Statutory Trust account
Regulated Trust AccountsData Sharing Status
Our Statutory Trust Accounts help you comply with statutory requirements.
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 |
| Cheques Collected / Deposited | Event | $3.00 |
| Cheques Written | Event | $3.00 |
| Overdrawn Fee $15.00 per occurrence | Event | $15.00 |
Features
- If your business is a solicitor?s office, real estate agency, 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, that may require you to provide certain details or documents at account opening.
- Helps you comply with statutory requirements when holding clients? funds in trust
- Statutory Trust for Real Estate Agents account is suitable for real estate agents (in all states) and collection agents (in Queensland)
- Statutory Trust for Solicitors account is suitable for solicitors
- Statutory Trust for Conveyancers and Settlement Agents account is suitable for conveyancers (all states) and settlement agents (in Western Australia)
- Fraud protection
- The product includes fraud protection features.
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 Westpac under the Consumer Data Right · Last updated 1 April 2026 · Product ID StatutoryTrustAccount · View on CDR.gov.au