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A bank trust account is a type of savings account that is held in the name of a trust. The account is managed by a trustee, who has the authority to withdraw funds from the account for the benefit of the trust's beneficiaries. The trustee is typically a bank or financial institution, but can also be an individual.

A Trust deed is a legal document that comprises and sets out the terms and conditions of creating and managing a trust. It involves the objective of the trust established , the names of the beneficiaries and the amount of lump sum income they will receive and even the method by which they will receive the payment.

A Trust checking account makes it easy for your Trustees to pay off debts and distribute inheritances without draining other assets or relying on outside funds. It also makes it easy to track the money going out and its Beneficiaries.

Opening a trust account To open a trust account, check the documentation required by the bank where the account will be opened. Although each bank's requirements differ, most require the trust agreement, or document that sets up the trust and appoints the trustee, as well as two pieces of personal identification.

Make sure you have certification of Trust or written Trust agreement documents before you start your application, as well as contact information, birth date and identification number of each Trustee. You'll need to send us copies of: Description of Trust, including the formal name of the Trust, Grantors and Trustees.

Trust Bank's base interest rate of 1.5% p.a. with no conditions is lower than what some other no-frills accounts are offering. For union members, the interest rate of 2.5% p.a. offered by Trust is still lower than the interest rate offered by the best savings accounts with the highest interest rates in Singapore.

Not all bank accounts are suitable for a Living Trust. If you need regular access to an account, you may want to keep it in your name rather than the name of your Trust. Or, you may have a low-value account that won't benefit from being put in a Trust.