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Trust Bank Account

Discussion in 'Finance & Banking' started by jrc77, 18th Feb, 2009.

  1. jrc77

    jrc77 Well-Known Member

    Joined:
    26th May, 2008
    Posts:
    147
    All,

    I am looking at setting up a bank account for my Family Trust and am interested in what accounts people are using. I am after an account with minimal (preferably zero) fees, and online access for electronic transfers. Probably don't need keycard access, and not intending to have too much cash in the account for too long (just transferring through) - although a reasonable interest rate might be attractive.

    Does anyone have any suggestions?

    Regards,

    JR

    ps. I know there is another thread with this subject, but it is dated and got distracted from the original topic.
     
  2. Simon Hampel

    Simon Hampel Co-founder Staff Member

    Joined:
    9th Jun, 2005
    Posts:
    4,619
    Location:
    Sydney, Australia
    I use a NAB business account for my trust - but it is a bit expensive. Nice thing is I can link a NAB Business Cash Maximiser (high interest online savings account) to it and transfer cash between the two accounts instantly (no 24 hour wait).

    For my SMSF, I use a Macquarie Cash Management Trust, which is pretty cheap ... online access for transfers (clunky, but it does work), and a cheque book. No fees and pays reasonable interest.
     
  3. Sacko

    Sacko Well-Known Member

    Joined:
    20th Aug, 2007
    Posts:
    69
    Location:
    Central Coast, NSW
    I use HSBC - no account keeping fees, internet banking access, fees if you make over 4 [I think] withdrawals from non-HSBC ATMs in month, free if HSBC ATM plus you get interest, I'm not sure of the rate as I'm focusing on lowering the LVR of the margin loan so don't keep funds in there for very long
     
  4. TechnoGear

    TechnoGear New Member

    Joined:
    29th Feb, 2008
    Posts:
    4
    Location:
    Perth, WA
    Hi Sacko,

    Just wondering, which HSBC account are your referring to?

    According to the HSBC Online Savings Terms and Conditions, Company account are not allowed and these are the only fee free account I can find from HSBC. The rest incurs $7.50 / $10 monthly fee for $1000 balance (so technically they are not free).

    I'm trying to setup a bank account for my family trust with corporate trustee.

    Thanks in advance.
     
  5. jrc77

    jrc77 Well-Known Member

    Joined:
    26th May, 2008
    Posts:
    147
    Technogear,

    I am still in the hunt, but am currently looking at the Savings and Loan Credit Union Business Access account. It seems to have no account keeping fees (for upto 40 transactions per month), internet banking, ATM, EFTPOS and optional cheque book. Pays no interest, but as I am only intending to pass money through it for short periods of time I'm not too fussed. I don't think it has a minimum balance (which turned me off some other accounts).

    If anyone has any other suggestions, I'd be interested to hear them.

    Regards,

    Jason
     
  6. TechnoGear

    TechnoGear New Member

    Joined:
    29th Feb, 2008
    Posts:
    4
    Location:
    Perth, WA
    Yeah, my preference would be HSBC/ANZ/CitiBank, as I already have an account with them. But I'll look at Savings and Loan Credit Union for now.

    I think Police and Nurses Society has a fee free as well.
     
  7. Sacko

    Sacko Well-Known Member

    Joined:
    20th Aug, 2007
    Posts:
    69
    Location:
    Central Coast, NSW
    My account is the HSBC on-line savings account, but I didn't see the need to have a corporate trustee, so the account is joint names with my wife acting as trustees to the trust.