Summary

A savings account that sends a portion of your annual balance to a charity or community organisation.

The Beyond Bank Community Reward Account is a savings account that lets you earn some interest. What makes this account unique is that you nominate a registered charity or community organisation. And then every year the bank donates a portion of your account's average annual balance to that organisation.

Pros

Give back to the community
Nominate a registered not-for-profit group
No monthly account keeping fee

Cons

Tiered interest rate structure

Details

Key details

Product Name	Beyond Bank Community Reward Account
Maximum Variable Rate	2.40% p.a.
Standard Variable Rate	2.00% p.a.
Monthly Account Fee	$0
Minimum Opening Deposit	$0
Minimum Age	13

Key features

Minimum balance

This account does not have a minimum balance requirement.

Account keeping fees

You don't have to pay any monthly account keeping fees to use this savings account.

Interest rates

The balance in your account will earn interest in a tiered manner. If the balance is from $5,000 to $199,999, it earns 2.3% p.a. If the balance in your account exceeds $200,000, you'll earn 2.4% p.a. The bank calculates interest on your daily balance and pays it monthly.

Internet, mobile and phone banking

You can access account related information and perform different banking related functions using Beyond Bank's online and phone banking platforms. These include going through transaction history, checking account balances, transferring funds and paying bills. An iPhone and Android phone app lets you bank on the move.

Banking at branches

Visiting Beyond Bank branches to transact is an option. You can make over-the-counter cash and cheque deposits for free. You get to make two free over-the-counter transfers and cash withdrawals per month, after which you have to pay a $2.50 fee per transaction. These exclude transfers made using the bank's Member Contact Centre.

Bank@Post

You can visit Australian Post Bank@Post outlets to transact, in which case you'll have to pay applicable fees.

Free transactions

Direct credits into your account don't attract any fees. You can transfer funds between your Beyond Bank accounts using the bank's online and mobile banking platforms as well as its Account Information Line. Transferring funds to accounts held with other Australian financial institutions using online and phone banking is free. Making BPAY payments using online banking, phone banking or the Account Information Line is also free.

Community rewards

Beyond Bank calculates a percentage of your account's average annual balance and donates the amount to your nominated organisation. This can be a charity, local sporting club, local community group or school. In case the organisation you wish to make the donation to is not on Beyond Bank's list, you can get it to register first.

How to apply

Eligibility

You can apply for the Community Reward Account by visiting any Beyond Bank branch, you can get started over the phone or you can submit an online enquiry. To enquire online or to locate your nearest branch, visit Beyond Bank website. To open this account, you have to meet basic eligibility criteria:

Residency requirements. You are a resident of Australia and have an Australian residential address
Depository requirements. This account does not require you to maintain a minimum ongoing balance.

Documentation needed

Completing the account successfully requires that you submit different kinds of information, which includes:

Identification. If you're not an existing Beyond Bank customer you'll have to go through an identity verification process, as required by the law. You can complete this process using an acceptable form of ID such as your Australian driver's license, passport or Medicare card.
Tax file number. It is not mandatory to provide your tax file number. However, submit it if you don't want the bank to deduct withholding tax from the interest your money earns.
Other information. The application also requires details such as your name, date of birth, home address, phone number and email address.

What happens after I submit my application?

The bank opens your account as soon as you complete the required formalities, which includes the legally required ID check.

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Alison Finder

Editorial Manager, Money

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P2L

November 13, 2017

Hi does the charitable organisation have to be in Australia?

If it is overseas how do you transfer the money to the organisation overseas?

Rench Finder

November 14, 2017

Hi,

Thanks for your inquiry. Please note that we are not affiliated with Beyond Bank or any company we feature on our site and so we can only offer you general advice.

If you are referring to Beyond Bank Community Reward Savings Account, you can send money overseas quickly and reliably using our International Transfer service. This can be done at a Beyond Bank branch or over the internet using our Internet Banking service.

You may contact Beyond Bank directly for further assistance or visit their official site.

Cheers,

Rench

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Alison is an editor at Finder and a personal finance journalist with over 10 years of experience, having contributed to major financial institutions and publications such as Westpac, Money Magazine, and Yahoo Finance. She is frequently quoted in media outlets like SmartCompany and SBS, offering expert insights on superannuation and money management. Alison holds a Bachelor of Communications in Public Relations and Journalism from the University of Newcastle, and has earned three ASIC RG146 certifications in superannuation, securities and managed investments and general financial advice, ensuring her expertise is fully aligned with ASIC standards. See full profile

Beyond Bank Community Reward Account