Yes, in most cases, you can designate payable-on-death (POD) beneficiaries for online savings accounts.
You may further increase the degree of FDIC insurance by adding additional beneficiaries (and in some cases, also help keep funds out of probate by adding POD designations.) You can change these settings by logging into each of your online bank accounts individually.
Here are the specifics bank-by-bank:
Max Checking: Allows you to add an individual or trust as a beneficiary. To do so, call Radius Customer Support at 1-800-242-0272.
Marcus by Goldman Sachs: You can add an individual as a beneficiary. When you login, click on Profile/Preferences and then Beneficiary Management. Marcus by Goldman Sachs does not presently support trusts as beneficiaries.
UFB Direct: You can add one or more beneficiaries by filling out this form.
Comenity Direct: Allows you to add an individual or trust as a beneficiary. To do so, call Customer Support at
Radius Bank: Allows you to add an individual or trust as a beneficiary. To do so, call Radius Customer Support at
Sterling National Bank: Allows you to add an individual as a beneficiary. To do so, call Customer Support at
Barclays: Allows you to add beneficiaries, including a trust as a beneficiary if you like. Once you’ve opened your account, click on “Beneficiaries and owners” and then click “Add a beneficiary."
Ally Bank: Click the 3 horizontal bar menu icon in the upper right hand corner of your screen, then click on Account Services, then Beneficiaries, then Add a new beneficiary. The form appears to be for an individual, but if you prefer to use a trust as beneficiary you can abbreviate the name of the trust on the First Name and Last Name lines and list the date the trust was formed where they ask for Date of Birth.
American Express Personal Savings: You can add an individual as a beneficiary. Upon login, click on My Profile, then Manage Beneficiaries, then Add Beneficiary. Amex does not presently support trusts as beneficiaries.
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.