Statutory Trust Accounts
Accounts for custodians who are legally required to hold money for clients.
To open an account with us:
What is a statutory trust account?
Statutory trust accounts are for specific groups or organisations that need to hold money for clients. As the requirements for how these trust accounts operate differs depending on your type of business, we have 2 options available: Solicitor’s Trust Accounts and Agent’s Statutory Trust Accounts.
A Solicitor’s Trust Account is a specialised account for Queensland solicitors who are legally required to hold client monies in a statutory trust. It can be used for conveyancing, probate work, litigation settlements, commercial transactions (e.g. Floating Companies) and matrimonial money held under Court Order whilst holding client funds on trust.
Key features
- Access, manage and transact on your account anytime with Internet Banking and the Suncorp Bank App through External Payments or Business Payments Credit*. A Security Token Code must be entered for each electronic transaction.
- Enjoy unlimited fee free staff assisted deposits.
- Receive monthly statements (by post or eStatements).
- Interest earned is paid to the Department of Justice and Attorney General in accordance with legislation. No interest is paid to the account holder.
*To make Business Payments Credit, an Australian Payments Clearing Association Identification is required.
Fees
The Agent’s Statutory Trust is specialised account for licensed agents to hold deposits on behalf of their clients, in a legally compliant account.
The Agent’s Statutory Trust Account is available to the following industry professionals:
- In Queensland - Real Estate Agents, Auctioneers, Motor Dealers, Resident Letting Agents and debt collectors
Key features
- Access, manage and transact on your account anytime with Internet Banking and the Suncorp Bank App through External Payments or Business Payments Credit*.
- Unlimited Fee Free Electronic and Staff Assisted deposits.
- Monthly Statements
- Interest earned is paid to the relevant state authority in accordance with legislation. No interest is paid to the account holder.
* To make Business Payments Credit, an Australian Payments Clearing Association Identification is required.
Fees
Ready to apply?
Australia and New Zealand Banking Group Limited (ABN 11 005 357 522) (ANZ) acquired Norfina Limited (ABN 66 010 831 722 (Suncorp Bank) on 31 July 2024. As Suncorp Bank is now part of the ANZ Group, it may be necessary to vary the terms of your Suncorp Bank product to match the terms of a similar ANZ product. This means you may end up with a product that has different terms and features to those you initially applied for. In any event, Suncorp Bank will provide you with a more detailed notice of these changes if the variation applies to your products. A full list of these changes for each product can be found at suncorpbank.com.au/variation. Please contact us if you have any questions or if there is a feature that is important to you.
Home Loan, Personal and Business Banking products are issued by Suncorp Bank (Norfina Limited ABN 66 010 831 722 AFSL No 229882 Australian Credit Licence 229882) to approved applicants only. Eligibility criteria, conditions, fees and charges apply and are available on request. Please read the relevant Product Information Document and terms and conditions before making any decisions about whether to acquire a product.
