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

Banker helping a couple set up a trust account

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.[1][2]

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.

What We Recommend

Almost all banks impose a minimum investment amount for trust accounts, except for Chase, which is flexible in allowing customers to open trust accounts.

Although all the banks on our list offer ways to avoid monthly fees, Bank of America is the best option if low fees are most important to you. This is because it has one of the lowest fees on our list at $4.95 a month and because it has so many ways to avoid this charge.

Comparison Table

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 select each bank’s name or scroll to the list below for more information.

Bank Minimum Investment Revocable or irrevocable? Fees
ChaseNone Both $12-$25
Bank of America$25-$100 Both $5-$25
PNC$25 Both $7
Wells Fargo$25 Both $10
U.S. Bank$25 Both $7-$9

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 of each bank.

All bank representatives stated that its trust accounts operate the same as its checking account where fees and minimums are concerned.

Keep in mind that most banks do not advertise all of this information to 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 larger 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.

Chase Bank logo

Chase Bank

  • Minimum investment amount: No set minimum[3]
  • Revocable or irrevocable trusts? Both[3]
  • Fees:
    • Total account-$12 monthly fee; waived if this account’s balance is at least $1,500 at the start of each day or you receive direct deposits of at least $500 monthly[3][4]
    • Premier Plus account-$25 monthly fee; waived for military members, customers with a combination of qualifying accounts totaling an average of $15,000 at the beginning of each day, or customers with a qualifying linked Chase first mortgage enrolled in automatic payments[5]
    • Sapphire account-$25 monthly fee; waived if your average for any combination of this account with qualifying linked accounts averages a beginning balance of at least $75,000[6]
  • Find out more

Bank of America logo

Bank of America

  • Minimum investment amount: $25 for Advantage SafeBalance account; $100 for Advantage Plus account; $100 for Advantage Relationship account[7][8]
  • Revocable or irrevocable trusts? Both[7]
  • Fees:
    • Advantage SafeBalance account-$4.95 monthly fee; waived for students under 25 enrolled in school or vocational program, account owners under 18, and Preferred Rewards clients[7][9]
    • Advantage Plus account-$12 monthly fee; waived if you receive qualifying monthly direct deposits of at least $250, maintain a daily minimum balance of at least $1,500, or if you’re a Preferred Rewards client[7][9]
    • Advantage Relationship account-$25 monthly fee; waived if your combined qualifying accounts maintain a balance of at least $10,000 or if you’re a Preferred Rewards client[7][9]
  • Find out more

PNC Bank logo


  • Minimum investment amount: $25[10][11]
  • Revocable or irrevocable trusts? Both[10]
  • Fees:
    • $7 monthly fee; waived if account receives at least $500 in qualifying monthly direct deposits,[12] the account retains an average of at least $500, account is linked as a benefit account to your Performance Select checking, customer is at least 62 years old, or customer is a PNC employee[11]
  • Find out more

Wells Fargo logo

Wells Fargo

  • Minimum investment amount: $25[13][14]
  • Revocable or irrevocable trusts? Both[13]
  • Annual trust administration fees:
    • $10 monthly fee; waived if account maintains an average daily balance of at least $500,[13] if account receives at least $500 in qualifying direct deposits, or if account holder’s age is between 17 and 24[15]
  • Find out more

US Bank logo

U.S. Bank

  • Minimum investment amount: $25[16]
  • Revocable or irrevocable trusts? Both[16]
  • Fees:
    • Monthly fee with online statements is $6.95 or $8.95 without online statements; waived if account receives monthly direct deposits of at least $1,000, if account maintains an average balance of at least $1,500, or if account holder is at least 65[16][17]

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

  1. https://www.usbank.com/wealth-management/financial-perspectives/trust-and-estate-planning/types-of-trusts-which-should-i-choose.html[]
  2. https://www.usbank.com/wealth-management/trusts-and-estates/trust-situs.html[]
  3. Chase branch customer service[][][]
  4. https://www.chase.com/personal/checking/total-checking[]
  5. https://www.chase.com/personal/checking/premier-plus-checking[]
  6. https://www.chase.com/personal/fees/sapphire-checking[]
  7. Bank of America branch customer service[][][][][]
  8. https://promotions.bankofamerica.com/offers/chooseyourchecking100[]
  9. https://promotions.bankofamerica.com/offers/chooseyourchecking100[][][]
  10. PNC branch customer service[][]
  11. https://www.pnc.com/content/dam/pnc-com/pdf/personal/service-charges-fees-non-vw/all-ServiceChargesA.pdf[][]
  12. PNC Bank branch customer service[]
  13. Wells Fargo branch customer service[][][]
  14. https://www.wellsfargo.com/checking/[]
  15. https://www.wellsfargo.com/checking/everyday/monthly-service-fee-everyday/[]
  16. U.S. Bank branch customer service[][][]
  17. https://www.usbank.com/customer-service/knowledge-base/KB0208665.html[]


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