Managing client money requires more than just good intentions – it demands a trusted solution that protects both you and your clients.
The Star Saver Controlled Money Account is designed for professionals who need to hold money securely on behalf of a third party, with strict controls around how and when those funds are accessed.
For legal professionals, this account helps you meet your regulatory obligations while making money management easier.
Talk to our team today about setting up a Star Saver Controlled Money Account that gives you, and your clients, total peace of mind. To get prepared, here is some information on the process and some common application requirements.
To hold this product customers will need to satisfy eligibility criteria, including that the customer must:
This account is not suitable for:
Personal or everyday banking.
Businesses outside the legal industry.
General trust or trading accounts.
If you’re unsure whether your firm qualifies, speak to our specialist team before applying.
Products issued by Southern Cross Credit Union Ltd. ABN 82 087 650 682. AFSL 241000. Any advice given is of a general nature only and is not based on any consideration of your objectives, financial situation and needs. To decide if a product is right for you, please refer to the Summary of Accounts, Access Facilities and Transaction Limits. Eligibility criteria, fees and charges, terms and conditions apply. To help you better asses if these products are right for you please reach out to our team or read through our Target Market Determinations (TMD), designed to help you make an informed decision that is consistent with your objectives, financial situations and needs. Deposits up to $250,000 per account holder are guaranteed by the Federal Government under the Financial Claims Scheme.
~Star Saver – Controlled Money Account (Solicitors Only): The Star Saver CMA standard rate is currently 1.10% p.a. Account balance capped at $2 Million per account holder. Advertised rate subject to change without notice.
Apart from the Star Saver Controlled Money Account, SCCU also offers Statutory Trust Account for those who operate a law practice in NSW and require any interest earned to be paid directly to the Law Society of NSW.
A CMA is a specific type of trust account used by law practices when they are required to hold a significant amount of a client’s money for a period of time, under specific instructions. The funds remain the property of the client and can only be used in accordance with those written instructions.
The Star Saver Controlled Money Account is designed exclusively for registered Australian law practices needing to manage client funds in accordance with legal obligations under trust account rules.
No. One Controlled Money Account must be opened per client or matter. Funds must not be pooled or mixed with other clients’ money.
Yes. The client (beneficiary) earns interest on the funds held in the CMA. The interest is credited to the account and paid out to the client in accordance with the account instructions.
The client’s (beneficiary’s) tax file number (TFN) is used – not the law firm’s. This ensures that interest earned is correctly attributed to the client for tax purposes.
Yes, funds are available at call but must be accessed in accordance with the written authority that governs the account.
Please contact us at 1300 360 744 for details, but common examples include:
Settlement funds.
Compensation payouts.
Controlled money receipts.
Funds related to litigation or other legal matters requiring separate trust accounts.
Funds can only be accessed in accordance with a written authority or agreement related to the matter. This ensures that client instructions are followed exactly.
The solicitor or law practice is solely responsible for the correct handling of all funds in the account, including ensuring legal compliance and accurate record-keeping.
Any concerns about the handling of trust money should be reported directly to the relevant Law Society in your state. If dishonesty is involved, the Legal Practitioners Fidelity Fund may be able to provide compensation – this is independent from Southern Cross Credit Union.
From your first transaction to lifelong investments, with you across all financial life stages.
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If you'd like a little extra help, call our team on 1300 360 744.
