What you need to open a trust bank account
A trust bank account is opened in the trust's name, not your personal name. The bank treats the trust as the account holder, and you (or whoever manages the trust) act as the trustee who controls it. To open one, you need the trust document itself, a federal Employer Identification Number (EIN) for the trust, and a government-issued ID for the person signing as trustee.
Not every bank offers trust accounts, so you may need to call ahead or visit in person. Some banks require a minimum deposit to open the account—this varies widely, from zero to several thousand dollars depending on the institution. Online banks are less likely to offer trust accounts than brick-and-mortar branches, because the bank needs to verify the trust document and the trustee's authority in person or through a notarized process.
The timeline is usually faster than opening a personal account because there is no credit check, but slower because the bank must review the trust paperwork. Expect one to three business days if you have everything ready and visit in person, or up to two weeks if you apply online or by mail.
Key Takeaways
- You need the original or certified copy of the trust document, an EIN for the trust, and a government ID for the trustee to open the account.
- The account is held in the trust's name, not your personal name, and the bank will ask you to prove you have authority to manage it.
- Not all banks offer trust accounts; call your bank first to confirm they do and ask what documents they require.
- You may need to visit a branch in person because the bank must verify the trust document and your identity as trustee.
- Minimum deposits and fees vary by bank; some charge monthly maintenance fees on trust accounts that others do not.
Getting an EIN for the trust
The trust needs its own EIN—a nine-digit number issued by the IRS—before you can open a bank account in its name. You obtain this through the IRS, not through the bank. The process is free and takes about 15 minutes if you apply online, or up to four weeks if you mail a paper form.
To apply online, go to the IRS website and use their online EIN application tool. You will need the trust document on hand to answer questions about when it was created, who the trustee is, and what the trust's purpose is. The IRS will issue the EIN immediately after you submit, and you can print a confirmation letter right away. If you prefer to apply by mail, fill out Form SS-4 and send it to the IRS address listed on the form.
Bring the EIN confirmation letter to the bank when you open the account. Some banks will accept a printed copy from the IRS website; others want the official letter. Call ahead and ask what form they need.
What documents to bring to the bank
Bring the original trust document or a certified copy. A certified copy is a photocopy stamped and signed by a notary public or court clerk to confirm it matches the original. Most banks accept either one, but some require a certified copy if the trust was created more than a few years ago. Call your bank and ask which they prefer before you go.
Bring your government-issued ID—a driver's license, passport, or state ID card. The bank will photocopy it and keep it on file. Bring the EIN confirmation letter from the IRS. Bring any other identification the bank requests; some ask for a Social Security number for the trustee, and some ask for proof of address (a utility bill or lease).
If you are not the person who created the trust, bring documentation showing you are the trustee—this is usually stated in the trust document itself, but some banks ask for a separate trustee certification letter signed by the trust's creator or a previous trustee. Ask the bank whether they need this before you visit.
Opening the account in person versus by mail
Opening in person at a branch is faster and simpler. The bank can verify your ID and the trust document on the spot, answer questions about how the account works, and give you a debit card or checkbook immediately. Most banks complete the process in one visit, though they may need one to three business days to process the paperwork after you leave.
Opening by mail takes longer because the bank must receive your documents, verify them, and mail back confirmation and account details. You will need to mail the trust document (certified copy preferred), your ID photocopy, the EIN letter, and a completed account application form. The bank will mail you a kit with everything you need to sign; you sign it, mail it back, and then wait for the account to be activated. This process typically takes two to four weeks.
Some banks offer a hybrid approach: you start the application online, upload photos of your documents, and then visit a branch to verify your identity in person. This is faster than mail but requires a branch visit.
How trust accounts differ from personal accounts
A trust account is held in the trust's name on the bank's records, not your personal name. This means the account survives if you die or become unable to manage it—the next trustee named in the trust document can take over without the bank freezing the account or requiring probate court approval. It also means the funds in the account are considered trust property, not your personal property, which can matter for creditor claims or estate settlement.
Trust accounts often have higher minimum balances than personal accounts, and some banks charge monthly maintenance fees that they waive on personal accounts. Interest rates on savings or money market accounts may differ. Ask the bank for a fee schedule and compare it to what they charge for a personal account.
The bank may require the trustee to sign documents stating that you understand you are managing the account on behalf of the trust, not for yourself. This is a legal protection for the bank—it confirms that you know the money belongs to the trust and must be used according to the trust's terms.
What happens after the account is open
Once the account is open, you can deposit money, write checks, set up automatic transfers, and use a debit card just like a personal account. The bank will send statements to the address you provide, usually monthly. Keep these statements for your records and for the trust's tax return if the trust is required to file one.
If the trust earns interest or dividends, the bank will report this to the IRS using the trust's EIN. You may need to file a Form 1041 (U.S. Income Tax Return for Estates and Trusts) if the trust earns more than a certain amount of income in a year. A tax professional or the trust's creator can tell you whether this is required.
If you need to add or remove a trustee, or if the trust is modified, tell the bank. Some changes require you to bring updated trust documents to the bank; others do not. Call your bank's trust department and ask what paperwork they need.
Frequently Asked Questions
Can I use my personal Social Security number instead of getting an EIN for the trust?
No. The bank will ask for the trust's EIN, not your personal Social Security number. The EIN is free and takes 15 minutes to obtain online. Some banks may accept your Social Security number temporarily while you wait for the EIN, but they will require you to provide the EIN before the account is fully activated.
What if the trust document is very old or I only have a photocopy?
Call the bank and describe the situation. Some banks accept old photocopies without issue; others require a certified copy or a new certified copy from a notary or court clerk. A certified copy costs $10 to $50 depending on who issues it. If you cannot locate the original, ask the person who created the trust or a previous trustee whether they have one.
Do I need to be the trustee to open the account, or can someone else do it?
The person opening the account must be the trustee or have written authorization from the trustee to act on the trust's behalf. The bank will ask you to prove this with the trust document. If you are not the trustee, bring a letter from the trustee authorizing you to open the account, signed and notarized.
Will opening a trust account affect my personal credit?
No. The bank does not run a credit check for trust accounts because the trust is the account holder, not you personally. Your personal credit report will not show the account.
What if the bank says they do not offer trust accounts?
Not all banks do. Try another bank in your area, or ask whether they can refer you to one that does. Credit unions sometimes offer trust accounts even when traditional banks do not. You can also search online for "trust accounts near me" or call a few banks to ask before visiting.