Solicitors Trust Account

For Solicitors in QLD/NSW for holding clients money in trust

We offer a range of trust accounts for solicitors who are registered to practise in Queensland or New South Wales, who hold money in trust on behalf of clients.

 

At-call and fixed-term accounts are available for the Controlled Money Account and Solicitors Investment Trust Accounts.

 

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Controlled Money Account

Our Controlled Money Account is an account kept by a law practice for the purpose of holding controlled money upon written direction from the client. The client or beneficiary, will earn interest on money held by the law practice on behalf of them.

 

Features and Benefits

  • Accounts established under the exclusive control of the law practice
  • All statements and account correspondence sent directly to the law practice
  • Fixed-term account is available with our Premier Investment Account 
  • At-call account is available with our Business WebSavings Account
  • A copy of the client's written direction must be provided to BOQ. The law practice must keep a copy of the written direction in relation to the initial deposit and any subsequent withdrawal from the account.

 

Solicitors Investment Trust Account

Our Investment Trust Account is designed for solicitors who have written direction from a client to hold money in an interest-bearing account. 

 

It is designed to provide your client with the ability to invest and earn interest on funds while held on trust.

 

Features and Benefits

  • Accounts established under the exclusive control of the law practice
  • All statements and account correspondence sent directly to the law practice
  • Fixed-term Solicitors Investment Trust Account is available with our Premier Investment Account 
  • At-call Solicitors Investment Trust Account is available with our Business WebSavings Account
  • Cash, ATM/EFTPOS and telephone banking withdrawals or transfers are not permitted
  • All deposits and withdrawals must be conducted through your general Trust Account

 

Interest Rates

Interest rates for the Business WebSavings Account are available here.

 

Interest rates for the Premier Investment Account (Term Deposit) are available here.

 

Statutory Trust Accounts

Our Solicitors Trust Account is ideally suited to Solicitor's registered to practise in Queensland and New South Wales who are required to hold funds in trust on behalf of their clients.

 

This statutory trust account complies with the relevant legislative requirements:

  • QLD - Trust Accounts Act 1973, the Queensland Law Society Act 1952, Legal Profession Act 2004 and the Trust Accounts Act 1973.
  • NSW - Legal Profession Act (NSW) 1987 and the Legal Profession Regulation 2002.

Features and Benefits

  • Account access via cheque book, in-branch and Internet Banking.
  • Free account maintenance if a monthly balance $5,000 or more is maintained
  • Free monthly transactional allowances for transactions conducted by cheques deposited
  • All transaction fees incurred on this account are transferred to your firm's BOQ Business transaction account
  • Statements are issued monthly, but can be changed to daily, quarterly or annually if required.

 

How to Apply

To apply for a Solicitors Trust Account, gather the required information listed below and visit your nearest branch:

  • A copy of your solicitor's practicing certificate
  • your name, address, date of birth and occupation
  • details of the name of the account
  • details of all signatories to the account
  • any other name by which you or any signatories may be known (such as a maiden name)
  • the name, address and date of birth of any director, officer or authorised person of the company that the account is held in
  • your Tax File Number (TFN) (not compulsory)

 

If you or any signatories on your Account are not already a customer, please contact one of our branches to determine what identification is required to open your Account.  Generally you can satisfy our identification requirements by providing the following:

 

1. A current Australian driver's licence; and

2. A valid Australian passport.

 

You must also hold or open a business transaction account with BOQ.

 

Enquire today

 

Important Information

Please view the terms and conditions and fees and charges listed below on the Terms and Conditions page:

Approval of an application for a Solicitors Investment Trust Account is at the discretion of the Bank.