Goldiew Assessment
Midland Trust is a 50-year-old Fort Myers self-directed IRA custodian that joined Equity Trust Company on August 7, 2023. New accounts are now opened under the Equity Trust Institutional Services brand using a $350 per-asset (or portfolio-tiered) fee schedule. The Florida office continues to service existing Midland Trust accounts. For precious metals investors, this is a credible, BBB-accredited operation with a strong audit trail, though the Investopedia “Best Overall” recognition predates the acquisition and the integrated brand is no longer the small, independent Florida custodian some readers remember.
Important context: If you are researching “Midland Trust” expecting an independent Fort Myers operator, you should know that Midland Trust has been part of Equity Trust Company since August 7, 2023. Existing Midland clients still access their accounts through the midlandtrust.com portal; new applications now route through trustetc.com under the Institutional Services division. The fee schedule on this page reflects the current 2026 Equity Trust Institutional Services rates.
Custodian vs. dealer: what each one actually does
Opening a gold IRA always involves two separate companies. The dealer (Augusta Precious Metals, Birch Gold Group, Noble Gold Investments, or another precious metals firm) sells you the physical gold and silver. The custodian holds your IRA account, processes paperwork, and files required IRS reporting. Midland Trust is a custodian only. It does not sell metals, set spot prices, or recommend specific coins.
This distinction matters because the custodian determines how fast your account opens, how responsive support is, and what you pay in annual administrative costs over a 10 to 20-year hold. Choosing the right custodian is a separate decision from choosing the right dealer, and it deserves its own due diligence.
Company history and the Equity Trust acquisition
Midland Trust traces its roots to 1974, when it was founded in Fort Myers, Florida. It began acting as an IRA custodian in 1983, giving the entity more than four decades of self-directed retirement account experience. For most of that history, Midland Trust operated independently as a regional Florida custodian focused on real estate, precious metals, private placements, and other alternative assets.
On August 7, 2023, Equity Trust Company announced its acquisition of Midland Trust. According to the press release, Equity Trust CEO George Sullivan described the deal as part of a strategy to “provide the highest-quality products and services to our customers.” Equity Trust is the largest SDIRA custodian by volume in the United States and was already serving over $34 billion in assets at the time of the deal. The combined organization now holds over $71 billion in custody and administration as of June 2025, and operates offices in Westlake, Ohio (Equity Trust headquarters), Fort Myers (Midland Trust), Chicago, and Sioux Falls, South Dakota.
Practically, this means the Midland Trust brand still exists, the Fort Myers office is still staffed, and former Midland clients log in through midlandtrust.com. New accounts and most operations now run on Equity Trust systems and the current Equity Trust Institutional Services fee schedule. The Better Business Bureau profile for the combined entity (filed under Equity Trust Company in Westlake, OH) carries an A+ rating and BBB accreditation since January 30, 2024.
Recognition and credentials
Midland Trust was named “Best Overall” Self-Directed IRA Company by Investopedia for five consecutive years, from 2020 through 2024. That recognition spans both the independent and post-acquisition phases of the company. The Investopedia methodology evaluated company stability, fee transparency, account access, and the breadth of supported alternative assets.
As an IRS-approved nonbank trustee and custodian, the parent Equity Trust Company is supervised under federal and state banking regulations. The IRS maintains a public list of approved nonbank trustees and custodians at irs.gov, updated periodically. Equity Trust appears on that list.
Gold IRA services
Midland Trust (now operating under Equity Trust Institutional Services) supports Traditional, Roth, SEP, and SIMPLE self-directed IRAs. The self-directed designation is what allows the account to hold physical precious metals alongside other alternative assets that standard brokerage IRAs cannot touch.
For IRA-held metals, the IRS sets minimum purity standards:
- Gold: minimum 99.5% pure (American Gold Eagle, Canadian Maple Leaf, PAMP Suisse bars all qualify)
- Silver: minimum 99.9% pure (American Silver Eagle, 100 oz bars qualify)
- Platinum: minimum 99.95% pure
- Palladium: minimum 99.95% pure
Rare numismatic or collectible coins do not qualify, regardless of their gold content. The rule is strict. The full eligibility list appears in the IRS Retirement Plans FAQs on IRA Investments.
The purchase process follows a standard flow: you open the SDIRA online (one to three business days), fund it via rollover from a 401(k), 403(b), TSP, or existing IRA (two to four weeks at the sending institution), then direct Midland Trust in writing to purchase IRS-approved metals from your chosen dealer. Midland wires funds to the dealer, the dealer ships metals to an IRS-approved depository you select, and the depository confirms receipt to Midland Trust. Total timeline from application to metals in storage: typically four to eight weeks. A $150 rush transaction fee can compress some steps.
Midland Trust does not dictate which depository you use. Established options include Delaware Depository Service Company (Wilmington, DE), Brink’s Global Services (multiple US vaults), and International Depository Services (New Castle, DE). Both segregated storage (your specific coins set aside and identifiable) and commingled storage (your ownership share of a pool) are available through these depositories. Segregated storage typically costs more but provides clearer chain-of-title documentation.
Fee schedule (2026 Equity Trust Institutional Services)
The current Midland Trust fee schedule, dated Revision 010826 and effective in 2026, gives you a choice between two annual fee structures: a per-asset model or a portfolio-value tiered model. Most precious metals IRA investors holding a single gold position choose the per-asset Option 1.
| Fee category | Amount | Notes |
|---|---|---|
| Account setup (online application) | $50 | One-time, paid at opening |
| Account setup (paper application) | $100 | One-time, paper-based opening |
| Minimum cash balance (required) | $250 | Must be maintained at all times |
| Annual fee Option 1: precious metals (per asset) | $350/yr | Storage fees billed separately by depository |
| Annual fee Option 1: brokerage or bank account | $100/yr | Per traditional account held |
| Annual fee Option 2: $0 to $44,999 portfolio | $350/yr | Total portfolio value tier |
| Annual fee Option 2: $45,000 to $59,999 | $425/yr | Total portfolio value tier |
| Annual fee Option 2: $60,000 to $89,999 | $500/yr | Total portfolio value tier |
| Annual fee Option 2: $90,000 to $124,999 | $700/yr | Total portfolio value tier |
| Annual fee Option 2: $125,000 to $249,999 | $950/yr | Total portfolio value tier |
| Annual fee Option 2: $250,000 to $499,999 | $1,250/yr | Total portfolio value tier |
| Annual fee Option 2: $500,000 to $749,999 | $1,650/yr | Total portfolio value tier |
| Annual fee Option 2: over $750,000 | $1,850/yr | Total portfolio value tier (capped) |
| Precious metals transaction | $50 | Per purchase or sale |
| Wire transfer (domestic or international) | $30 | Each wire, outgoing or incoming |
| ACH transfer | $5 | $10 if submitted on paper |
| Rush transaction | $150 | Per expedited transaction |
| Distribution | Free | $25 for paper submissions; wire fees apply if applicable |
| Paper statement | $5 | Avoided by enrolling in eStatements |
| Special notification or research | $75 | Late FMV, valuation research, late documentation |
| Late fee (annual fee unpaid) | $50/month | $100 maximum |
| Past due fees | $20/month | After 30 days unpaid |
| Full account termination | $250 | To close or transfer out |
| Partial transfer out | $50 | Each partial transfer |
| Reinstatement fee | $250 | If account is closed for nonpayment |
What a $100,000 gold IRA actually costs per year at Midland Trust
The table below estimates realistic year 1 and ongoing annual costs for a single-asset precious metals IRA holding $100,000 in IRS-approved bullion. Depository fees are paid directly to the depository and vary by provider and storage type.
| Cost item | Year 1 | Year 2+ |
|---|---|---|
| Account setup (online, one-time) | $50 | 0 |
| Annual fee Option 1, precious metals (per asset) | $350 | $350 |
| Initial purchase transaction | $50 | 0 |
| Rollover incoming wire | $30 | 0 |
| Depository storage (estimated, commingled) | ~$100 | ~$100 |
| Estimated total | ~$580 | ~$450/yr |
On a $100,000 single-asset gold IRA under Option 1, ongoing annual costs run roughly 0.45% of assets. At $250,000, the same dollar amount represents about 0.18%. At $500,000, it falls to roughly 0.09%. The flat $350 per-asset structure pays off clearly at higher balances. Investors choosing Option 2 (portfolio-value tiered) would pay $1,250 at $250,000 and $1,650 at $500,000, making Option 1 the lower-cost choice for most single-asset gold IRA holders. The depository storage line in the table is an estimate. Commingled storage typically runs $100 to $150 per year; segregated storage runs $150 to $300 per year.
Choosing between Fee Option 1 and Fee Option 2
The two-option model is unusual in the SDIRA custodian space and worth understanding before you sign the application. The default is Option 1 if you make no selection.
- Option 1 (per asset): $350 per year for each precious metals asset; $100 for each brokerage or cash-only account. Best for: single-asset gold IRAs at any account size, and investors with two or three alternative assets in moderate-value accounts.
- Option 2 (portfolio-value tiered): Annual fee scales with total account value, from $350 up to $1,850. Best for: accounts holding several different asset types (real estate, private placements, notes) where the per-asset fee would stack up to more than the tiered rate. Note: accounts holding mortgage payable, futures, forex, or crypto are not eligible for Option 2 and must use Option 1.
For most readers of this review, a gold IRA holds one or two precious metals positions in a single SDIRA, so Option 1 is the lower-cost path.
Customer service and account access
Midland Trust accounts are now accessed through the Equity Trust client portal at trustetc.com. The portal provides 24/7 access to balances, transaction history, document uploads, and asset directive forms. Existing Midland Trust clients can still log in through midlandtrust.com, which redirects to the Equity Trust authentication system.
Phone support for the Fort Myers office reaches (239) 333-1032. The main menu offers options for existing clients, general inquiries, and 1031 exchange questions. National Equity Trust customer service can be reached at (888) 382-4727. Office hours are standard business hours Monday through Friday.
Mail and overnight delivery use two addresses. The Fort Myers street address (15671 San Carlos Boulevard, Suite 101, Fort Myers, FL 33908) handles overnight packages. The PO Box (PO Box 62957, Fort Myers, FL 33906) handles regular mail. The Fort Myers fax line is (239) 466-5496.
Which gold dealers will work with Midland Trust
Most major gold IRA dealers operate with their own preferred custodian relationships. Augusta Precious Metals, Birch Gold Group, and Noble Gold Investments each coordinate the custodian setup internally for new clients. That bundled approach is what makes the dealer experience seamless for first-time precious metals IRA holders, but it also means a self-selected custodian is not the default path.
Midland Trust functions as an independent third-party custodian option. An investor can open an account directly with Midland Trust and then direct the custodian to purchase metals from any IRS-compliant dealer. This route appeals to investors who:
- Want to choose their custodian separately from their dealer
- Already hold multiple alternative assets at Midland Trust and want to add precious metals
- Are migrating an existing Midland Trust SDIRA into precious metals
- Want to compare custodian fees independently before committing to a dealer
If you are working with a specific dealer and want to use Midland Trust as the custodian, confirm with the dealer first. Some dealers require their preferred custodian for the integrated paperwork process; others are flexible. This is a practical question worth asking before you open accounts with both.
Comparing gold IRA dealers? Read our verified reviews.
How Midland Trust compares to other SDIRA custodians
The table below summarizes the main custodians that gold IRA investors consider in 2026. Fees are based on published rates as of June 2026. Confirm directly with each provider before opening an account, as fee schedules change.
| Custodian | HQ | Annual fee (single PM asset) | Setup fee | BBB rating |
|---|---|---|---|---|
| Midland Trust (Equity Trust) | Fort Myers, FL | $350 (Option 1, per asset) | $50 online / $100 paper | A+ (parent) |
| Equity Trust Company (direct) | Westlake, OH | $225 to $2,250+ sliding scale | $50 | A+ |
| Madison Trust Company | Sioux Falls, SD | $420 (flat) | $50 | A+ |
| STRATA Trust Company | Waco, TX | $95 to $750+ (tiered) | $50 | A+ |
| Kingdom Trust Company | Murray, KY | $100 to $225+ (tiered) | $0 | A+ |
| GoldStar Trust Company | Canyon, TX | $150 to $250 | $50 | A+ |
A few observations worth highlighting from this comparison:
- Midland Trust at $350 per asset is slightly cheaper than Madison Trust ($420 flat) for a single-asset gold IRA at any account size.
- STRATA Trust and Kingdom Trust can be cheaper at the lowest tiers (under $75,000) where tiered fee structures stay below $350.
- Equity Trust Company (direct) uses the same parent system as Midland Trust but operates on a sliding scale that can climb above $2,000 per year for larger or multi-asset accounts. The Midland Trust per-asset Option 1 stays flat by comparison.
- GoldStar Trust remains the lowest-fee option among A+ custodians for small single-asset gold IRAs.
These comparisons are provided for informational purposes only. Consult your financial or tax advisor before selecting a custodian.
Pros and cons for gold IRA investors
Strengths
- 50-year track record. Founded 1974, custodian since 1983. One of the longest-running SDIRA operations in the country.
- Investopedia Best Overall SDIRA, 2020 to 2024. Five consecutive years of independent industry recognition.
- Choice between two fee models. Per-asset Option 1 ($350) or portfolio-tiered Option 2 lets investors match the structure to their actual asset mix.
- A+ BBB rating on the parent Equity Trust profile, accredited since January 2024.
- Broad alternative asset support. Precious metals, real estate, private placements, notes, crypto, futures, private stock all in one SDIRA.
- National scale post-acquisition. Combined $71 billion in custody and administration, four office locations, established back-office operations.
Limitations
- No longer the independent Fort Myers operator. Acquired by Equity Trust on August 7, 2023. Some service expectations from the independent era may not transfer to the integrated brand.
- $350 per asset is mid-range. Cheaper options exist at smaller account sizes (STRATA, Kingdom, GoldStar at under $300 for entry-level tiers).
- $150 rush fee is expensive. Among the higher expedite charges in the custodian space.
- $250 termination plus $50 partial transfer fee. Closing or moving assets out is meaningfully more expensive than at lower-fee competitors.
- Not bundled with a dealer. If you prefer a fully managed experience where one dealer coordinates the entire onboarding, the independent custodian route requires more self-direction.
- Past due penalties stack quickly. $50 per month late fee plus $20 per month past due, plus $250 reinstatement if the account is closed for nonpayment.
Who this custodian fits (and who should look elsewhere)
Midland Trust makes the most sense for investors who:
- Want an established, BBB-accredited custodian with a long operating history
- Plan to hold multiple alternative asset types in one self-directed account alongside precious metals
- Are already Midland Trust clients and want to add a precious metals position to an existing SDIRA
- Are comparing custodian fees independently and want a flat per-asset Option 1 rate
- Value the operational scale of being part of the largest SDIRA custodian by volume
Look at other options if:
- Your initial rollover is under $75,000 and you want the lowest possible custodian cost
- You want the dealer to manage the entire custodian coordination process for you (the bundled custodian path is typically simpler for first-time gold IRA holders)
- You prefer a smaller, independent custodian that has not been absorbed by a larger company
- You are outside the United States
Past performance of any investment is not a guarantee of future results. Consult your tax advisor before moving retirement funds. Goldiew is not a financial advisor.
Frequently asked questions
Is Midland Trust still an independent company?
No. Equity Trust Company acquired Midland Trust on August 7, 2023. The Fort Myers, Florida office is still open and continues to service former Midland Trust accounts, but the operation now runs under the Equity Trust Institutional Services brand. New account applications route through trustetc.com using the current Equity Trust fee schedule. Existing clients still access their accounts through the midlandtrust.com portal, which authenticates through the Equity Trust system.
What is the minimum to open a gold IRA at Midland Trust?
Midland Trust does not publish a minimum investment amount. Accounts must maintain a $250 minimum undirected cash balance at all times. The fixed annual fees set the practical cost floor: $350 per year for a single precious metals asset under Option 1, plus $50 for the initial purchase transaction and ongoing depository storage. On a $25,000 account, fixed annual costs of $450 would run 1.8% per year, making Midland Trust more cost-effective at $75,000 and above.
Can I use Midland Trust with Augusta Precious Metals, Birch Gold Group, or Noble Gold?
Technically yes, but in practice most major dealers operate with their own preferred custodian partners. Augusta Precious Metals, Birch Gold Group, and Noble Gold Investments each coordinate the custodian relationship as part of their bundled setup process. If you want Midland Trust specifically, confirm with your dealer whether they will coordinate with a self-selected SDIRA custodian. Some dealers require their preferred custodian for the integrated paperwork process; others are flexible. It is a practical question worth asking before you open accounts with both.
Does Midland Trust store gold at its own facility?
No. Midland Trust is a custodian only: it handles paperwork, tax reporting, and IRS compliance. Physical metals are stored at a separate IRS-approved depository that you select. Established options include Delaware Depository Service Company, Brink’s Global Services, and International Depository Services. You pay the depository directly for storage. Midland Trust does not charge a separate metals storage administration fee under the current Equity Trust Institutional Services schedule; the per-asset annual fee covers custodial recordkeeping.
What is the annual fee for a precious metals IRA at Midland Trust?
Midland Trust offers two annual fee options. Option 1 (per asset) charges $350 per year for each precious metals position. Option 2 (portfolio value) uses tiers ranging from $350 at under $45,000 to $1,850 at over $750,000. The default is Option 1 if no selection is made. For most single-asset gold IRA holders, Option 1 is the lower-cost choice because the per-asset fee stays flat regardless of account size. Investors with several different alternative asset types in one SDIRA may find Option 2 more economical.
How long does it take to open a gold IRA at Midland Trust?
Online account applications take one to three business days to process. The rollover from a 401(k), 403(b), or existing IRA is the longest step: your current plan administrator typically takes two to four weeks to process the outgoing transfer. After funds arrive, directing them to purchase metals and coordinating shipping to the depository adds another one to two weeks. Total timeline from application to metals in storage: four to eight weeks in most cases. Rush processing is available for $150 per transaction.
Does Midland Trust support Roth gold IRAs?
Yes. Midland Trust supports Traditional, Roth, SEP, and SIMPLE self-directed IRAs. The same fee schedule applies to all account types. The operational difference is in tax treatment: Roth IRAs are funded with after-tax dollars and qualified distributions are tax-free; Traditional IRAs use pre-tax dollars and distributions are taxed as ordinary income at withdrawal. The physical gold is held the same way in both cases, at an IRS-approved depository. Consult your tax advisor to determine which account type fits your situation before initiating a rollover.
Independent Verification
This review was produced by Goldiew’s research team based on publicly available information: the current Midland Trust / Equity Trust Institutional Services Account Fee Schedule (Form FS-0007-01, Rev. 010826, retrieved from midlandtrust.com June 2026), the Better Business Bureau business profile for Equity Trust Company (Westlake, OH), the official Equity Trust press release announcing the Midland Trust acquisition dated August 7, 2023, and the IRS approved nonbank trustees list. Goldiew has no affiliate relationship with Midland Trust Company or Equity Trust Company and received no compensation for this review. Facts were verified in June 2026.
Sources
- Midland Trust / Equity Trust Institutional Services, Account Fee Schedule, Form FS-0007-01, Rev. 010826, retrieved from midlandtrust.com June 2026
- Equity Trust Company press release, “Self-Directed IRA Custodian Equity Trust Acquires Midland Trust,” August 7, 2023, trustetc.com
- Better Business Bureau, Equity Trust Company profile (Westlake, OH), accredited since January 30, 2024, bbb.org, accessed June 2026
- IRS, “Approved Nonbank Trustees and Custodians,” irs.gov, accessed June 2026
- IRS Publication 590-A (2024), “Contributions to Individual Retirement Arrangements,” irs.gov
- IRS Publication 590-B (2024), “Distributions from Individual Retirement Arrangements,” irs.gov
- IRS, “IRA FAQs: Investments,” irs.gov
- Investopedia, “Best Self-Directed IRA Companies,” editorial recognition of Midland Trust as Best Overall 2020 through 2024
- SEC, Investor.gov, “Self-Directed IRAs and the Risk of Fraud,” investor.gov