The Finance Algorithm
Bank of Melbourne logoBank of Melbourne

Statutory Trust Account

This product is a specific purpose account for members of professional associations such as solicitors, real estate agents, conveyancers, motor dealers who are required to meet specific legal requirements when holding and managing funds on behalf of their clients.

Savings & transaction accountsBank updated 29 June 2026
Product page ↗Fees and pricing ↗Terms ↗

At a glance

Pricing
Rates on application
Monthly fee
$6

Fees

13 fees published, grouped by when they're charged.

While you hold it1

  • Account Keeping Fee
    $6 a month

When you make a transaction11

  • Cheque Clearing (deposit)
    $3
  • Direct Credit
    No fee
  • Agency
    No fee
  • Bank@Post
    No fee
  • Collection Item
    $3
  • EFTPOS
    No fee
  • Internet Banking
    No fee
  • Phone Banking
    No fee
  • Staff assisted transactions
    $3
  • Cheque Clearing (withdrawal)
    $3
  • Direct Debit
    No fee

When particular things happen1

  • Overdrawn Fee
    $15

Features

Digital banking
  • Helps you comply with statutory requirements when holding clients' funds in trust
  • If you are a solicitor, real estate agent, collection agent (QLD), conveyancer, or settlement agent (WA), you may be required by law to deposit funds held on behalf of your clients, into a Statutory…
  • Statutory Trust ? Real Estate Agents account is suitable for real estate agents (in all states) and collection agents (in Queensland)
  • Statutory Trust ? Solicitors account is suitable for solicitors
  • Statutory Trust ? Conveyancers and Settlement Agents account is suitable for conveyancers (in all states) and settlement agents (in Western Australia).

Eligibility and limits

  • Minimum age 18
  • Operating in Australia with an Australian address
  • Must be a member of a professional association and required by law to deposit funds held on behalf of clients in statutory trust accounts
  • Needs an eligible business transaction account from which fees and charges can be debited.

Published by Bank of Melbourne under the Consumer Data Right, last changed by them on 29 June 2026. Figures are shown as the institution publishes them and can change without notice; confirm on their site before applying. The Finance Algorithm earns nothing from any product listed here.