Bendigo Bank CommunitySaver Account Review, Rates & Information

Product details

The CommunitySaver Account encourages you to donate to a charitable organisation by paying a competitive rate of interest on your balance and letting you decide at what percentage you want to gift. Making withdrawals and deposits is easy using transfers through internet banking for free, or stop by your local branch when you want to take out some of your saved cash.

Product Name: Bendigo Bank CommunitySaver Account

Maximum Variable Rate: 1.25% p.a.

Standard Variable Rate: 1.25% p.a.

Bonus Variable Rate: 0.00% p.a.

Monthly Fee: $0

Minimum Opening Deposit: $1

Internet Banking: Yes

Internet Transaction Fee: $0

Phone Banking: Yes

Phone Transaction Fee: $0

What are the features of the Bendigo Bank CommunitySaver Account?

While this is an account specially structured to help support a community minded organisation, it is still a savings account meant to help you grow your funds. Check the features it offers against other Australian bank’s savings products to help you decide with which you are getting the most benefit:

Account service fees. You will not be paying any monthly or annual account keeping fees with this product.
Transactions. You are allowed free internet banking transactions and phone banking with the CommunitySaver Account and two free Bendigo Bank branch withdrawals each month. After reaching that limit your account will be charged $1.75 per transaction at the beginning of the following month.
Interest rate. This is a competitive variable rate savings account with interest applied equally to every dollar of your balance.
Interest calculation. The interest is calculated on your daily balance and will be paid into the account monthly to allow for you to earn compound interest.
Interest donation. You are allowed to nominate 10%, 25%, 50% or 100% of your interest earnings to be directly donated to the community minded organisation of your choice.
Participating organisations to choose from. Your interest donation can be allocated to help any one of the following organisations; Bendigo Bank Community Enterprise Foundation, Oxfam Australia, Royal Children’s Hospital Foundation Victoria, Royal Botanic Gardens Victoria, Scouts Australia – Victoria Branch, or Emergency Services including the Country Fire Authority Victoria, State Emergency Services Victoria or the Tasmania Fire Services.
Mobile banking. In addition to the Bendigo Bank e-banking platform, you can also keep track of your account and make transfers using their mobile application, which is available to download at both the App Store and Google Play.

How do I apply for the Bendigo Bank CommunitySaver Account?

In order to apply for this account you will need to visit a branch, give them a call or visit the Bendigo Bank website to complete an online enquiry form. This will allow for you to set up a date and time that is convenient to discuss your savings plans with a bank representative. Before doing so, you should check to make sure that you are eligible for the CommunitySaver Account:

Minimum age. There is no minimum age requirement outlined by Bendigo Bank for this account.
Residency requirements. You will need to be an Australian resident with an Australian residential address.
Depository requirements. There is a minimum deposit requirement of $1 in order for the CommunitySaver Account to be opened.

In addition to checking to make sure that you are eligible, you should also have the following documentation close by in order to make it easier to complete your application:

Tax file number. Providing your tax file number (TFN) or exemption code is not obligatory, but it does help in ensuring that any of your interest earnings are being taxed at the correct rate for your circumstance.
Identification. Bendigo Bank is required by law to first verify the identity of all applicants using a photo identification document such as your driver’s licence or passport.

After having given your personal and financial details to a Bendigo Bank representative, you will be given the details of your new account and permitted to begin making your deposits and earning interest so that you may contribute to a worthy community cause.