Westpac
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 29 July 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.
- · For a Retention Trust Account you must only authorise a Person who has completed the retention trust training required by the BIF Act.
Published by Westpac under the Consumer Data Right, last changed by them on 29 July 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.