Statutory Trust accounts
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
- 30 free transactions per month
- 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
- 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.
Please select your industry
Statutory Trust questions
A Statutory trust account is required in certain industries where funds need to be held on behalf of clients for particular purposes (e.g. Settlements and rental rolls). There are no listed beneficiaries for a Statutory Trust Account and there are no trust deeds. A Statutory Trust Account is not an operating account for running your day to day business. Some legislation refers to Statutory Trust Accounts as “general trust accounts”.
Standard Trust Account Questions
Yes, if you have trust deed (legal document that created the trust), trustee and beneficiaries for the standard trust account. The trust deed will show the name of trustee and beneficiaries. A standard or ordinary trust account is not a Statutory Trust Account.