What are the steps to set up a Personal Savings Account for my trust?
A Personal Savings Account must first be opened as a joint or individual Account. After the Account is opened, the primary (first named) Account owner may then follow the steps below to re-title the Account as a Revocable Living Trust Account. Conditions apply.
• Log in to your Account and click on ‘My Profile’ tab and choose the ‘Living Trust Re-titling’ option.
• You will be required to answer eligibility questions about the type of trust and the rights of the settlor/grantors (creators) and Trustees of the Revocable Living Trust.
• If the primary Account owner meets and electronically accepts all Account re-titling terms and conditions, the title of the Account may be changed to the name of your Revocable Living Trust.
• We encourage you to consult with your financial or legal advisors before re-titling an Account to a revocable living trust Account.
If a Personal Savings Account was opened as an individual (not joint) Account, and two owners or two trustees are desired for the re-titled Account, or if the primary Account owner named for the Account during Account opening is not a settlor/grantor (creator) of the trust, or if the Trust does not use the Social Security Number of the primary Account owner, you may be able to open a new Account that meets our Account re-titling requirements, transfer funds from the previous Account to the new Account, close the previous Account and re-title the new Account to the name of the Revocable Living Trust (subject to conditions).
More About Personal Savings
*The Annual Percentage Yield (APY) as advertised is accurate as of . Interest rate and APY are subject to change at any time without notice before and after a High Yield Savings Account is opened.
For a CD account, rates are subject to change at any time without notice before the account is opened. Your rate will be fixed on the business day‡ we receive your completed application, provided we receive your deposit within 30 days after your application is approved. After a CD is opened, additional deposits to the account are not permitted. Early CD withdrawals may be subject to significant penalties which could cause you to lose some of your principal. Please see the Deposit Account Agreement for additional terms and conditions and Truth-in-Savings disclosures.
**The national average APY is accurate as of November 30, 2020, as published in the FDIC's Weekly National Rates and Rate Caps; average rate used is for deposits under $100,000.
†You may make up to nine (9) withdrawals or transfers out of your High Yield Savings Account during a monthly statement cycle. Read More in FAQs.
‡For purposes of transferring funds, business days are Monday through Friday, excluding holidays. Transfers can be initiated 24/7 via the website or phone, but any transfers initiated after 7:00 PM Eastern Time or on non-business days will begin to be processed on the next business day.
♢Calculations are estimates of expected interest earned. Actual results may vary, based on various factors such as leap years, timing of deposits, rounding, and variation in interest rates. The first recurring deposit is assumed to begin in the second period after any initial deposit.