What are the steps to set up a Savings account for my trust?

A 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 Savings account and click on the "Account Services" tab, then choose the "Re-title to Living Trust" option.

• Select the account you would like to re-title and follow the instructions.

• 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 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).

 

 

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Understanding Your Account

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Opening an Account

Accessing and Managing Your Account

Transfers, Deposits & Withdrawals

 

Privacy & Protection

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Account Security

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Terms & Conditions

 

 

Accounts offered by American

Express National Bank. Member FDIC. Each depositor is insured to at least $250,000 per depositor, per insured bank, per ownership category.

Learn More at FDIC.gov

* 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. Interest Rate and APY of a Certificate of Deposit account is fixed once the account is funded. [There is no minimum balance required to open your Account, to avoid being charged a fee, or to obtain the Annual Percentage Yield (APY) disclosed to you]

 

** The national rate referenced is from the FDIC's published Monthly Rate Cap Information for Savings deposit products. Visit the FDIC website for details.

 

1 There is no minimum balance required to open your Account, to avoid being charged a fee, or obtain the Annual Percentage Yield (APY) disclosed to you.

 

2 The interest rate and Annual Percentage Yield (APY) will be disclosed in your account-opening documents, which you will receive after funding your Account. The interest rate and APY for your CD will be fixed and will either be (i) the rate reflected at application submission or (ii) the rate being offered when your CD is funded, whichever is higher. All CDs must be funded within 60 calendar days from the time we approve your application or will be subject to closure. After the CD is opened, additional deposits 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 Consumer Deposit Account Agreement and Savings Schedules for additional information.

 

3 For purposes of transferring funds to or from an external bank, 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 processing on the next business day. Funds deposited into your account may be subject to holds. See the Funds Availability section of your Consumer Deposit Account Agreement and Savings Schedules for more information.

 

4 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.

 

5 IRA Contributions are subject to aggregate annual limits across all IRA plans held at American Express or other institutions. IRA distributions may be taxed and subject to penalties based on IRS guidelines. Required minimum distribution, if applicable, is only relevant to this IRA plan and does not take into consideration other IRA plans held at American Express or other institutions. Please see IRS.gov for more information. We recommend you consult with a financial or tax advisor when making contributions to and distributions from an IRA plan account.