Westpac
Project Trust Account
Project Trust Accounts are designed for construction projects in Queensland, to help you comply with your banking requirements under the Building Industry Fairness (Security of Payment) Act 2017. An account must be opened for each project trust to receive payments made under the construction contract, and to pay contractors.
Trust accountsBank updated 24 June 2026
At a glance
- No headline figures published.
§ 02 — Fees · 8
| Fee | Type | Amount | When | Notes |
|---|---|---|---|---|
| Self-Service (Electronic) Deposits | Deposit | No fee | — | — |
| Staff-Assisted Deposit | Deposit | $3 | — | — |
| Account Keeping Fee | Periodic | No fee | Every 1 mo | — |
| Group Telephone Banking | Transaction | No fee | — | — |
| Online Banking | Transaction | No fee | — | Account enquiries are always free when you use Online Banking. |
| Periodical Payments | Transaction | No fee | — | — |
| Self-Service (Electronic) Withdrawals | Withdrawal | No fee | — | — |
| Staff-Assisted Withdrawal | Withdrawal | $3 | — | — |
§ 03 — Features
Digital bankingFraud protectionRelationship manager
- · Limits to account access (e.g., no cash transactions, and no access to debit cards, cheques and deposit books)
- · Withdrawals from accounts can only be used as payments to beneficiaries, as required by law
- · Gives your contractors confidence that funds are available
- · Allows you to make electronic payments quickly and easily
- · Provides a clear view of contractor finances
- · Assists you to comply with the Building Industry Fairness (Security of Payment) Act 2017 when holding funds for contractors
§ 04 — Eligibility & limits
- · Minimum age 18
- · Party to a building or construction contract that?s eligible under the Building Industry Fairness (Security of Payment) Act 2017
- · Operating in Australia with an Australian address
- · Hold a separate designated business account with the same issuer from which fees and charges can be debited.
Published by Westpac under the Consumer Data Right, last changed by them on 24 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.