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    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 a 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 a personal 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 one 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.

      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 link below to download the application form. All trustees must sign the membership application form.

        Business membership application

      • ABN

        We'll also need the Australian Business Number (ABN) of your Trust.  ABN not to hand? Look it up on the Australian Business Register.
        Australian Business Register

      Step 3. Finalise your business account

      If you have already completed the application form above, please bring this with you when you pop into one of our branches to open your business membership.

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      Need some help? We've got you covered.

      You can enquire about business banking online, over the phone or by visiting your nearest branch.