Yes, Max is compatible with trust accounts, but only a sub-set of the online banks currently support trusts.

 

Ally Bank and UFB Direct permit clients to designate accounts as held directly in the name of a revocable or living trust. American Express does as well, but first you fill out the application in the name of the settlor and/or grantor of the trust. Barclays, Ally Bank, Radius Bank, and Comenity Direct also permit you to specify a revocable or living trust as a Payable On Death (POD) beneficiary by contacting the bank or by specifying the trust as a beneficiary on the bank’s website. Marcus by Goldman Sachs and Sterling National Bank do not support revocable trusts or trusts as POD beneficiaries at this time.


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Online savings banks generally do not support more complex trusts, such as irrevocable trusts, as they consider them to be commercial accounts. Max is able to serve complex trusts and commercial accounts through our partnership with The American Deposit Management Co.

 

More information regarding support for trust accounts is available via the online bank websites or by contacting their customer support staff. Refer to our Guide to Support for Trust Accounts for additional detail. FDIC coverage of trust accounts is detailed on the FDIC's website. You can also click here to use the FDIC's Electronic Deposit Insurance Estimator (EDIE) calculator.

 

We suggest that you consult your attorney or qualified estate planning professional before establishing a trust account or designating an account as a POD account. Please contact Max Member Services if you have further questions regarding support for trust accounts.