What are trust business accounts in Australia?
It is a bank account specifically designed for managing funds held in trust. Trust accounts are commonly used by individuals or entities acting as trustees to hold and manage assets on behalf of beneficiaries. These accounts are subject to specific regulations and requirements to ensure proper handling and accountability of the trust funds.
Features of trust business accounts:
- Trust business accounts are used to hold funds that are entrusted to a trustee for the benefit of one or more beneficiaries.
- The accounts are established based on a legal agreement known as a trust deed.
- Trust business accounts operate similarly to regular business accounts, allowing trustees to deposit, withdraw, and manage funds on behalf of the trust.
- The accounts are subject to specific regulatory requirements to safeguard trust funds and ensure transparency and accountability.
- Trusts are taxed differently from individual or company accounts, and trustees may be responsible for paying taxes on behalf of the trust.
Calculate future income on a 1-year term deposit (example):
| Amount, $ | Rate, % | Accrued %, $ |
| 20,000 | 4.20% | 840 |
| 20,000 | 4.25% | 850 |
| 20,000 | 4.30% | 860 |
| 40,000 | 4.35% | 1,740 |
| 40,000 | 4.40% | 1,760 |
| 40,000 | 4.45% | 1,780 |
| 80,000 | 4.50% | 3,600 |
| 80,000 | 4.55% | 3,640 |
| 80,000 | 4.60% | 3,680 |
| 180,000 | 4.65% | 8,370 |
| 180,000 | 4.70% | 8,460 |
| 180,000 | 4.75% | 8,550 |
Who offers trust business accounts in Australia?
Some of the major banks and institutions that provide trust business accounts in Australia include Commonwealth Bank, Westpac, ANZ Bank, National Australia Bank and Macquarie Bank.
See the similar FAQ about Australian banks:
- Bank confirmation audit request to Westpac Bank
- Bank of Melbourne business banking
- BankSA business banking online
- Bankwest business online banking
- Bankwest merchant services
- EFTPOS error codes for Commonwealth Bank terminals
- EFTPOS machines from Bendigo Bank
- Hotpoints from Westpac bank in New Zealand
- How a company can to sign up for direct debit?
- How can a client order EFTPOS rolls Westpac?
Details of companies offering the financial services:
ANZ Bank
Head office’s address: 833 Collins Street
Contact center: 13-13-14
Phone: 61-3-9683-9999
Mail address: 833 Collins Street Docklands, Melbourne
Web-site: http://www.anz.com
Swift code: ANZBAU3M
Financial institution code: ANZ
Stock code: ANZ
ABN: 11 005 357 522
BSB: 015-891
Bank of Melbourne
Head office’s address: 525 Collins Street
Contact center: 61-132266
Phone: 61-3-9982-4186
Mail address: 525 Collins Street Melbourne
Web-site: https://www.bankofmelbourne.com.au/
Swift code: SGBLAU2S
ABN: 33 007 457 141
BSB: 193-879
Bank SA
Head office’s address: 97 King William Street
Contact center: 13-13-76
Phone: 61-2 9155-7850
Mail address: 97 King William Street, Adelaide, SA
Web-site: http://www.banksa.com.au/
Swift code: SGBLAU2S
ABN: 33 007 457 141
Bendigo and Adelaide Bank
Head office’s address: The Bendigo Centre
Contact center: 1-300-361-911
Phone: 61-2-8023-5417
Mail address: The Bendigo Centre PO Box 480 Bendigo Vic 3552
Web-site: http://www.bendigobank.com.au/
Swift code: BENDAU3B
Stock code: BEN
ABN: 11 068 049 178
BSB: 633-300
CommBank
Head office’s address: 201 Sussex Street
Contact center: 13-22-21
Phone: 61-2-8055-4001
Mail address: Level 10, Tower One, Darling Park, 201 Sussex Street
Web-site: https://www.commbank.com.au/
Swift code: CTBAAU2S
Stock code: CBA
ABN: 48 123 123 124
Hume Bank
Head office’s address: 492 Olive St
Contact center: 1-300-004-863
Mail address: PO Box 343 Albury NSW 2640
Web-site: https://www.humebank.com.au
Financial institution code: HUM
ABN: 85 051 868 556
BSB: 640-000
NAB
Head office’s address: 800 Bourke Street
Contact center: 13-22-65
Phone: 61-3-8566-7023
Mail address: Level 4, 800 Bourke Street, Docklands, VIC
Web-site: http://www.nab.com.au/
Swift code: NATAAU3303M
Financial institution code: NAB
Stock code: NAB
BSB: 086-027
St. George Bank
Head office’s address: 275 Kent Street
Contact center: 13-33-30
Phone: 61-2-9553-5333
Mail address: St.George Bank Locked Bag 1 Kogarah NSW 1485
Web-site: http://www.stgeorge.com.au/
Swift code: SGBLAU2S
Financial institution code: STG
Stock code: SGB
ABN: 33 007 457 141
BSB: 112-908
Suncorp Bank
Head office’s address: 80 Ann Street
Contact center: 13-11-55
Phone: 61-7-3362-2222
Mail address: PO Box A50 Sydney South NSW 1235
Web-site: http://www.suncorpbank.com.au/
Swift code: METWAU4B
ABN: 66 010 831 722
BSB: 484-799
Westpac Bank
Head office’s address: 275 Kent Street
Contact center: 13-20-32
Phone: 61-2-9155-7700
Mail address: 275 Kent Street, Sydney, NSW
Web-site: https://www.westpac.com.au/
Swift code: WPACAU2S
Financial institution code: WBC
Stock code: WBC
ABN: 33 007 457 141
BSB: 032-063