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.
Category: Trust Accounts  Last Updated April 1, 2026  Effective June 3, 2026

 General Lending Rates

No product information is currently listed. Please make contact with us for more information.

 Product Features

  • Digital Banking Additional Information: With PayTo, you can see, review and authorise all new PayTo payments for things such as recurring bills, memberships and subscriptions before the money leaves your account.
  • Digital Banking
  • Fraud Protection Additional Information: The product includes fraud protection features.
  • Relationship Management Additional Information: Relationship management is available for eligible customers.
  • Other Additional Information: Limits to account access (e.g., no cash transactions, and no access to debit cards, cheques and deposit books)
  • Other Additional Information: Withdrawals from accounts can only be used as payments to beneficiaries, as required by law
  • Other Additional Information: Gives your contractors confidence that funds are available
  • Other Additional Information: Allows you to make electronic payments quickly and easily
  • Other Additional Information: Provides a clear view of contractor finances
  • Other Additional Information: Assists you to comply with the Building Industry Fairness (Security of Payment) Act 2017 when holding funds for contractors
  • Balance Transfers

 Product Eligibility

  • Min Age - 18. Additional Information: 18+ years old (applicant plus all signatories)
  • Other Additional Information: Party to a building or construction contract that?s eligible under the Building Industry Fairness (Security of Payment) Act 2017
  • Other Additional Information: Operating in Australia with an Australian address
  • Other Additional Information: Hold a separate designated business account with the same issuer from which fees and charges can be debited.

 Bank Fees and Charges

  • Account Keeping Fee (Periodic), Amount: 0.00.
  • Staff-assisted Withdrawal (Withdrawal), Amount: 3.00.
  • Staff-assisted Deposit (Deposit), Amount: 3.00.
  • Self-service (electronic) Withdrawals (Withdrawal), Amount: 0.00.
  • Self-service (electronic) Deposits (Deposit), Amount: 0.00.
  • Periodical Payments (Transaction), Amount: 0.00.
  • Group Telephone Banking (Transaction), Amount: 0.00.
  • Online Banking (Transaction), Amount: 0.00.

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