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
- Bank of Cyprus Australia Ltd
- Bank of Queensland Ltd
- Bank of Sydney Ltd
- Bank of Western Australia Ltd
- Bendigo and Adelaide Bank
- Commonwealth Bank of Australia
- Greater Bank Ltd
- Macquarie Bank Ltd
- National Australia Bank Ltd
- St George Bank Ltd
- Westpac Banking Corporation
- Building Societies
- Maitland Mutual Building Society Ltd
- Newcastle Permanent Building Society Ltd
- Community Mutual Ltd
- Southern Cross Credit Union Ltd
- Summerland 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.