Community Sector Banking Gift Fund Account

Community Sector Banking Gift Fund Account

Maximum Variable Rate

1.20

Standard Variable Rate

1.20

Manage financial gifts and donations to your community organisation and earn up to 1.20% p.a. on your account balance.

  • Internet banking, phone banking and BPAY services
  • Access funds as needed
  • Bulk payments and business cheque facility
  • Tiered interest rates

Product details

The Gift Fund Account from Community Sector Banking meets the needs of community organisations with Deductible Gift Recipient status. If you’re looking for a way to easily accept and manage financial gifts and donations to your organisation, this account complies with all ATO regulations to take the stress out of the administrative side of accepting gifts. It also pays tiered interest of up to 1.20% p.a. to ensure that your organisation enjoys better returns.

Product Name
Community Sector Banking Gift Fund Account
Maximum Variable Rate
1.20% p.a.
Standard Variable Rate
1.20% p.a.
Bonus Variable Rate
0.00% p.a.
Monthly Fee
$0
Minimum Opening Deposit
$1
Minimum monthly deposit for bonus interest rate
$0
Internet Banking
Yes
Phone Banking
Yes

What are the features of the Community Sector Banking Gift Fund Account?

Designed for community organisations with Deductible Gift Recipient status

If your organisation holds Deductible Gift Recipient status with the ATO and is entitled to receive tax-deductible gifts and tax-deductible contributions, this account could be for you.

ATO compliant. The Gift Fund Account complies with all ATO regulations and makes it as easy as possible to manage and report the financial gifts and donations your organisation receives.

Tiered interest of up to 1.20% p.a. The Community Sector Banking Gift Fund Account pays a competitive tiered variable rate on your balance.

  • $1 to $249,999.99: 0.55% p.a.
  • $250,000 to $499,999.99: 0.70% p.a.
  • $500,000+: 1.20% p.a.

Interest paid monthly. The interest earned on your balance is calculated daily and paid into your account monthly

Funds available at call. You can enjoy at-call access to the money in your Gift Fund Account, which means you are free to make withdrawals from your balance at any time.

Wide range of easy access options

In addition to 24/7 access via phone and Internet banking, this account allows you to set up bulk payments, make branch deposits and withdrawals, pay bills via BPAY, write cheques on your account, and access your funds via a debit card and cash card. However, withdrawals and transfers do attract fees starting from 40 cents per transaction.

No monthly fee

There is no monthly service fee attached to this account.

$4 transaction fee rebate

A rebate of up to $4 is available to help minimise the transaction fees associated with the Gift Fund Account.

See more products from Community Sector Banking

Pros

  • Tiered interest rates
  • Interest rate calculated daily and paid monthly
  • Internet banking, phone banking and BPAY services
  • Access funds as needed
  • Bulk payments and business cheque facility

Cons

  • Only available to not-for-profit organisations that hold Deductible Gift Recipient status

What you’ll need to know before applying

If the Community Sector Banking Gift Fund Account sounds like it could be the perfect fit for your community organisation, click one of the “Apply now” links on this page. You will be securely redirected to the Community Sector Banking website where you can download an account application form. Once completed, you can submit this form to Community Sector Banking by post.

Information and documentation needed

You’ll need to provide the following information when completing the form:

  • Organisational structure. You’ll need to specify what type of organisation you are applying for, such as a company, a partnership or a cooperative.
  • ABN or ACN. You will need to supply your organisation’s identifying details.
  • Contact details. You’ll need to provide the address and full contact details for your organisation.
  • Authorised signatories. You will also need to provide names and other personal information for everyone who will be an authorised signatory on the account.

New customers must provide valid ID before they can open an account. A driver’s licence, proof-of-age card or passport will all suffice, but you can also use other forms of ID if necessary. Check the application form for details on the documentation you can use for ID.

Eligibility criteria

The Community Sector Banking Gift Fund Account is only available to not-for-profit organisations that hold Deductible Gift Recipient status.

If you’re looking for an account to help with the hassle of receiving financial gifts and contributions for your organisation, make sure you consider the benefits offered by this account. However, before you choose this or any other product, make sure you compare a range of accounts so that you can make an informed choice.

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