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Accounts for Trust FAQs
What’s an account for a Trust Agreement?
It's a deposit account that can be opened by a Trustee for the benefit of someone else (beneficiary). These accounts:
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- Protect assets during and after the Grantor’s life
- Must have a specific purpose, a designated beneficiary and specific duties for the Trustee as designated by the Grantor
- Require a written Trust (with a Social Security or Tax ID number), which must be set up outside of Ally, and typically requires the services of an attorney
How do I open an Ally account for a Trust?
To open this type of account, a Trustee (sorry, no corporations or businesses) needs to:
- Obtain a written Trust Agreement – a written Trust agreement (with a Social Security or Tax ID number) must be set up outside of Ally, and may require the services of an attorney
- Mail us a completed account application for a Trust (PDF) – carefully follow the instructions on the application and be sure to include copies of:
- The pages in the Trust Agreement describing the Trust, including the formal names of the Trust, Grantor(s) and Trustee(s)
- Provisions related to Trustee powers and incapacity or death of a Trustee
- The Trust Agreement’s signature page with the Grantor(s) and Trustee(s) signatures
- The notary page of the Trust
- The original or certified death certificate(s) if anyone named in the Trust title and/or any Trustee(s) is deceased
- Any amendments to the original Trust Agreement (Revocable Trusts only)
- The Last Will and Testament for Testamentary Trusts (Irrevocable Trusts only),
including copies of the:
- Cover page
- Portions of the Will describing the Trust
- Signature page
- Notary page
- Fund your account by:
- Personal or Cashier’s check made payable to the Trust (sorry, we don't accept cash or foreign checks)
- Transfer from an Ally or non-Ally account
- Wire transfer (PDF)
If you need help setting up an Ally account for your Trust, please call us at 1-877-247-ALLY (2559). We’re available 24/7.Was this helpful?
Can I convert a current Ally account to an account for a Trust?
You can convert a current account only if the Trust is revocable and the Social Security number of the Trust is the same as that of the account’s primary owner. Please call us at 1-877-247-ALLY (2559) for help converting an existing Ally account. We’re here 24/7.Was this helpful?
What Ally accounts can be opened for a Trust?
Any Ally account, except IRAs, can be opened for a revocable or irrevocable Trust:
- Ally CDs
- Ally Online Savings Accounts
- Ally Money Market Accounts
- Ally Interest Checking Accounts
We don’t offer accounts for business or corporate Trusts.Was this helpful?
Will the funds of the trust be protected in an Ally bank account?
Yes. The funds of the Trust are insured by the Federal Deposit Insurance Corporation (FDIC) up to the maximum allowed by law. Learn more at the FDIC.Was this helpful?
How do I access statements for an account opened for a Trust?
We mail account statements to the address on file for the Trust. Trustees can also view account details in Online Banking.
To learn about other statement delivery options, or if you need help setting up a username and password for online access, please call us at 1-877-247-ALLY (2559). We’re available 24/7.Was this helpful?
When will I receive my 1099-INT tax form for an account for a Trust?
We'll mail a paper copy of the tax form by January 31. Forms should arrive at the address on file for the Trust by February 14. Tax forms for Trusts are not available online at this time.
Please call us at 1-877-247-ALLY (2559) if you have questions or if you don't receive a 1099 form by February 14.Was this helpful?