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Retention Trust Account

A Retention Trust Account must be opened when the construction contract includes a requirement to hold cash retention amounts. It's used to hold cash retention amounts for eligible contracts until payments to contractors are made. You can have one or more Retention Trust Accounts for your eligible contracts.

Trust accountsBank updated 28 Oct 2026
Product page ↗Fees and pricing ↗Terms ↗

At a glance

Monthly fee
$0

Fees

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

While you hold it1

  • Account Keeping Fee
    No fee

When you make a transaction5

  • Self-Service (Electronic) Deposits
    No fee
  • Staff-Assisted Deposit
    $3
  • Periodical Payments
    No fee
  • Self-Service (Electronic) Withdrawals
    No fee
  • Staff-Assisted Withdrawal
    $3

When particular things happen2

  • Group Telephone Banking
    No fee
  • Online Banking

    Account enquiries are always free when you use Online Banking.

    No fee

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

Eligibility and 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.
  • For a Retention Trust Account, the customer must also have completed the retention trust training required by the BIF Act

Put this product through a calculator

Published by Westpac under the Consumer Data Right, last changed by them on 28 Oct 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.