Statutory Trust Account
- If your business is a solicitor’s office, real estate agency, and conveyancer, then you may be required by law to deposit funds held on behalf of your clients into a Statutory Trust Account.
- This is a special type of account designed to comply with statutory requirements, that may require you to provide certain details or documents at account opening.
- Real Estate Statutory Trust account is suitable for real estate agents.
- Solicitors Statutory Trust account is suitable for solicitors.
- Conveyancers Statutory Trust account is suitable for conveyancers.
What you get
15 fee-free transaction allowance and 15 fee-free cheque deposits or merchant envelope allowance monthly.
Convenient access to trust funds via branch.
Fees and interest
|Fees and interest
|Monthly account keeping fee||$6|
Charged when monthly fee-free allowance is exceeded
Read more about fees and charges and how to minimise them
Allowable transaction methods may vary between States/Territories and account types.
||Credit interest earned will be paid to the relevant statutory bodies in each state/territory.|
How to Apply
Frequently Asked Questions
Bank of Melbourne can assist you with our Statutory Trust Accounts. To help you with the information we will need from you when opening one of these accounts, we have put together our Statutory Trust Account checklist, so you can be sure that your account complies with statutory requirements.
We have also put together Statutory Trust Account FAQs to help answer many of the questions you may have.
Statutory Trust Account Questions
Standard Trust Account Questions
Conditions and fees apply.
The information on our website is prepared without knowing your financial circumstances. Before deciding to acquire or hold a product, please read the Terms and Conditions.
- Business Accounts and Payment Services Terms and Conditions
- Business Accounts and Payment Services Fees and Charges
- Business Accounts Interest Rates at a glance
Consider if the product is appropriate for you. The Terms and Conditions are important and we encourage you to review, save and print them. If you would like a paper copy ask at your local branch.
Bank of Melbourne - A Division of Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714.
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