Download our app for an even better mobile banking experience
What is a formal trust?
A trust is a formally documented legal arrangement where a trustee holds and deals with assets on behalf of, and for, the benefit of a beneficiary. The trustee(s) can be a Company or individual(s). Unlike a company a trust is not a legal entity. A formal trust deed is required.
Follow the steps below to learn how to set up a trust fund with People's Choice.
Step 1. Setting up the business membership for your trust fund
To operate a trust account, a formal trust deed is required, which will state who are the trustees. The trustees can be an individual or a company.
Do all trustees have membership with Peoples Choice?
Yes - Great! Proceed to the next steps below.
No - Not a problem!
- Individual Trustees – you need to be a personal member for a minimum of 12 months to apply for a Trust Membership
- Company as Trustee – You will need to set up the Company Membership first. If your company operates with Multiple directors, ensure at least 1 director has been a personal member for a minimum of 12 months prior to opening the Company Membership. One Business Membership application form can be completed for both the Company and the Trust.
If you are not a member, apply today!
All trustees must sign the membership application form.
Step 2. Get a head start with your business account
Download a copy of the application forms below and fill in your details to get a head start on your business account.
Be sure to have the documents handy when getting in touch with us.
Business Membership Application
Click the button below to download the application form.
Australian Business Number
Please let us know the ABN of your Trust.
ABN not at hand? Simply look it up with the Australian Business Register at the following link: http://abr.business.gov.au/