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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:

    • 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 Bank account in the name of a Trust?

    Apply for an account online. After you select a product in our online application, make sure to indicate it’s for a Trust before you move on to the next steps. Then, you’ll need to provide Trust agreement, Grantor and Trustee information.

    Mail your application. Print and complete the Account Application for Trusts (PDF) and mail the required documents to: Ally Bank, P.O. Box 951, Horsham, PA 19044

    Learn more about how to set up a Trust bank account to see which documents you'll need to provide.

  • 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 1-877-247-2559 for help converting an existing Ally account. We’re here 24/7.

  • 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.

  • 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.

  • 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 1-877-247-2559.

  • 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 1-877-247-2559 if you have questions or if you don't receive a 1099 form by February 14.