Hi Everyone,
Setting up a discretionary trust at the moment, and I need to find a bank to do the trust's day-to day banking.
Assuming that the account won't have too many transactions each year, and ideally not have too much cash deposited into or sitting within the account, I am after an account that is good for these needs.
Can anybody suggest a good account that may do all of this?
I'm looking at NAB at the moment, as they are getting rid of monthly fees early in the new year, however as I am unfamiliar with operating trusts, I was hoping someone may have some input regarding the suitability of this account, i.e is there any special features that a trust may need which a standard NAB account wouldn't be able to provide?
Thanks is advance,
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I'm at the same stage aaabbbccc and the only advice I can give is be careful as some banks won't allow trusts/trustees to use the normal personal accounts, only business accounts. I've been looking at BankWest although I still haven't decided and would love some advice as well
We ended up going with BankWest’s business account for the trust. No monthly fees, and seems pretty good so far.
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I like bankwest too – you can get a high interest account to hold the cash and a normal transaction account to transfer it etc.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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