The Social Investment Deposit Account from Community Sector Banking is a deposit account with a difference. It offers all of the features you’d expect from an ordinary savings account, including a competitive variable rate of 0.75% p.a. easy access to your funds and the chance to have up to $0 worth of transaction fees refunded each month. However, it also allows you to support social projects and community organisations around Australia.
Community Sector Banking donates 50% of its profits from Social Investment Deposit Accounts to a wide range of not-for-profit projects and programs through its Social Investment Grants Program. You can also choose to donate 0%, 50% or 100% of the interest paid on your account to this program.
What are the features of the Community Sector Banking Social Investment Deposit Account?
Variable rate of 0.75% p.a.
The Community Sector Banking Social Investment Deposit Account offers a competitive variable interest rate of 0.75% p.a. Interest is calculated daily and paid into your account monthly.
Funds available at call
You can access the money in your account at any time. This allows you to deposit and withdraw funds whenever you need.
You can enjoy 24/7 access to the funds in your Social Investment Deposit Account via Internet and phone banking, while you can also make branch deposits and withdrawals and apply for an optional chequebook.
$0 transaction fee rebate
While most transactions can be conducted fee-free, some transactions, for example, cheque withdrawals, do attract charges. However, Social Investment Deposit Account holders are entitled to a transaction fee rebate of $0 per month.
No monthly fee
There is no monthly fee attached to this account, which means that all the funds you deposit will go towards boosting your savings balance.
$1 minimum balance
The Social Investment Deposit Account has a minimum opening balance requirement of $1.
Social Investment Grants Program
Community Sector Banking puts 50% of all profits from these accounts towards not-for-profit programs and organisations through its Social Investment Grants Program.
Donate your interest to support community projects
You can also elect to donate 0%, 50% or 100% of the interest earnt on your account to the Social Investment Grants Program.
- Access to funds as needed
- No monthly fee
- Support social projects and community organisations
What you’ll need to know before applying
If you’d like to apply for a Community Sector Banking Social Investment Deposit Account, click one of the “Apply now” links on this page. This will take you directly to the Community Sector Banking website where you can find an account application form. Download and complete this form before returning it to Community Sector Banking by post.
Information and documentation needed
You will need to provide a wide range of important information when completing the application form:
- Individuals. Individual applicants will need to provide their name, address and contact details and select their statement frequency.
- Organisations. Organisations will need to provide details of their organisational structure, ABN or ACN, address and contact details, and the authorised signatories on the account.
Valid proof of ID is also required for all new Community Sector Banking customers. A driver’s licence or passport are the ID documents most commonly used, but other forms of ID are also accepted. You can find more details about how to prove your ID on the application form.
The Community Sector Banking Social Investment Deposit Account is available to individuals and the following organisations: Australian and foreign companies, government bodies, partnerships, incorporated associations, unincorporated associations, co-operatives, trusts, super funds and sole traders.
If you want a high-interest savings account that also allows you to give something back to the community, the Community Sector Banking Social Investment Deposit Account could be ideal. See how its features compare with those of other savings accounts to decide whether it’s right for you.