Benefits and features

Manage the risk of changing income

Designed for contracting parties required to open and maintain Project Trust Accounts and Retention Trust Accounts under Queensland Building Fairness (Security of Payment) laws.

Easy electronic access to your account

You can electronically access your NAB Queensland Project Trust Accounts through our user-friendly platform, NAB Connect.

Get the most from your NAB Queensland Project Trust Accounts

  • A Project Trust Account for each eligible contract for project trust work and a Retention Trust Account for any retention monies held across eligible contracts.

  • No account keeping fees.

  • Dedicated sales and servicing team to assist you with account establishment.

Eligibility

To be eligible for the NAB Project Trust Account and Retention Trust Account you must confirm you are a party required to open and maintain a Project Trust Account or Retention Account. This is in relation to eligible building contracts under the Queensland Building Industry Fairness (Security of Payment) laws.

The QBCC offers a tool on its website, opens in new window which may assist you in determining the type of trust account you need (project or retention) and who should be paid from a project trust account.

More information on the Building Industry Fairness (Security of Payment) laws is available on Building Industry Fairness (Security of Payment) Act 2017 (legislation.qld.gov.au), opens in new window.

How to apply

To establish your Project Trust/Retention Trust Accounts – we will require:

a) NAB Queensland Project Trust Account and Retention Trust Account Terms of Use form to be completed for each account.

b) Details of the account to meet the QBCC’s naming requirements.

  • The Trustee’s name – Building entity, or entity responsible for the retention funds.
  • The Project name.
  • The words “Trust Account” or “Retention Trust Account” that will form part of the ‘account name’.

For more information contact your NAB relationship manager or request a call back.

Account opening process

  • Profile set up and KYC verification are mandatory for new customers, with a KYC refresh required for existing customers if needed.
  • NAB receives the request to open the account together with a copy, or details, of the contract.
  • NAB’s Cash Investment Services will open the account and send an Account Authority Card (AAC) to the customer.
  • The account will be stopped to debits until this AAC is signed by Directors and returned to NAB for processing.

Additional resources

View our customer guide to NAB Queensland Project Trust Accounts for more information on account set-up and managing user permissions.

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Help and support

We’re here to help. Use our guides and training to help you manage your business and banking.

Terms and Conditions

NAB recommends you consider the Product Disclosure Statement or other disclosure document, available from NAB, before making any decisions regarding these products. These products are issued by National Australia Bank Limited ABN 12 004 044 937.

The Target Market Determination for this product is available at nab.com.au/TMD.