Under the Legal Profession Uniform Law (NSW), a general trust bank account can only be established at an authorised deposit-taking institution (ADI).
General trust accounts
The following institutions are authorised to hold general trust accounts in NSW.
- Australia & New Zealand Bank Ltd
- Bendigo and Adelaide Bank
- Bank of Queensland Ltd
- Bank of Sydney Ltd
- Bankwest (formerly Bank of Western Australia Ltd) [ceasing to offer Statutory Trust Accounts]
- Commonwealth Bank of Australia
- Greater Bank Ltd
- Macquarie Bank Ltd
- National Australia Bank Ltd
- St George Bank Ltd
- Westpac Banking Corporation
- The Mutual Building Society Ltd (The Mutual)
- Newcastle Permanent Building Society Ltd (New Statutory Deposits unavailable)
- Regional Australia Bank Ltd
- Southern Cross Credit Union Ltd
Controlled money accounts
A controlled money account may be opened with any of the above ADIs or any other ADI. See the Australian Prudential Regulation Authority’s approved list of ADIs.