How Do I Open a Trust Account at Salem Five?
Yes. Salem Five opens deposit accounts in the name of a revocable living trust. What Salem Five publishes about opening an account in the name of a revocable living trust, and what the successor trustee brings after a death.
Opening a trust account at Salem Five
Account type: Checking, Savings, CD
Where to open it
In a branch or by mail
Opening or retitling
- In a branch
- Available
- By mail
- Available
- Co-trustees
- All must sign or appear
- Estimated time
- Up to 10 business days after the bank receives the application
Documents to bring
- Completed trust account application
- Completed W-9 form
- Completed Delegation of Trustee Powers form
- A copy of a government-issued photo ID
- A notarized copy of the certificate of trust or the trust document
- A funding check of at least $10 per account
Steps at Salem Five
- 1Complete the Salem Five trust account application, a W-9 and the Delegation of Trustee Powers form, which every named trustee signs.
- 2Mail them to Salem Five Bank, Attn: Account Opening, 210 Essex Street, Salem, MA 01970, with a copy of your photo ID, a notarized copy of the certificate of trust or the trust document, and a check for at least $10 per account.
- 3A trust with its own EIN cannot use the mail application; it opens the eligible products in person at a branch.
What it costs
Salem Five does not state the fee-waiver balance for a trust account.
- Opening deposit
- $10 per account
- Monthly fee
- Not stated for trust accounts; it depends on the product the trust opens
- Schedule that applies
- The Consumer Banking Fee Schedule (effective September 1, 2026)
| Account | To open | Monthly fee | Waiver or condition |
|---|---|---|---|
| Classic Five Checking | $10 | No Charge | |
| Club Five Checking | $10 | $25.00 | $25,000 or more in combined balances |
| Classic Five Savings | $10 | $5.00 | Minimum daily balance of $500 |
| Gold Star Money Market | $10.00 | No Charge |
Once it is open
- Checks
- Available
- Debit card
- Issued
What to know at Salem Five
The mailed application opens the trust account under the Social Security number of the grantor or trustee. Supporting documents and questions can also go to accountopening@salemfive.com.
Not in Salem Five's published guidance
- Whether it can be opened online or by phone
- Whether it has its own certification of trust form
- Whether an existing account can be retitled to the trust
- Whether a branch appointment is needed
- Whether you must already bank there
- Whether the account comes with online banking
General information about each bank's published trust-account requirements, not legal or banking advice. Requirements vary by state and account type. Consult the institution for its current requirements. Data verified Oct 27, 2026
Salem Five does not say whether a trust account can be opened online; it states that the account is opened in a branch or by mail.
Salem Five lists: Completed trust account application; Completed W-9 form; Completed Delegation of Trustee Powers form; A copy of a government-issued photo ID; A notarized copy of the certificate of trust or the trust document; A funding check of at least $10 per account. What proves the trust: a certification of trust or the full instrument.
Salem Five states that a revocable trust account is opened under the grantor's Social Security Number or the trust's EIN.
A trust account is a deposit account titled in the name of a trust rather than a person — for a revocable living trust, typically "[Trustee name], Trustee of the [Trust name]". While the grantor is alive and serving as trustee, the account is the grantor's to use; the trust title is what keeps the funds out of probate and lets the successor trustee take over without a court appointment.
A trust account holds assets that were titled to a trust before death, and the successor trustee takes control of it under the trust document. An estate account is opened after death by the court-appointed executor or administrator, under the estate's own EIN, for assets that were not in a trust and pass through probate. A family with a funded revocable trust may need only the trust account; a family with a will, or no will, opens an estate account.
Sources
Data sourced from Salem Five primary sources (4 pages reviewed). How we research.
Is this your situation?
Get a complete guide for your specific circumstances.
New Baby or Adoption
Your family is growing. Your protection should too. Guardian nominations, trusts for minors, beneficiary updates, and the documents new parents need in place.
Learn more
Marriage
What married couples need in place: one joint trust or two, wills, beneficiary updates, and the spousal rights your state grants you automatically.
Learn more
New Home
How to put your house in a revocable trust: the deed you record, what it does to your mortgage and property taxes, and when a TOD deed is simpler.
Learn more
Retirement
Retirement changes your financial picture. Healthcare directives, beneficiary reviews, long-term care planning, and protecting what you've built.
Learn moreForms for Planning and Settling an Estate
Free state-specific forms for planning an estate or settling one: a will, living trust, powers of attorney, TOD deed, and every probate form an executor files.
Revocable Living Trust
Create a revocable living trust to avoid probate, protect privacy, and control asset distribution.
Affidavit of Death
Put a joint owner's or a transfer on death deed owner's death on the land records with the affidavit your state's statute names, laid out for recording.
Tools for Planning and Settling an Estate
Free calculators and checklists for planning or settling an estate, by state: will and trust costs, probate, executor and trustee pay, and inheritance taxes.
What's Fair Trustee Compensation?
Find out what fair compensation looks like for serving as trustee.
How Do I Settle a Trust?
Personalized plan for settling a trust after the grantor passes away.
How Many Death Certificates Do I Need?
Calculate how many certified death certificates you need and see ordering info for your state.
Do I Need Probate?
Find out if an estate needs probate or qualifies for simplified procedures.
How Much Does a Revocable Living Trust Cost?
Compare revocable living trust costs across providers including online services and attorneys.
How Does SimplyTrust Compare to LegalZoom, Trust & Will, and Other Services?
Compare what it costs to make a trust official across SimplyTrust, LegalZoom, Trust & Will, Rocket Lawyer, and Quicken WillMaker.