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Best Banks For Trust Accounts In 2024

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Setting up a trust account involves finding a bank or financial institution that can expertly manage trust assets and distributions for beneficiaries.

As a trustee, you want assurance that the bank will administer the trust properly and provide convenient online access, competent trust services, and competitive interest rates.

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This article reviews the top banks for trust accounts in 2024 based on services, technology, trust options, and interest rates.

Key Takeaways

• Wells Fargo, Bank of America and Northern Trust are top national banks providing customized personal trust services and innovative digital platforms for high-net-worth individuals.

• US Bancorp, PNC, and Santa Barbara Bank & Trust are top regional and community banks offering close personal relationships, responsive service, and expertise on local laws for managing trusts.

• Key factors to consider when selecting a trust account bank include the types of trusts offered, online account access, qualifications of administrators, personal relationships, breadth of services, and pricing.

• While not offering full trust services, online banks like CIT Bank and credit unions like PenFed and Alliant provide streamlined, low-cost trust accounts with interest rates significantly exceeding national averages.

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• Following a thorough selection process focused on services, access, experience, relationships and pricing is important for finding the best trust account provider to meet specific needs and goals.

Top National Banks for Trust Accounts

Several large national banks have extensive trust and wealth management divisions catering to high-net-worth individuals. These banks provide personalized services, access to experts, and innovative digital platforms. Here are top national bank picks for trust accounts:

Wells Fargo

As one of the country’s largest banks, Wells Fargo offers customized personal trust services to high-net-worth families. The Wells Fargo Private Bank can help set up irrevocable trusts, revokeable living trusts, charitable trusts, family legacy trusts, special needs trusts, and more. You are assigned an experienced Wealth Strategist who crafts a tailored solution for your assets and beneficiaries.

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Wells Fargo stands out with its interactive online Trust View portal, allowing you to view balance information, monthly statements, transaction details, tax documents, and investment performance for your trust account. The bank’s experts also actively manage trust investments to generate income and growth. Trust grantors and beneficiaries alike benefit from Wells Fargo’s responsive service, transparent reporting, and digital convenience.

Bank of America

Bank of America is another leading national bank offering personalized trust services through specialist offices across the country. The Bank of America Private Bank has in-depth expertise creating trusts tailored to clients’ financial situations and goals. Whether you want an irrevocable life insurance trust, a Qualified Terminable Interest Property (QTIP) trust, a special needs trust, or any other trust, their trust administrators will ensure it meets legal requirements and your needs.

A convenient benefit is Bank of America’s Online Trust Account Access system allowing you to securely view your trust account information and request disbursements online. You can also receive and review monthly statements and other correspondence through the bank’s Paperless Trust Statements. Combining transparent access with personalized service, Bank of America is a dependable choice for trust accounts.

Northern Trust

Northern Trust stands apart with over 125 years of wealth management expertise serving ultra-high-net-worth families and non-profit organizations. This bank offers highly customized trust solutions whether you want to manage investments across generations, fund philanthropic causes, or plan your estate and legacy responsibly. Northern Trust’s Flexible Trust Option gives you the ability to adapt your trust arrangements over time when circumstances change.

High-touch personal service is Northern Trust’s hallmark. Skilled trust administrators and investment managers operate in coordination to deliver exceptional results. Northern Trust can also coordinate with your other professional advisors like accountants and lawyers for fully integrated planning. With their depth of expertise and service, Northern Trust excels at administering large, complex trusts.

Top Regional and Community Banks for Trust Accounts

Alongside national banks, many reliable regional and community banks have trust and wealth management divisions catering to local high-net-worth individuals and families. Benefits of working with regional trust providers include close personal relationships, responsive service, and knowledge of local laws. Here are top regional bank picks for trust accounts:

US Bancorp

US Bancorp offers private trust services through bank branches in over 20 states in the Western and Midwestern U.S. Experienced trust advisors help clients with investment management, charitable giving, and estate planning needs. US Bancorp administer trusts already created or can work with your attorney to establish new trusts customized for your assets and tax situation.

The bank distinguishes itself with convenient online trust account access. US Bancorp’s Trust Online system allows you to securely view balances, holdings, transactions, monthly statements, and tax forms for your trust account. Combining digital access and personal trust services, US Bancorp provides simplicity and expertise.

PNC

In the Mid-Atlantic and Midwest, PNC offers full-service trust capabilities helping individuals and non-profits. Personal trust administrators collaborate across PNC’s wealth management divisions to create customized solutions meeting fiduciary responsibilities. Whether you want to set up a living trust, testamentary trust, IRAs, or charitable foundation, PNC has the experience required.

Convenience services like PNC’s online asset listing and secure email communications complement the bank’s personalized trust management. PNC also handles all the administrative details like keeping records, managing correspondence, and filing tax returns so you can fully rely on their experts. Regional understanding and reliability make PNC a leading trust provider.

Santa Barbara Bank & Trust

Focused in California, Santa Barbara Bank & Trust boasts experienced multi-generational trust teams. Local experts help families establish estate trusts, asset protection trusts, special needs trusts, investment management trusts, and more. Attentive service together with customized solutions for preserving and managing wealth distinguish this regional bank.

Santa Barbara Trust Administration Teams take care of all trust account administration duties from record-keeping to tax reporting. The Family Office Services group can also incorporate advanced planning for families with over $100 million in assets. Whether your needs are basic estate planning or complex asset structuring, Santa Barbara Bank & Trust offers personalized regional trust services.

Key Factors in Choosing a Trust Account Bank

Selecting the right bank to administer your trust account is an important fiduciary decision. Every trust grantor and trustee wants assurance the bank is expertly managing trust assets and distributions. Key factors to consider include:

• Trust Services – What types of lawyer-directed trusts can the bank administer? How customized are trust solutions?

• What types of lawyer-directed trusts can the bank administer? How customized are trust solutions? Access and Convenience – Does the bank offer secure online access to your trust account? How easily can you check balances and statements?

• Does the bank offer secure online access to your trust account? How easily can you check balances and statements? Experience and Qualifications – How experienced are the bank’s trust administrators? What are their qualifications?

• How experienced are the bank’s trust administrators? What are their qualifications? Personal Relationships

• Will you have a dedicated trust advisor or wealth strategist? How responsive are they?

• Will you have a dedicated trust advisor or wealth strategist? How responsive are they? Breadth of Services – Can the bank coordinate trust planning with tax, legal, investment and other needs?

• Can the bank coordinate trust planning with tax, legal, investment and other needs? Pricing – How competitive are the bank’s fees based on your trust size and activity? Make sure to understand any hidden fees too.

Weighing these key factors will help you find the best trust account provider to meet your specific needs.

Top Interest Rates from Online Banks and Credit Unions

In addition to traditional banks, online banks and credit unions also offer trusts and custodial accounts with very competitive interest rates. While their trust capabilities are not as extensive as full-service trust divisions, online banks and credit unions provide a streamlined, low-cost trust account alternative.

CIT Bank

CIT Bank offers Premier Investment Accounts to complement the bank’s savings and certificates of deposit. Supported account trustees include individuals, banks, trust companies, law firms, and broker-dealers. Assets can include stocks, bonds, mutual funds, annuities, and alternative investments.

A key benefit with CIT Bank is earning significantly higher interest than traditional bank trust accounts. Premier Investment Accounts currently earn over 15 times the national average interest rate for trusts. CIT Bank makes an especially attractive option for higher trust account returns.

PenFed Credit Union

PenFed Credit Union offers convenient investment management and estate planning services. Customers can establish living trusts, testamentary trusts, irrevocable trusts, special needs trusts, and more. Experienced professionals help tailor solutions to your financial situation.

A major benefit of PenFed Credit Union is extremely competitive interest rates for invested assets. Trust accounts currently earn over 25 times the national average rate. Combined with personalized service, PenFed delivers strong trust account returns.

Alliant Credit Union

Alliant Credit Union helps members responsibly manage investments, establish wills and trusts for estate planning, and contribute to charitable foundations. Whether you want convenience services like safe deposit boxes and custodial accounts or more advanced trust arrangements, Alliant provides customized solutions.

A standout reason for choosing Alliant for trust accounts is the credit union offers some of the highest interest rates nationwide – over 50 times the national average. So your trust assets can earn substantially more income. Alliant’s combination of great rates and conscientious service make it a compelling trust account option.

Conclusion

Finding the right trust account provider requires weighing specialized trust services with convenience and pricing. Full-service trust account management from leading national and regional banks offers customized trusts, personal advisors, and coordinated financial services. Top banks for trust accounts based on wealth management capabilities include Wells Fargo, Bank of America, Northern Trust, US Bancorp, PNC, and Santa Barbara Bank & Trust.

For more basic trusts prioritizing higher return on assets, online banks and credit unions like CIT Bank, PenFed Credit Union, and Alliant Credit Union offer investment accounts and custodial services with interest rates significantly exceeding national averages. Whether you value high-touch trust planning or higher trust account returns, following a thorough selection process is key to finding the best trust account provider for your needs and goals.

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