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

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.

How we evaluate products

To determine our picks, we first compiled a list of banks that offer this account option. We eliminated banks with net-worth or private advisor requirements. Of the banks that remained, we then gathered information about the services, cost, 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 option in the market, and our recommendations aren’t listed in a specific order. Our goal is to provide readers with the best overview of banks for trust accounts that we feel good recommending so they can make informed decisions when choosing.

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.

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 <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>
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

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.

Visit Ally Bank | Read our Ally Online Savings review

Wealthfront

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 <p>Rate is current as of November 15, 2024.</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.⁸ <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

Visit Wealthfront Cash Account | Read our Wealthfront review

CIT Bank

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 <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 Mar. 20 2025: 0.25% APY on balances of $0.01 to $4,999.99; 4.10% 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> 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.

Visit CIT Bank Platinum Savings Account | Read our CIT Bank Savings review

Alliant Credit Union

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.

Visit Alliant Credit Union

Charles Schwab

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.

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

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.