Analysis of 1 offers shows an average rate of 0.01%, with the absolute market maximum reaching 0.01%. Flexible terms from 0 days are available at , while offers terms up to 0 days . The lowest entry is $1 (via Hume Bank).

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In-depth analysis of available financial offers. Compare detailed terms and explore expert insights to choose the most suitable option for your needs.

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ANZ Bank

ANZ Statutory Trust Account

💰 Fees & Rates

Monthly service fee: $0
Other fees and charges may apply

📋 Important Terms

Target Audience: Designed specifically for real estate agents, conveyancers, and solicitors
Regulatory Compliance: Helps professionals meet industry regulatory requirements for holding client funds
Interest Treatment: Interest is paid directly to the industry's governing body rather than the account holder
Access Channels: Funds can be accessed via ANZ Internet Banking, ANZ Internet Banking for Business, ANZ Phone Banking, branches, or optional cheque book

💡 Adviser’s Tip

Olesya Krasavtseva Analytic & Editor at Prostobank Consulting

The ANZ Statutory Trust Account is a specialized compliance tool that mirrors the IOLTA or trust account structures found in Canadian Big Five institutions like RBC or Law Society-approved accounts at TD. Its primary advantage is the zero-service-fee structure, which minimizes overhead for legal and real estate firms managing high volumes of client deposits. The main disadvantage is that the interest does not benefit the firm or the client directly, as it is diverted to industry regulators. This product is best suited for licensed Australian professionals who need a reliable, compliant vehicle for short-term escrow or settlement funds that satisfies strict jurisdictional audits.

📍 View official contacts for ANZ Bank

Bank of Melbourne

Statutory Trust Account

💰 Fees & Rates

Account-keeping fee: $6 per month.
Transaction allowance: 5 fee-free transactions and 5 fee-free cheque deposits per month.
Excess transaction fees: Charged once the monthly fee-free allowance is exceeded.

📋 Important Terms

Eligibility: Professional association members (solicitors, real estate agents, conveyancers) required by law to hold client funds.
Interest Policy: All earned credit interest is paid directly to relevant state/territory statutory bodies.
Prerequisite: Must have an eligible business transaction account to debit fees and charges.
Usage: Specifically designed for holding funds in trust according to Australian state legislation.
Applicant Age: 18+ years old for all applicants and signatories.

💡 Adviser’s Tip

Olesya Krasavtseva Analytic & Editor at Prostobank Consulting

The main advantage of the Statutory Trust Account is its specialized compliance structure, ensuring that professionals meet legal obligations for holding client funds across different Australian states. The primary disadvantage is the low fee-free transaction limit (only 5 per month) and the requirement of a secondary business account just to handle fees. Compared to Trust Accounts at Big Five institutions like RBC or TD, which may have complex tiered pricing, this account offers a straightforward flat monthly fee. It is best suited for Australian solicitors, real estate agents, and settlement agents who need a legally compliant vehicle for trust fund management with minimal monthly volume.

📍 View official contacts for Bank of Melbourne

BankSA

Statutory Trust Account

💰 Fees & Rates

$6 monthly account-keeping fee
Transaction fees apply once the monthly fee-free transaction or cheque deposit allowances are exceeded
All fees and charges are debited from a separate linked eligible business transaction account

📋 Important Terms

Designed specifically for solicitors, real estate agents, collection agents (QLD), conveyancers, and settlement agents (WA) to hold client funds in trust
Includes a monthly allowance of 5 fee-free transactions and 5 fee-free cheque deposits
All credit interest earned is paid directly to the relevant statutory bodies in each state or territory rather than the account holder
Applicants and all signatories must be 18 years or over, operating in Australia with an Australian address
Must be a member of a professional association and legally required to maintain a trust account
Requires an active, separate eligible BankSA business transaction account to cover operational fees and charges

💡 Adviser’s Tip

Olesya Krasavtseva Analytic & Editor at Prostobank Consulting

The main advantage of this account is its strict alignment with Australian state and territory legislative frameworks, offering specialized variations tailored for real estate agents, solicitors, and conveyancers to ensure full regulatory compliance. The main disadvantage is its restrictive fee-free threshold, offering only 5 transactions and 5 cheque deposits monthly before transaction fees apply, which can scale up operating costs quickly for active agencies. Compared to the professional escrow and trust programs of Canada Big Five institutions like RBC or BMO—which often bundle automated legal or real estate reporting features and handle complex multi-tier client ledgers natively—BankSA offers a fundamental, compliance-first repository that offloads its fee administration to a secondary operating account. This product is best suited for independent legal practitioners, boutique real estate brokerages, and conveyancers across Australia who need to legally isolate client deposit pools while keeping transaction volume relatively low.

📍 View official contacts for BankSA

Commonwealth Bank (CBA)

Statutory Trust Account

💰 Fees & Rates

Monthly account fee: 5 AUD (must be redirected to a valid CommBank transaction account) Assisted transaction fees may apply for branch deposits and withdrawals

📋 Important Terms

Restricted to legal practitioners, real estate agents, auctioneers, conveyancers, and settlement agencies Must hold the relevant industry licence, practice certification, or membership NSW Real Estate and Licensed Agents must provide a Unique Identifying Number (UID) Must hold an ABN or ACN, or be registered with ASIC for foreign companies A separate CommBank transaction account is mandatory for the redirection of fees Interest earned on the account is paid directly to the relevant statutory body, not the account holder Must be opened in-branch with an Authority for Business Account form

💡 Adviser’s Tip

Olesya Krasavtseva Analytic & Editor at Prostobank Consulting

The CommBank Statutory Trust Account is a highly specialized product built strictly for regulatory compliance. Its primary advantage is its seamless digital integration with major accounting software like Xero, MYOB, and Wiise, which significantly reduces the administrative burden of manual reconciliations. The main disadvantage is the administrative friction of requiring a secondary, separate CommBank transaction account solely to process the 5 AUD monthly fee, as well as the necessity to visit a branch to open the account. Compared to equivalent trust accounts offered by NAB, Westpac, or ANZ, CommBank provides superior digital visibility through its award-winning CommBiz and NetBank platforms. This account is best suited for licensed domestic professionals who are legally mandated to hold client funds in a secure, audited environment.

📍 View official contacts for Commonwealth Bank (CBA)

Hume Bank

Professional Trust account

Rate: 0.01%

Sum: $1

NAB

NAB Statutory Trust Account

💰 Fees & Rates

Fees and charges may apply depending on your specific industry, state, or territory All bank or government fees are charged to a separate, mandatory business transaction account

📋 Important Terms

Restricted exclusively to businesses legally required to keep client money in trust, such as solicitors, real estate agents, and conveyancers Credit interest earned on the account is automatically paid directly to the industry's governing body, not the account holder Requires the customer to have an active NAB business transaction account open simultaneously for fee deductions No minimum account balance is required to maintain the account

💡 Adviser’s Tip

Olesya Krasavtseva Analytic & Editor at Prostobank Consulting

The NAB Statutory Trust Account is a strictly compliance-focused tool built for regulated professions. Its primary advantage is the automated routing of interest payments to industry governing bodies, ensuring your practice remains legally compliant without manual intervention. The main disadvantage is that the account itself cannot be used to pay its own operational fees; it requires you to maintain and potentially pay for a separate NAB business transaction account. Compared to equivalent trust accounts from Commonwealth Bank, Westpac, or ANZ, NAB's offering stands out due to its seamless visibility alongside the highly-rated NAB Connect and NAB Internet Banking platforms. This product is exclusively suited for solicitors, real estate agents, and conveyancers who need a reliable, legally compliant vault for client funds.

📍 View official contacts for NAB

St. George Bank

Statutory Trust Account

Suncorp Bank

Statutory Trust Accounts

💰 Fees & Rates

Account-keeping fee: No Fee
Branch deposits: Free
Deposits: Free
External Payments: Free
Direct Credits: Free

📋 Important Terms

Eligibility: Specialized account for Queensland solicitors legally required to hold client monies
Permitted Uses: Conveyancing, probate work, litigation settlements, commercial transactions, and matrimonial money under Court Order
Security: A Security Token Code is required for every electronic transaction
Interest: No interest is paid to the account holder; all interest earned is paid to the Department of Justice and Attorney General
Reporting: Monthly statements provided via post or eStatements
Payment Requirements: Business Payments Credit requires an Australian Payments Clearing Association Identification

💡 Adviser’s Tip

Olesya Krasavtseva Analytic & Editor at Prostobank Consulting

The Suncorp Bank Solicitor’s Trust Account is a specialized compliance product that mirrors the "IOLTA" (Interest on Lawyer Trust Accounts) or designated trust accounts offered by Canada's "Big Five" (RBC, TD, BMO, Scotiabank, CIBC). Its primary advantage is the robust fee-free structure for core transactions and branch deposits, which is essential for legal practices managing high volumes of client funds. The main disadvantage is the strict jurisdictional limitation to Queensland legal requirements and the lack of interest retention for the account holder. This product is best suited for legal practitioners in Queensland who require a secure, highly regulated environment for managing litigation settlements and commercial transaction funds while maintaining strict adherence to statutory obligations.

📍 View official contacts for Suncorp Bank

Westpac Bank

Statutory Trust accounts

💰 Fees & Rates

Account-Keeping fee: 0 AUD Transaction fees: Allowable transaction methods and their associated fees may vary between States/Territories and account types, requiring a separate linked business account to debit charges

📋 Important Terms

Age requirement: 18+ years old for applicant and all signatories Location: Must be operating in Australia with an Australian address Professional requirement: Must be a member of a professional association and legally mandated to deposit client funds in statutory trust accounts Eligible professions: Solicitors, real estate agents, conveyancers, collection agents (QLD), settlement agents (WA), and motor dealers (WA and QLD) Account requirement: Must hold an eligible business transaction account to cover potential fees Interest terms: Credit interest earned is paid directly to the relevant statutory bodies in each state/territory, not the account holder

💡 Adviser’s Tip

Olesya Krasavtseva Analytic & Editor at Prostobank Consulting

The Statutory Trust Account is a mandatory, highly regulated product for specific professional sectors. Its primary advantage is ensuring full compliance with Australian state and territory legislation for holding client funds, supported by a 0 AUD account-keeping fee. The main disadvantage is that the account holder yields no interest on the held funds, as all earnings are automatically remitted to statutory bodies, and a separate transaction account must be maintained to cover any operational fees. When compared to statutory trust options provided by Commonwealth Bank, NAB, and ANZ, the features are virtually identical because the product is governed by strict legal frameworks rather than commercial banking competition. This account is exclusively designed for law firms, real estate agencies, conveyancers, and other licensed agents legally required to hold money in trust for their clients.

📍 View official contacts for Westpac Bank

Author: Prostobank Consulting

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