Statutory Trust Account

Compliance made easy

Our Statutory Trust Accounts help you comply with statutory requirements.

 

Everyday benefits

  • 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

 

Branch transactions

15 fee-free transaction allowance and 15 fee-free cheque deposits or merchant envelope allowance monthly.

Stay up to date

SMS and email alerts1 to keep track of your account activity.

Easy access

Convenient access to trust funds via branch.

 

Fees and interest

 

Fees and interest
 Amount
Monthly account keeping fee $6 – for Land Agent’s, Broker’s and Valuer’s Statutory Trust Account
Nil – for Solicitor’s Statutory Trust Account
Transaction fees

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.
Interest
 Credit interest earned will be paid to the relevant statutory bodies in each state/territory.

 

How to Apply

Please read the Terms and Conditions before you apply for a Statutory Trust Account.

 

Visit a branch

Find your nearest branch by using the online locator

 

Frequently Asked Questions

BankSA 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

  • What is a Statutory Trust Account?
  • Do I need to open a Statutory Trust Account?
  • What type of Statutory Trust Account do I need to open?
  • What do I need to open a Statutory Trust Account?
  • What restrictions apply to a Statutory Trust Account?

Standard Trust Account Questions

  • Do I need to open a Standard Trust Account?
  • Who usually opens a Standard Trust Account?
  • What documents do I need to provide when opening a Standard Trust Account?
  • What type of accounts are used to open a Standard Trust Account?

 

Statutory Trust Account Customer Checklist

Please selector your industry

Please select state

SA or NT - Real Estate/Land Agent

1. Provide the bank with request (either verbally or in writing) to open a Statutory Trust Account.

2. Provide the bank with a copy of your Licence or Practicing Certificate to show what state or territory your business activity will be occurring.

3. Provide the bank with your business and personal details, for further information refer to our new customer checklist

 

SA - Solicitor

1. Provide the bank with request (either verbally or in writing) to open a Statutory Trust Account.

2. Provide the bank with a copy of your Licence or Practicing Certificate to show what state or territory your business activity will be occurring.

3. Provide the bank with your business and personal details, for further information refer to our new customer checklist

 

NT - Solicitor

1. Provide the bank with your Notification 77 (from NT Law Society).

2. Provide the bank with a copy of your Licence or Practicing Certificate to show what state or territory your business activity will be occurring.

3. Provide the bank with your business and personal details, for further information refer to our new customer checklist

 

SA or NT - Conveyancer

1. Provide the bank with request (either verbally or in writing) to open a Statutory Trust Account.

2. Provide the bank with a copy of your Licence or Practicing Certificate to show what state or territory your business activity will be occurring.

3. Provide the bank with your business and personal details, for further information refer to our new customer checklist

The Detail

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.

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.

BankSA - 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.