Question:
We have a living trust in a bank which has a very small interest rate. Can we transfer this account to a high interest account at another bank. How do we do this?
Response:
Yes. You will have to go through the same steps you did in opening up your original account. They are really not much different from opening up any other bank account. The new bank will no doubt want a copy of the trust and for the trustees to sign signature cards. You’ll have to provide the bank with the trust tax identification number. If this is a revocable trust, that’s likely to be the same as the grantor’s Social Security number. Otherwise, the trust should have its own number. Once you have taken those steps to open the account (plus whatever else the new bank requires) you should be able to move the money by check or wire transfer.
