Trust Accounts at Mercury

Mercury Personal supports accounts titled in the name of a revocable living trust.

What is a trust account?

A trust account is a bank account owned by a trust instead of an individual or group of individuals.

Many people use trusts to organize assets like bank accounts, real estate, investments, and property titles under a single legal structure, even when those assets are spread across different institutions and locations.

Trusts are commonly used to simplify estate planning, avoid probate, and manage shared household finances.

Existing trusts can now apply for banking services through Mercury Personal.

What trust types does Mercury support?

Mercury currently supports:

• Revocable living trusts

At this time, Mercury does not support:

• Irrevocable trusts
• Special needs trusts
• Court-supervised trusts
• Charitable trusts
• Business or institutional trust structures

Who can open and manage a trust account?

Trust accounts must be opened by a trustee. Trustees are the individuals authorized to manage and operate the trust account.

At this time, access to Mercury trust accounts is limited to verified trustees and grantors associated with the trust during onboarding. Beneficiaries do not receive account access.

Additional users, custom roles, and limited access permissions are not currently supported for trust accounts.

If you need to update trustees, grantors, or beneficiaries on a trust account after onboarding, please contact support at personal@mercury.com.

How onboarding works

Opening a trust account is similar to opening a Mercury Personal account, with a few additional steps.

During onboarding, we’ll ask for:

• Trust information
• Trustee information
• Grantor information
• Beneficiary information
• Identity verification

All trustees, grantors, and beneficiaries associated with the trust must be listed during onboarding.

You’ll also be asked to review and sign a Mercury-generated Certificate of Trust during the application process.

At this time, Mercury does not require uploading full trust documents during onboarding.

Who can access a trust account?

At this time, access to Mercury trust accounts is limited to verified trustees and grantors associated with the trust during onboarding.

Beneficiaries do not receive account access.

Additional users, custom roles, and limited access permissions are not currently supported for trust accounts.

If you need to update trustees, grantors, or beneficiaries on a trust account after onboarding, please contact support at personal@mercury.com.

How FDIC insurance works for trust accounts

FDIC insurance for revocable trust accounts is based on:

• The number of owners (grantors)
• The number of qualifying beneficiaries
• The insured banks holding the deposits

Under FDIC rules, funds in a revocable trust deposit account at an FDIC-insured bank are insured up to $250,000 per owner, per qualifying beneficiary, per insured bank, subject to FDIC rules and documentation requirements.

Mercury currently supports up to five beneficiaries per trust account.

Assuming all beneficiaries are qualifying and unique, the maximum FDIC insurance coverage for a single-owner trust account is:

Mercury may also use sweep networks that distribute funds across multiple FDIC-insured banks, which can increase total FDIC coverage available to eligible deposits. Coverage depends on account ownership, beneficiary structure, and applicable FDIC rules.

For more information about your specific coverage, we recommend using the FDIC’s EDIE calculator or speaking with the FDIC directly.

Important notes about beneficiaries:

• Only qualifying and unique beneficiaries count toward expanded FDIC coverage.
• Naming the same beneficiary multiple times will not increase coverage. Some beneficiary types — such as estates, charities, corporations, or other trusts — may be treated differently under FDIC rules.
• Mercury requires beneficiary information to be maintained in bank records in order for revocable trust FDIC coverage rules to apply.

How tax reporting works

Revocable trust accounts are generally reported using the tax information of a designated primary grantor associated with the account.

For trusts with multiple grantors, Mercury uses one primary grantor for tax reporting and 1099 issuance purposes.

Mercury does not provide tax advice. If you have questions about your trust structure or reporting obligations, consult a qualified tax professional.

FAQs

Can I transfer my existing trust to Mercury? 

Yes.

You do not need to create a new trust to open a Mercury trust account. During onboarding, you’ll provide information about your existing revocable living trust and complete Mercury’s trust onboarding process.

Once your account is approved, you can move funds into your new Mercury trust account using ACH transfers, wires, checks, or other supported funding methods.

Which banking features are supported in trust accounts?

Trust accounts support many of the same core banking features available in Mercury Personal, including:

• Checking and savings accounts
• Sub-accounts
• Debit cards
• ACH transfers and wires
• Automated transfers, account automations, and AI-powered features like Insights and Command.
• Interest-bearing Savings accounts that earn the same rate as your other Mercury Personal Savings accounts
• Joint or shared account access for multi-trustee trusts
• Expanded FDIC insurance eligibility for qualifying trust accounts

At this time, some Mercury Personal features may not be available for trust accounts, including Mercury Invest.

Can I invite accountants, assistants, or limited access users?

Not at this time.

Currently, trust account access is limited to verified trustees and grantors associated with the trust during onboarding.

Can I add a trust as a beneficiary of my trust account?

Yes. Similar to joint accounts and individual accounts, you may list a trust or up to five individuals as the beneficiary of your Trust Account. Unlike joint accounts and individual accounts, beneficiaries of trust accounts must be listed in your application for a trust account. After your trust account is created, you cannot add, update, or remove beneficiaries self-serve via the Mercury dashboard. If you need to make beneficiary changes to your trust account after onboarding, please contact support at personal@mercury.com.

Additional review or documentation may be required depending on the requested change.

Can I convert my existing Mercury Personal account into a trust account?

Not at this time.

You’ll need to apply for a separate account at Mercury which will be titled in the name of the existing account, at which point you’ll be able to move any existing funds into your new trust account from any Mercury or external account you already have.

Can I open a trust account with another person?

Yes. Mercury supports trust accounts with multiple grantors and multiple trustees, depending on your trust structure.

Can I add or remove trustees, grantors, or beneficiaries later?

If you need to make changes to your trust account after onboarding, please contact support at personal@mercury.com.

Additional review or documentation may be required depending on the change requested.

This article summarizes FDIC rules and Mercury product limitations. It is not legal or tax advice. FDIC rules govern ultimate insurance determinations. Please consult the FDIC website (www.fdic.gov) or your legal advisor for additional information.

Mercury is a fintech company, not an FDIC-insured bank. Banking services provided through Choice Financial Group and Column N.A., Members FDIC.