When you want to plan for the futureWe're here to help
Thoughtful planning and the right type of accounts can help ensure your family’s financial security for years to come. When you open a checking, savings or CD in the name of a Trust, you’ll get the tools you need to help grow your savings now, and an account designed to make access easier for your Trustees later.
Establish a formal Trust.
If you haven’t already, speak with a financial professional or estate attorney to go over your options. They’ll guide you through the different types of Trusts and help you find the one that best suits your needs.
Gather your documents.
We’ve made setting up an account in the name of a Trust as simple as possible. You can easily apply online, and we’ll have you upload pages from the Trust agreement along the way to complete the application.We’ll need copies of:
- The pages describing the Trust, including the formal name of the Trust, Grantors and Trustees
- The notarized signature page with Grantor and Trustee signatures – in some states, there may be a separate page completed by the notary
- Any amendments to the original Trust
- Pages with Trustee powers and provisions related to incapacity or death of a Trustee
- Page listing the beneficiaries who will receive the funds if the Grantor of the Trust passes away
- A copy of the death certificate
- For Testamentary Trusts, provide the cover page of the Will, any portions describing the Trust, signature page and notary page
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.Apply Now
A customer care associate will review your documents and let you know if we need more information. Once your account is open, you’ll receive a Welcome Kit in the mail and can fund your account.
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
Will the account for my Trust be protected by FDIC coverage?
Yes. Accounts for Trusts are insured by the Federal Deposit Insurance Corporation (FDIC) up to the maximum allowed by law. Learn more.Was this helpful?
Can I add another account to my existing Trust?
Yes. You can add another account within the online application or by calling us at 1-877-247-2559. You’ll only need to provide the name of your Trust, identification number and contact information. We won’t need any additional documentation from you.Was this helpful?
Can I convert my existing Ally Bank account into an account for a Trust?
Yes. You can convert your existing checking, savings and CD account as long as the Trust is revocable and the social security number of the Trust matches the primary account owner’s. For information on how to convert your account, give us a call at 1-877-247-2559. We’re here 24/7.Was this helpful?