I keep an emergency fund in a savings account where it is liquid and easy to access. It is a sizable amount, but my bank offers a laughable savings rate. It doesn't even pay enough over a year to require a form 1099-INT, which has a $10 threshold despite the fact that the balance is nearly a year's income. This is pretty standard for local banks, though, so no surprise.
Online savings accounts exist and offer a much more competitive rate. Unfortunately none of these banks will allow the account to be created in the name of a revocable family trust.
Does anyone know why? It shouldn't be that much harder or riskier for the bank to allow this. In fact it would seem that people who go to the trouble of creating a family trust would be more money-conscious, more likely to save, and more likely to carry a high balance.
But why won't these only online banks accept a trust?