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Trust Accounts

Our Real Estate, Solicitors, and Conveyancer Trust Accounts allow individuals or corporate institutions to be appointed to manage assets in a trust.

The Mutual Bank offers four types of trust accounts:

  • Real Estate Trust Account: Offered to Licensed Estate Agents to hold clients' funds pending settlement of purchases and rental payments deposited by tenants.
  • Solicitors Trust Account: Offered to Solicitors to hold client payments relating to property, conveyancing, estate settlements, investments and other trust monies.
  • Solicitor Statutory Deposit Account: Offered to Solicitors to deposit a prescribed amount of funds from their general trust accounts. 
  • Conveyancer Trust Account: Offered to Licensed Conveyancers who are required by law to hold client's money in a complying trust account.

Go to rates

Interest Rates:

Account   Interest Rate
 Real Estate Trust Account Over $1   3.69% p.a.  
 Solicitors Trust and Solicitors Trust Statutory Deposit Account Over $1 3.70% p.a.
Conveyancer Trust Account Over $1 3.69% p.a.

 

Product Features:

Business Banking
Minimum opening balance : $0
Internet banking : Yes
Interest : Interest earned on Real Estate Trust Account is paid to the Office of Fair Trading monthly after close of business at the end of the month as required by the Property, Stock and Business Agents Act, 2002. Interest earned on Solicitors Trust Account is paid to the Public Purpose Fund after the close of business at the end of the month as required by the Legal Profession Act, 2004.

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Term Deposit

Earn a higher rate of interest on your savings with a Term Deposit. 

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Important Information

We have not considered your objectives, financial situation, or needs. You should consider these things, along with the Product Disclosure Statement and our product Target Market Determinations before making any decision to acquire a product.

  • 1 Offered to licensed agents holding client funds pending settlement of purchases and depositing of rental monies by tenants. Penalty Interest will be charged at a rate of 20.00% per annum on overdrawn savings accounts. This penalty interest will be calculated daily and charged on a monthly basis.
  • 2 Offered to solicitors for holding client payments relating to property, conveyancing, estate settlements, investment and other trust monies. Penalty Interest will be charged at a rate of 20.00% per annum on overdrawn savings accounts. This penalty interest will be calculated daily and charged on a monthly basis.
  • 3 Offered to licensed conveyancers who are required by law to hold client's money in a complying trust account. Penalty Interest will be charged at a rate of 20.00% per annum on overdrawn savings accounts. This penalty interest will be calculated daily and charged on a monthly basis.

    

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Any advice or information on this site does not take into account your personal objectives, financial situation, or needs and you should consider whether it is appropriate for you. Please review our Product Disclosure Statement, Target Market Determinations, Terms and Conditions, Financial Services Guide, and Credit Guide before deciding to acquire a product.

Eligibility and lending criteria, conditions, fees, and charges apply to all loans. Interest rates, fees, and charges may change without notice. Information is current as at date of appearance and is subject to change. We use reasonable efforts to provide accurate and up to date information. However, mistakes may still occur from time to time and we cannot guarantee that this website is free from any errors, inaccuracies or omissions. Maitland Mutual Limited trading as The Mutual Bank ABN 94 087 651 983 AFSL/Australian credit licence 238139.

The Mutual Bank acknowledges the Traditional Custodians of Country across Australia and recognises their continuing connection to lands, waters and communities. We pay our respects to Aboriginal and Torres Strait Islander cultures and to Elders past and present.