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Business / Bank accounts / Statutory Trust Accounts

Features & benefits

Designed with industry requirements in mind

Hold your client’s money securely and adhere to relevant state legislation.

Simplify deposits & manage payments faster

Deposit directly to your Statutory Trust Account online or through our extensive branch network (assisted transaction fees may apply). 

Easy access to your account

Where allowed by relevant state legislation, access client funds through online banking and/or your account chequebook (assisted transaction fees may apply).  

Award winning digital banking^

Easily manage your Statutory Trust Account. 

24/7 visibility of your account

  • Make and take payments through the CommBank app, NetBank or CommBiz. 

Track transactions as they happen

  • Integrate your online accounting software, like Xero, MYOB, QuickBooks or Wiise with your bank account to save time on admin and manual reconciliations.

Rates & fees

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

  • $5

    Monthly account fee must be redirected to a valid CommBank transaction account maintained and nominated by you.

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

Eligibility

    • Eligible businesses must have the relevant industry license, practice certification or membership, as legal practitioners, real estate agents, auctioneers, conveyancers and settlement bodies. Refer to the relevant statutory bodies if you are required to hold this account.
    • 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 conduct 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 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).

  • 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)

How to apply

  • Ready to apply?

    • You'll need to visit a branch with a completed Authority for Business Account form. 
    • You'll also need an eligible business transaction account to direct fees to. 
    • Here's some info about the documents you may need.

    Book appointment

    Download form

FAQs

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Things you should know

  • ^ The Canstar 2023 Bank of the Year Award was received in June 2023 for Digital Banking. For more information, visit canstar.com.au.

    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.