Retention Trust Account
Regulated Trust AccountsData Sharing Status
A Retention Trust Account must be opened when the construction contract includes a requirement to hold cash retention amounts. It?s used to hold cash retention amounts for eligible contracts until payments to contractors are made. You can have one or more Retention Trust Accounts for your eligible contracts.
Fees
| Fee | Type | Amount |
|---|---|---|
| Account Keeping Fee Charged monthly | Ongoing | $0.00 |
| Staff-Assisted Withdrawal | Withdrawal | $3.00 |
| Staff-Assisted Deposit | Deposit | $3.00 |
| Self-Service (Electronic) Withdrawals | Withdrawal | $0.00 |
| Self-Service (Electronic) Deposits | Deposit | $0.00 |
| Periodical Payments | Transaction | $0.00 |
| Group Telephone Banking | Transaction | $0.00 |
| Online Banking Account enquiries are always free when you use Online Banking. | Transaction | $0.00 |
Features
- 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.
- Digital banking
- Fraud protection
- The product includes fraud protection features.
- Relationship management
- Relationship management is available for eligible customers.
- Limits to account access (e.g., no cash transactions, and no access to debit cards, cheques and deposit books)
- Withdrawals from accounts can only be used as payments to beneficiaries, as required by law
- Gives your contractors confidence that funds are available
Eligibility
- Minimum age — 18 years18+ years old (applicant plus all signatories)
- Party to a building or construction contract that?s eligible under the Building Industry Fairness (Security of Payment) Act 2017
- Operating in Australia with an Australian address
- Hold a separate designated business account with the same issuer from which fees and charges can be debited.
More Information
Published by Westpac under the Consumer Data Right · Last updated 24 June 2026 · Product ID RetentionTrustAccount · View on CDR.gov.au