Statutory Trust Account

Our Statutory Trust Accounts help you comply with statutory requirements.

Essentials

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	Amount
Account-keeping fee (formerly known as ‘Monthly Account Keeping fee’)	$6
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.

Eligibility requirements

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

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

Visit a branch

Find your nearest branch by using the online locator

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

What is a Statutory Trust Account?

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”.
Do I need to open a Statutory Trust Account?
Yes, if your customer's business belongs to an industry that is required to have Statutory Trust Account, such as one of the industries below:
- Real Estate/Property Agent
- Law Firm/Solicitor
- Conveyancer
AND you are required by law/state/territory legislation to deposit funds held on behalf of your clients in a trust account with a financial institution to meet regulatory requirements.
What type of Statutory Trust Account do I need to open?
- If you are a Real Estate Agent/Property Agent then you need to open Real Estate Statutory Trust account.
- If you are a Law Firm/Solicitor then you need to open Solicitor Statutory Trust account.
- If you are a Conveyancer then you need to open Conveyancer Statutory Trust account.
What do I need to open a Statutory Trust Account?
- Firstly, you will need to open one of our business transaction accounts (either Freedom Business Account or Business Cheque Account Plus), for bank or government fees and charges, and debit interest relating to the Statutory Trust Account to be charged.
- If you already have existing business transaction account with us, then you can use the existing business transaction account for bank or government fees and charges, and debit interest relating to the Statutory Trust Account to be charged.
What restrictions apply to a Statutory Trust Account?
Statutory Trust Accounts are governed by state/territory legislation, you need to ensure that you comply with the requirements for your industry and state/territory, these may include:
- Limitations on account access (e.g. no cash transactions)
- Naming conventions for your account, including identification numbers that may be issued
- Documentation to support our application
- A requirement to redirect fees and interest

Statutory Trust Account Customer Checklist

Please select your industry

Real Estate/Property Agent

Law Firm/Solicitor

Conveyancer

VIC - Real Estate/Property 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

VIC - Law Firm/Solicitor

1. Provide the bank with your Notification of Trust Account Details.

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

VIC - Conveyancer

1. Provide the bank with your Notice of Opening a Trust Account form.

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.

Bank of Melbourne - A Division of Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714.