals who are at least 18 years of age.</li>
<li>Your New Account must be open and in good standing at time of bonus fulfillment.</li>
<li>All promotional offers, products, and services offered by HSBC are subject to updates, modifications, and/or termination by HSBC at any time without notice.</li>
<li>Eligible New Customers who take advantage of this offer cannot receive any other New Consumer Deposit Offers provided by HSBC Bank USA, N.A. New Consumer Deposit Offers are defined as incentives in the form of merchandise and/or cash bonus that are offered to consumers who open an eligible checking account and satisfy qualifying activities. <strong>New Assets cannot be applied to meet the requirements of more than one offer, unless the other offer(s) state otherwise.</strong></li>
<li>For joint accounts, the first name on the joint account is considered the new customer for the cash bonus.</li>
<li>If you do not wish to participate in this campaign or if you qualify for this offer and do not want to receive the cash bonus and/or future marketing messages for this campaign, please contact us and reference offer name: Q4’26 New Customer Offer. You can Chat with us 24 hours a day, 7 days a week on the HSBC US Mobile Banking App or at us.hsbc.com/chatwithus. You can call us at 1-888-662-4722 or outside the U.S. or Canada at 716-841-6866 or contact your Wealth Relationship Manager.</li>
</ul>
</div>
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Our partners do not influence our ratings.
Wells Fargo Everyday Checking - Earn a $325 Bonus
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Bank of America Advantage Plus Banking®
New checking customers only: Get a bonus offer up to $500 after completing qualifying transactions. Click Learn More for details. Bank of America, N.A. Member FDIC
Having a trust bank account 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.
Where can I open a trust bank account?
Many traditional and online banks offer trust account and estate services. From legacy institutions like Bank of America and U.S. Bank, to online upstarts like Ally, to credit unions like Alliant, you have a significant range of options when it comes to where you can open a trust account.
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.
Does SoFi offer trust accounts?
No, SoFi® does not offer trust accounts or services for its deposit or investment products. That means you can't open SoFi Checking and Savings, the company's sole deposit account, in the name of a trust.
But if you're in the process of setting up a trust, SoFi partners with Trust & Will to offer its members up to 20% off estate planning services.
Can you open a trust account online?
Yes, you can open a trust account online if an institution provides the option for online applications and verification. Brick-and-mortar institutions often require you to visit a branch to open trust bank accounts, but many online or hybrid institutions offer digital applications that can be signed online.
If you're opening a trust account online at an institution that offers this option, like Alliant Credit Union, you'll need to attach copies of supporting trust documents and get digital signatures from trustees.
What is personal trust administration at a bank?
Personal trust administration is a service offered by some banks that helps manage assets held in a trust. A bank acting as trustee or co-trustee can handle responsibilities such as investing trust assets, distributing funds to beneficiaries according to the trust's terms, keeping records, filing certain tax documents, and carrying out the grantor's wishes. This service is often used as part of estate planning to provide professional, ongoing management of a trust.
Bottom line
Setting up the best trust account for you 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 a number of trust bank accounts before signing up, and pay attention to account minimums, insurance coverage, and fees charged by the bank.
Methodology
How we determined the best trust bank accounts
To identify the best trust bank accounts, we researched dozens of financial institutions, including traditional banks, online banks, financial technology companies, credit unions, and even brokerages. Not all institutions offer trust banking, so searching specifically for trust-compatible accounts automatically eliminated many potential candidates.
Account types: We considered trust checking accounts, trust savings accounts, and trust investment accounts. The more account options a bank or company provided, the more likely it was to rank high enough in our analysis to be featured on our list.
Trust types: All accounts on this list can be opened by revocable and/or irrevocable trusts. We gave a slight preference to banks/companies that offer options for both types.
Requirements: We eliminated banks with net-worth or private advisor requirements to qualify for trust banking, as you'll sometimes see.
Account benefits: We analyzed and compared the services, costs, and features of each bank account to assess their overall value for trusts and account holders.
Reputation: We understand that you care about an institution or company's reputation when choosing where to bank. In fact, a bank's reputation ranked as the second-most important factor among respondents in our FinanceBuzz study of banking behaviors and preferences, with 33% of people citing it as a top reason to open an account. When comparing companies for trust banking, we considered overall reputation by researching customer reviews, third-party ratings, and independent studies.
Fees and minimums: We did not feature any trust bank accounts on our list with very high monthly fees or account minimums.
FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment.
Our partners do not influence our ratings.
Earn up to a $3,000 bonus1 <div class="hsbc-premier-q4-2026-terms">
<p><strong>Q4 2026 New Customer Offer Terms and Conditions</strong><br>
Offer valid from September 1, 2026, through and including December 31, 2026 (“Offer Period”). Only New Customers are eligible for this offer.</p>
<p><strong>Definitions:</strong><br>
“<strong>New Customer</strong>” means a customer that does not have a current or past HSBC account in the U.S. on file. Customers who have a current or past HSBC account in the U.S. on file are not eligible for this offer.<br>
“<strong>New Money</strong>” means deposits or investments not previously held by any member of the HSBC Group in the U.S. New Money is determined at HSBC’s discretion.<br>
“<strong>Qualifying Balance</strong>” means the total amount of New Money in consumer deposit and/or eligible investment accounts being held by the New Customer (as “primary” account holder) at a determined timeframe described below. <strong>Consumer accounts/assets that are ineligible for Qualifying Balance</strong>: insurance products; fixed and variable annuities; 529 College Savings Plans; any retirement accounts, including, but not limited to, IRAs, Keogh, Simple IRAs and 401(k) Plans; UTMA and UGMA accounts; commercial accounts; and revocable or irrevocable trust accounts.</p>
<p><strong>Terms to Qualify for Cash Bonus:</strong><br>
New Customer must meet each of the following requirements to qualify for the cash bonus:</p>
<ul>
<li>Open a new HSBC Premier checking account (“New Account”) during the Offer Period; AND</li>
<li>Meet a Qualifying Balance of $50,000 or more of New Money in deposit and/or eligible investment accounts within 30 calendar days of opening the New Account; AND</li>
<li>Maintain the required Qualifying Balance for 3 full consecutive calendar months following the New Account opening month. AND</li>
<li>Remain opted-in to receive HSBC marketing emails.</li>
</ul>
<p>For purposes of determining whether the New Customer has maintained the required Qualifying Balance and the associated cash bonus tier, the New Customer’s Qualifying Balance will be reviewed at the end of 3 full consecutive calendar months following the New Account opening month.</p>
<p><strong>Cash Bonus Tier</strong>: The cash bonus amount is tiered and based on the Qualifying Balance, as follows:<br>
Qualifying Balance: Cash Bonus<br>
$50,000-$99,999.99: $1,000<br>
$100,000-$249,999.99: $1,500<br>
$250,000-$499,999.99: $2,000<br>
$500,000+: $3,000<br>
If all offer requirements are met, the cash bonus will be deposited into the New Account within 8 weeks from the date the New Account is fully qualified. “Fully qualified” means all offer requirements have been met, including the 3-month maintenance requirement. <strong>Any payments may be subject to tax and will be reported to the Internal Revenue Service as required by applicable law.</strong></p>
<p><strong>Important: </strong>The minimum Qualifying Balance of $50,000 required to earn the cash bonus under this offer is less than the $100,000 combined balance requirement to waive the $50 Monthly Maintenance Fee on your HSBC Premier checking account. If you do not meet at least one of the HSBC Premier qualification criteria, you will be charged a $50 Monthly Maintenance Fee regardless of your eligibility for this promotional cash bonus. Please refer to the HSBC Premier Terms and Charges Disclosure for full details on fee waiver requirements.</p>
<p><strong>Additional Terms:</strong></p>
<ul>
<li>Offer is non-transferable and available only to individuals who are at least 18 years of age.</li>
<li>Your New Account must be open and in good standing at time of bonus fulfillment.</li>
<li>All promotional offers, products, and services offered by HSBC are subject to updates, modifications, and/or termination by HSBC at any time without notice.</li>
<li>Eligible New Customers who take advantage of this offer cannot receive any other New Consumer Deposit Offers provided by HSBC Bank USA, N.A. New Consumer Deposit Offers are defined as incentives in the form of merchandise and/or cash bonus that are offered to consumers who open an eligible checking account and satisfy qualifying activities. <strong>New Assets cannot be applied to meet the requirements of more than one offer, unless the other offer(s) state otherwise.</strong></li>
<li>For joint accounts, the first name on the joint account is considered the new customer for the cash bonus.</li>
<li>If you do not wish to participate in this campaign or if you qualify for this offer and do not want to receive the cash bonus and/or future marketing messages for this campaign, please contact us and reference offer name: Q4’26 New Customer Offer. You can Chat with us 24 hours a day, 7 days a week on the HSBC US Mobile Banking App or at us.hsbc.com/chatwithus. You can call us at 1-888-662-4722 or outside the U.S. or Canada at 716-841-6866 or contact your Wealth Relationship Manager.</li>
</ul>
</div> when you open an HSBC Premier2 <div class="hsbc-premier-qualification-criteria">
<p>To qualify for an HSBC Premier relationship, you need to open an HSBC Premier checking account and meet one of the following requirements. A monthly maintenance fee of $50 will be incurred if at least one of these requirements is not maintained. Refer to your ‘HSBC Premier Terms and Charges Disclosure’ for full details.</p>
<ul>
<li>Balances of $100,000 in combined U.S. consumer and qualifying commercial U.S. Dollar deposit and investment accounts; OR</li>
<li>Monthly recurring direct deposits totaling at least $5,000 from a third party to an HSBC Premier checking account(s); OR</li>
<li>Any HSBC U.S. residential mortgage loan serviced by HSBC. Home Equity products, loans that are in foreclosure or bankruptcy, and loans for which servicing rights have been transferred are not included</li>
<li>Consumers who maintain Private Bank status</li>
</ul>
</div> 3 <p>Qualifying direct deposits are electronic deposits of regular periodic payments (such as salary, pension, Social Security, or other regular monthly income) deposited through the Automated Clearing House (ACH) network to this account by your employer or an outside agency (please check with your employer or outside agency to determine if they use the ACH network). Direct deposits that do not qualify include but are not limited to transfers from one account to another, mobile deposits, or deposits made at a Wealth Center or ATM.</p> checking account and complete qualifying activities.
Get $1,000: Deposit or invest $50,000 to $99,999; Get $1,500: Deposit or invest $100,000 to $249,999; Get $2,000: Deposit or invest $250,000 to $499,999; Get $3,000: Deposit or invest $500,000+
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