Statutory Trust Account
- If you are a solicitor, real estate agent, collection agent (QLD), conveyancer, or settlement agent (WA), 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, and it may require you to provide certain details or documents at account opening.
- To help you pull together the account-opening information we’ll need to comply with statutory requirements, please refer to our Statutory Trust Account checklist. We have also put together Statutory Trust Account FAQs to help answer any questions you have.
What do you get?
- Helps you comply with statutory requirements when holding clients’ funds in trust
- 15 fee-free transaction allowance and 15 fee-free cheque deposits
- Statutory Trust – Real Estate Agents account is suitable for real estate agents (in all states) and collection agents (in Queensland)
- Statutory Trust – Solicitors account is suitable for solicitors
- Statutory Trust – Conveyancers and Settlement Agents account is suitable for conveyancers (in all states) and settlement agents (in Western Australia).
Fees and interest
Credit interest earned will be paid to the relevant statutory bodies in each state/territory.
|Fees and interest
|Account-keeping fee (formerly known as ‘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.|
- 18+ years old (applicant plus all signatories)
- Operating in Australia with an Australian address
- Must be a member of a professional association and required by law to deposit funds held on behalf of clients in statutory trust accounts
- Needs an eligible business transaction account from which fees and charges can be debited.
How to apply
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
Please select your industry
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, Conditions, 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.
1 SMS alerts cost 25 cents each and email alerts are free.