Why choose our Solicitor’s Trust Accounts?

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 Solicitor’s Investment Trust Accounts.

Fixed or Variable Accounts

Variable at-call and fixed rate accounts available for Controlled Money Accounts and Solicitors Investment Accounts

Statutory Trust Accounts

Suited to Solicitors registered to practise in Queensland and New South Wales who are required to hold funds in trust on behalf of their clients

Interest earning accounts

We offer interest-earning Controlled Money Accounts and Solicitor’s Investment Trust Accounts with the choice of fixed rate or variable at-call rates.

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 Term Deposit 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

 

Solicitor’s 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 Solicitor’s Investment Term Deposit Account 
  • At-call Solicitor’s 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

Variable At-Call Account

Variable At-Call accounts are available with our Business WebSavings Account.

Earning high interest with no monthly account keeping fees and unlimited transfers.

Fixed Term Account

Fixed term accounts are available with our Term Deposit.

Be rewarded with higher interest if you deposit more than $5,000. The longer you lock in your funds, the greater return you'll receive.

 

Statutory Trust Accounts

Our Solicitor’s Trust Account is ideally suited to Solicitors 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

Important information

For important information on the Solicitor's Trust Accounts, view the Terms and Conditions. 

 

What you need before you apply

To apply for a Solicitor’s Trust Account, gather the required information listed below and visit your nearest branch.

Approval of an application for a Solicitor's Investment Trust Account is at the discretion of the Bank.

Information required

  1. To open a Statutory Trust Account, bring the following information into your local 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.

 

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