Bank Account for trust

[jrc77]

I need to setup a couple of bank accounts for discretionary trusts (with corporate trustees).

I use a Business Online Account from Peoples Choice Credit Union for some other trusts. This has:

• No account fees
• Unlimited BPAY and direct debits
• Unlimited internet transfers
• No branch access (or ATM access - although can create a Business Access account for this and transfer between the two)
• Pays 2.75% interest on values over $5k (2% on below $5k)

which is perfect for an account that receives payments via transfers and pays all bills by transfers/BPAY. The only issue I have with it currently is the online banking is a bit basic (not as nice as the major banks), getting things like bank cheques is a bit difficult and I would ideally like an account that provides a bank feed to accounting services (like Xero) - which the major banks do.

Does anyone know of anything better out there currently for a trust (with corporate trustee)? These accounts would typically have less than 10 transactions a month.

Regards,

Jason

 

[jrc77]

Another contender I've come across:

Investec One Account

• Pay your bills using BPAY or pay anyone via EFT (online)
• Visa Debit card
• ATM access (5 free withdrawals a month from any of the major ATMs)
• No account keeping fees
• Pays 2.25% interest
• Available for individuals, companies, trusts and superannuation funds

Pay your bills using BPAY or pay anyone via EFT

So has ATM access, but lower interest rate.

Regards,

Jason

 

[SamL]

I use a BankWest Business Banking account and have no issues with it.