Statutory Trust Account
Transaction & Savings AccountsData Sharing Status
This product is a specific purpose account for members of professional associations such as solicitors, real estate agents, conveyancers, motor dealers who are required to meet specific legal requirements when holding and managing funds on behalf of their clients.
Fees
| Fee | Type | Amount |
|---|---|---|
| Account Keeping Fee Charged monthly | Ongoing | $6.00 |
| Internet Banking | Transaction | $0.00 |
| Phone Banking | Transaction | $0.00 |
| EFTPOS | Transaction | $0.00 |
| Bank@Post | Transaction | $0.00 |
| Direct Credit | Deposit | $0.00 |
| Direct Debit | Withdrawal | $0.00 |
| Staff assisted transactions | Transaction | $3.00 |
| Cheque Clearing (withdrawal) | Withdrawal | $3.00 |
| Cheque Clearing (deposit) |
Features
- Free transactions — 5
- 5 fee-free transaction allowance and 5 fee-free cheque deposits
- Notifications — Stay up to date : SMS and email alerts to keep track of your account activity.
- Helps you comply with statutory requirements when holding clients' funds in trust
- 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.
- Digital banking
- With PayTo, you can see, review and authorise all new PayTo payments for things such as recurring bills, memberships and subscriptions before the money leaves your account.
- Statutory Trust ? Real Estate Agents account is suitable for real estate agents (in all states) and collection agents (in Queensland)
Eligibility
- Minimum age — 18 yearsApplicant 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.
More Information
Published by Bank of Melbourne under the Consumer Data Right · Last updated 29 June 2026 · Product ID BOMTrBusStatutoryTrustAccount · View on CDR.gov.au · View Source Data (JSON)