5 Best Banks for Trust Accounts: Minimum Investments & Fees Detailed

Establishing a trust can help you have more control over your income and assets. Many banks offer trust services under their Wealth Management or Private Bank departments. You can include almost any type of asset, including tangible and intangible assets, in the trust account.

Banks can either administer the trust on behalf of the trustee or serve as the trustee. When a bank serves as the trustee, it will administer and distribute the assets (and any related income) according to the trustor’s wishes, as outlined in the trust agreement. Banks that serve as the trustee typically charge additional fees.

Most banks offer both revocable and irrevocable trusts. You can make changes to a revocable trust at any time. However, you generally cannot change an irrevocable trust after it is established unless all trust beneficiaries consent to the changes. Some states do not permit both types of trusts — be sure to check the laws in your state before opening an account.

Opening a Trust Account

When setting up a trust, most banks recommend that you consult with a trust and estate attorney to set up your trust account and write the trust agreement. Keep in mind that if you do this, you may also incur attorney fees in addition to fees related to establishing and maintaining the trust.

Also, keep in mind that banks may charge more fees if they offer additional services like tax preparation services, appraisal services, and others, even if you do not take advantage of the service.

To open a trust account, you will need to contact your desired bank’s Wealth Management or Private Bank department, provide:

• A copy of the trust agreement
• Identification of trustor and beneficiary
• Documentation to prove ownership and market value of all assets contained in the trust

The bank may also require you to have an appraisal done of the trust assets.

We’ve Done the Comparing for You — Here’s What We Recommend

Almost all banks impose a minimum investment amount for trust accounts, except for J.P. Morgan, which is flexible in allowing customers to open trust accounts. It is also the only bank that caps maximum fees for each investment asset tier. Bank of America is also willing to negotiate the minimum investment amount required to open a trust account, but its fees are generally a bit higher.

Comparison Table: Trust Accounts

The table below features each bank’s minimum investment amount, account types, and fee range. Sort by any column using the arrows at the top of the column. You can also click on each bank’s name or scroll to the list below for more information.

The Best Banks for Trust Accounts

The following are the best banks that offer trust account services. We’ve summarized the most important information for each bank’s trust accounts, which we obtained by contacting representatives with each bank’s Wealth Management and Private Bank departments. All banks charge fees to administer trust accounts, and fees typically decrease as the fair market value of the trust assets increases.

Keep in mind that most banks do not advertise all of this information for the public, and in order to get the most updated fees and/or personalized information, you will likely need to set up a meeting with an advisor. Many trust account terms and fees are individually tailored to customers. We’ve only included banks that offer both revocable and irrevocable trust options, and we’ve ordered the list below starting with the best overall options in terms of account minimums, fees, and the quality of advising and service you can expect.

J.P. Morgan

• Minimum investment amount: No set minimum
• Revocable or irrevocable trusts? Both
• Annual trust administration fees: The fee structure below is the same for both revocable and irrevocable trusts.
  • Minimum: $15,000 per trust when JPMorgan is responsible only for trust administration with no investment responsibility for the assets
  • First $5 million: 0.55% (maximum $17,500)
  • $5 million to $20 million: 0.35% (maximum $40,000)
  • $20 million to $50 million: 0.20% (maximum $75,000)
  • $50 million to $100 million: 0.15% (no maximum)
  • $100 million or more: Up to 0.15% (no maximum)
• Additional trust fees: JPMorgan charges the following advisory fees for both revocable and irrevocable trust accounts:
  • First $250,000: 1.45% (maximum $3,250)
  • $250,000 to $500,000: 1.30% (maximum $5,750)
  • $500,000 to $1 million: 1.15% (maximum $10,000)
  • $1 million to $2 million: 1.00% (maximum $15,000)
  • $2 million to $5 million: 0.75% (maximum $32,500)
  • $5 million to $10 million: 0.65% (maximum $55,000)
  • $10 million to $15 million: 0.55% (maxumum $75,000)
  • $15 million to $25 million: 0.50% (maximum $100,000)
  • $25 million to $50 million: 0.40% (maximum $150,000)
  • $50 million to $100 million: 0.30% (maximum 250,000)
  • $100 million to $250 million: 0.25% (maximum $500,000)
  • $250 million or more: 0.20% (no maximum)
• Find out more

Bank of America

• Minimum investment amount: Bank of America prefers that the minimum trust amount be around $500,000 to $600,000, but this minimum may be negotiable.
• Revocable or irrevocable trusts? Both
• Annual trust administration fees:
  • Revocable trusts
    • Minimum: $6,250
    • First $2 million: 1.25%
    • $2 million to $5 million: 0.90%
    • $5 million to $10 million: 0.60%
    • $10 million to $25 million: 0.50%
    • $25 million or more: 0.45%
  • Irrevocable trusts
    • Minimum: $7,000
    • First $2 million: 1.40%
    • $2 million to $5 million: 1.05%
    • $5 million to $10 million: 0.65%
    • $10 million to $25 million: 0.55%
    • $25 million or more: 0.50%
• Additional trust fees: In addition to the above fees, Bank of America charges the following fees if the bank serves as the trustee of the trust:
  • Minimum: $20,000
  • First $2 million: 3%
  • $2 million to $5 million: 2.5%
  • $5 million or more: 2%
• Find out more

PNC

• Minimum investment amount: $1 million
• Revocable or irrevocable trusts? Both
• Annual trust administration fees:
  • Revocable trusts
    • Minimum: $7,500
    • First $2 million: 1.30%
    • $2 million to $5 million: 0.90%
    • $5 million to $10 million: 0.60%
    • $10 million to $20 million: 0.40%
    • $20 million or more: Separately negotiated with the bank
  • Irrevocable trusts (fee is based on the total market value of trust account as valued monthly)
    • Minimum: $7,500
    • First $2 million: 1.40%
    • $2 million to $5 million: 1.00%
    • $5 million to $10 million: 0.70%
    • $10 million to $20 million: 0.50%
    • $20 million or more: Separately negotiated with the bank
• Additional trust fees: N/A
• Find out more

Wells Fargo

• Minimum investment amount: $1 million
• Revocable or irrevocable trusts? Both
• Annual trust administration fees:
  • Revocable trusts
    • First $2 million: 1.25%
    • $2 million to $5 million: 0.80%
    • $5 million to $10 million: 0.60%
    • $10 million to $20 million: 0.50%
    • $20 million or more: 0.40%
  • Irrevocable trusts
    • First $2 million: 1.50%
    • $2 million to $5 million: 1.05%
    • $5 million to $10 million: 0.85%
    • $10 million to $20 million: 0.75%
    • $20 million or more: 0.65%
• Additional trust fees: Wells Fargo charges annual fees for proprietary funds (funds with investments for which the bank receives advisory fees), which are applied in addition to the annual administration fees.
  • Revocable trusts
    • First $2 million: 0.75%
    • $2 million to $5 million: 0.65%
    • $5 million to $10 million: 0.50%
    • $10 million to $20 million: 0.40%
    • $20 million or more: 0.30%
  • Irrevocable trusts
    • First $2 million: 0.85%
    • $2 million to $5 million: 0.75%
    • $5 million to $10 million: 0.60%
    • $10 million to $20 million: 0.50%
    • $20 million or more: 0.40%
• Find out more

U.S. Bank

Note: While U.S. Bank sets a low minimum investment requirement and has the lowest fees for trust accounts, it also comes with the least amount of personalization and tailored customer service of all the options on the list. We were able to obtain fee schedules in writing from wealth management advisors from other banks, but U.S. Bank customer service representatives simply quoted fees for us over the phone.

• Minimum investment amount: $250,000
• Revocable or irrevocable trusts? Both
• Annual trust administration fees:
  • $40 flat annual fee
  • No additional fees if you do not make any trades from the account
• Additional fees:
  • $75 transfer fee if you transfer the account to another institution
  • $4.95 per-trade fee if you make self-directed trades from the account
  • $29.95 per-trade fee if you request the bank to make trades on your behalf
• Find out more

Interested in other types of wealth management accounts? See our list of the five best banks for estate accounts.