Being a Trustee of a Trust, I was tasked with opening up bank accounts to manage the Trust. In order to maximize the returns, I decided on opening up multiple high interest bearing Savings Accounts and Money Market Accounts.
When I open the accounts, I don’t want the accounts to be under my name, but under the name of the Trust that also has an assigned EIN. It was quite difficult to find four banks with high interest that were Internet based.
The four banks that were setup to create my new account under the Trust name with me being documented as the Trustee were the following:
- Ally Bank @ 0.84% APY
- First Internet Bank @ 0.80% APY
- Bank of Internet USA @ 0.75% APY
- Discover Bank @ 0.70% APY (under $100,000)
Ally Bank will be my primary since they offer the highest returns and will be my primary pass through account since they provide free ACH transfers between all the bank accounts.
For the most part, all the accounts have no maintenance fee and no minimum, so I can utilize them up to their FDIC $250,000 insured value or leave them empty if I don’t need them.
Here’s are my notes that list the banks that I had called into and was able to confirm that they DON’T open up new accounts under a Trust’s name. I definitely would’ve loved the higher returns in the 0.90% accounts, but alas, they didn’t support creating accounts under a Trust’s name.
Barclays – Doesn’t Accept Trusts @ 0.90% APY
Sallie Mae – Doesn’t Accept Trusts @ 0.90% APY
GE Capital Bank – Doesn’t Accept Trusts
American Express – Doesn’t Accept Trusts
FNBO Direct – No Trusts
Incredible Bank .86% – No Trusts
CIT Bank .85% – No Trusts
Colorado Federal Savings Bank .85%
Mutual of Omaha Bank .85%
Able Banking .80%
888 I AM ABLE
TIAA Direct .76%