Bank Account for Trust

[asdf]

There may have been previous discussions on this but with the ever changing fee chargesfor banks, was wondering if anyone has doen the research on this? ANZ used to have a fee free commercial account. So did Suncorp but not sure who else offers this now. Might have to bite the bullet and get slug $10 a month just so that rent can be deposited into the trust. Boo!

 

[redwing]

How about a Cash Management Account (not fee free, but not to exy either?) if you are just putting rent in and out of?

 

[asdf]

Thanks but don't these need to have the CMT linked to another underlying savings/business account?

 

[trajik]

I don't think so, I have a CMT cheque a/c with the ANZ, which I have done for my FT, HDT and SMSF, each has $2.50 monthly fee. Initially they wanted me to say that I would keep a balance of a couple of grand in there, but it hasn't happened and they haven't complained.

 

[jazzmoo]

You might like to give CBA's CDIA account a go. It's administered through their Commsec arm. I use these accounts for all my trusts and a company. They can essentially be operated fee-free. There is no monthly fee and you get 15 free electronic withdrawals a month, which should be enough if you just want to get rent in and out. The only requirement is you need a $5000 deposit to open the account, but once that's done you can take the money straight back out as there is no ongoing balance requirement.

 

[mitta]

Have a look at Suncorp Business Standard account, as of early next month this account will have 10 fee free transactions, no minimum balance required and no monthly account keeping fee.

Mark

 

[sailor]

Yes, we also use a CM account for rental income. Ours is with St George and the interest earned is lovely.

 

[sydneycider]

I'm using the AMP Bank Cash Management account as someone recommended on here previously.
No setup fees, no monthly fees if you stay within the transactions limits or use
internet banking.

 

[Medine]

Bankwest has a new one called Telenet for Businesses and Trusts. There are no monthly fees and the interest on the balance is a whopping 6.35%

Cheers, Medine

 

[alexlee]

Thanks but don't these need to have the CMT linked to another underlying savings/business account?

That's just ING's, I think. It's a neat trick because it saves them doing the 100 point id check when opening your account (since if you have an existing account they 'assume' you have the ID).

I like the fact that the CMTs have free cheques. I kept my Macquarie CMT open with just a few k in it because of the free chequebook.
Alex

 

[asdf]

Thanks guys. I think the Suncorp Business Standard Account could be a winner here. Already have SUN loans and business investment account so 100 point check should be a breeze.