Sometimes, trusts need a place to put cash. That’s where a trust account comes in. Trust bank accounts hold trust funds and may earn interest, cover expenses or simply store money for the trust.

A trust is its own legal entity and can have its own bank account. Finding the right trust bank account, like those offered by Ally Bank, Charles Schwab, or J.P. Morgan Private Bank, can help ...

Matthew F. Erskine is a trusts and estates attorney. The FDIC has issued final regulations that, as of April 1, 2024, will change how bank accounts held in the name of a trust will be insured.