High Interest Savings Accounts for Family & Discretionary Trusts
Navigating bank eligibility for trusts can be complex. Discover which Australian banks accept trust structures and what documents you need to start earning high interest.
- Many digital business accounts (such as Macquarie Business Savings) strictly exclude trusts, redirecting them to specialized Cash Management Accounts.
- Judo Bank accepts Family Trusts with individual trustees, paying 4.60% p.a. on balances up to $250,000.
- Macquarie CMA Accelerator provides 4.65% p.a. up to $2M specifically tailored for trusts, SMSFs, and corporate trustees.
Top Pick Accounts for this Strategy
Business Savings Account
Earn 4.60% p.a. on balances up to $250,000 and 3.90% p.a. from $250,001 to $2,000,000. At-call with no monthly account fees. Available online for Australian Private Companies, Trusts with individual trustees, and Incorporated Associations with an ABN.
Macquarie Cash Management Accelerator Account
Earn 4.65% p.a. on balances up to $2,000,000 with no monthly account fees. Opened alongside a linked Macquarie Cash Management Account (CMA). Available to Trusts, SMSFs, Companies, and Partnerships.
Business Cash Reserve Savings
Earn tiered variable rate up to 1.30% p.a. paid on the whole balance (0.45% under $50k, 0.60% $50k-$250k, 1.15% $250k-$1M, 1.30% $1M+). Linked to an eligible Westpac business transaction account with 24/7 online access.
Why Trust Cash Management Requires Specialized Products
Family trusts and discretionary trusts hold substantial wealth across Australia, often generated through investment gains, business dividends, or asset sales. However, trust onboarding requires banks to conduct rigorous anti-money laundering (AML/CTF) reviews of trust deeds, appointors, trustees, and beneficiaries.
As a result, low-cost automated digital accounts frequently reject trust entities to avoid compliance costs. Finding accounts that genuinely support trust deeds with competitive interest rates is crucial for trustees fulfilling their fiduciary duties.
Top Trust-Friendly Accounts in Australia
1. Macquarie Cash Management Accelerator: The gold standard for trust cash. Offers 4.65% p.a. on balances up to $2M, full Xero integration, and dedicated accountant/adviser portal access.
2. Judo Bank Business Savings: Welcomes trusts with individual trustees (certified deed required, up to 6 trustees), paying 4.60% p.a. on balances up to $250k with zero account-keeping fees.
Frequently Asked Questions
Can a trust with a corporate trustee open a business savings account?
Yes. Accounts like the Macquarie CMA Accelerator and Westpac Business Cash Reserve accept corporate trustees, requiring verification of both the company and the underlying trust deed.
Does the FCS guarantee cover trusts?
Yes. Eligible trust accounts are protected up to $250,000 per ADI under the Australian Financial Claims Scheme, subject to trustee structure and APRA statutory guidelines.