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Business / Banking & cards / Statutory Trust Accounts

How it works

    • A Statutory Trust Account allows you to securely hold funds on behalf of your clients
    • Statutory Trust Accounts are required for legal practitioners, real estate agents, auctioneers, conveyancers, settlement agencies and other businesses to adhere to relevant state legislation
    • You can redirect fees and charges to a nominated transaction account
    • We’ll set up your Statutory Trust Account and pay interest directly to the relevant statutory body

Features & benefits

  • Keep track of your account

  • Enjoy easy access

    • Where allowed by relevant state legislation, access client funds through online banking, giving you the convenience of banking any time you choose
    • Access funds through your account chequebook or through our extensive branch network anywhere around Australia. Keep in mind there are costs associated with assisted transactions

  • Simplify deposits & manage payments faster

    Clients can deposit directly to their Statutory Trust Account through our extensive branch network or by electronic transfer.

Eligibility

    • Eligible businesses include legal practitioners, real estate agents, auctioneers, conveyancers, settlement agencies and other businesses required to have a Statutory Trust Account under the relevant state legislation.
    • Businesses must have the relevant industry license, practice certification or membership, as legal practitioners, real estate agents, auctioneers, conveyancers and settlement bodies. 
    • NSW Real Estate & Licensed Agents Statutory Trust Accounts – you must provide a Unique Identifying Number (UID) for each trust account. This is a requirement from NSW Fair Trading.
    • Domestic businesses (e.g. a sole trader, partnership or company) must have an Australian Business Number (ABN) or Australian company number (ACN) where relevant. 
    • Foreign companies that carry on business in Australia must be registered with ASIC. The eligibility of other types of foreign companies is to be determined on a case-by-case basis. 
    • You must have a valid transaction account with CommBank for redirection of applicable fees (such as monthly account fee).

    Refer to your relevant Statutory Body website for detailed requirements on opening a Statutory Trust Account. 

Statutory Trust Accounts for your state and industry

  • New South Wales

    • Solicitors Statutory Trust Account (NSW)
    • Real Estate & Licensed Agents Statutory Trust Account (NSW). Unique identification number (UID) required

  • Australian Capital Territory

    • Solicitors Statutory Trust Account (ACT)
    • Real Estate & Licensed Agents Statutory Trust Account (ACT)

  • Queensland

    • Solicitors Statutory Trust Account (QLD)
    • Real Estate & Licensed Agents Statutory Trust Account (QLD)

  • Northern Territory

    • Solicitors Statutory Trust Account (NT)
    • Real Estate & Licensed Agents Statutory Trust Account (NT)

  • Western Australia

    • Solicitors Statutory Trust Account (WA)
    • Real Estate and Business Agents (REBA) Statutory Trust Account (WA)
    • Settlement Agent Statutory Trust Account (WA)

  • South Australia

    • Solicitors Statutory Trust Account (SA)
    • Land Agent Statutory Trust Account (SA)

  • Victoria

    • Solicitors Statutory Trust Account (VIC)
    • Estate Agent Statutory Trust Account (VIC)
    • Conveyancer Statutory Trust Account (VIC)

  • Tasmania

    • Solicitors Statutory Trust Account (TAS)
    • Property Agent Statutory Trust Account (TAS)

Rates & fees

The Statutory Trust Account will pay interest directly to the relevant statutory body.

Description
Amount
Monthly base maintenance fee
$5*

 *$5 monthly base maintenance fee to be redirected to a nominated transaction account

Other Fees and Charges apply, refer to our Terms and Conditions. 

How to apply

Help & support

We can help

Things you should know

  • The target market for this product will be found within the product’s Target Market Determination, available here.

    This information has been prepared without taking into account your individual or business needs and objectives. Eligibility criteria applies. Interest rates are subject to change. Fees and charges may apply. You can view the Terms and Conditions, our Financial Services Guide and the Electronic Banking Terms and Conditions and should consider them before making any decision about these products and services.

    Refer to your relevant Statutory Body website for detailed requirements on opening a Statutory Trust Account.