The Body Corporate from Heritage Bank is two separate accounts that offer the same features under different designs. The Body Corporate Account acts as a transaction account yet still earns interest, while the Body Corporate Special Account provides you with lower fees but no interest boost. Individual body corporate organisations decide which works best for their circumstance.
What are the features of the Heritage Bank Body Corporate account?
Both accounts function in the exact same way, providing you with many of the same features. After examining these, and comparing them to other accounts specified for body corporate organisations, you can decide if the Heritage Bank account is your best option for your body corporate organisation:
- Availability. In order to be eligible for either of these accounts you must be a body corporate for a community titles scheme in Queensland.
- Balance requirements. In order for the account to remain active you must maintain a balance of at least one dollar.
- Interest rates. With the Body Corporate Account you will earn competitive interest on the account balance. Interest rates are tiered to pay out more on higher balances, and added to a standard working rate. Interest is calculated on the daily balance and paid into the account quarterly depending on when it was opened.
- Account keeping fees. With both options you will not be asked to pay any monthly account keeping fees.
- Transaction fees. The interest earning account does incur transaction fees, while the Body Corporate Special account charges no extra fees when making your normal transactions.
- Available transaction methods. With both accounts you will have a cheque facility, online access to the account, and electronic banking methods such as BPAY and direct debits. With the Body Corporate account you will be charged for using some transaction methods such as ATM withdrawals, EFTPOS purchases and Bank@Post withdrawals.
- No monthly account keeping fee
- Phone and online banking available
- Two accounts available
- Some charges apply to the Body Corporate account
How do I apply for the Heritage Bank Body Corporate account?
If the Body Corporate has what your Body Corporate organisation needs to manage its finances, you can apply online. In addition to the above mentioned eligibility conditions, you should also make sure that you are able to meet the following:
- Minimum age. While no minimum age requirement is stipulated, you must be a body corporate for a community titles scheme in Queensland.
- Residency requirements. Permanent residents and citizens of Australia are eligible to apply. Also keep in mind that your body corporate must be registered in Queensland.
- Depository requirements. For the Body Corporate Account you will need to make an opening deposit of $1, while $100 is needed to open the Body Corporate Special Account.
It is recommended that as you fill out your application you keep available the following documentation to help with some of the required information:
- Tax file number. It is not obligatory that you provide Heritage Bank with your tax file number (TFN) or exemption code for your body corporate organisation, but it will help in making sure that any withholding tax that is applied to your interest earnings is deducted at the correct rate.
- Identification. The individual applicant will need to provide details from their driver’s licence, passport or Medicare card in order to have their identity verified. Other documentation regarding the body corporate will also be asked for by Heritage Bank.
New customers will need to agree to become members of Heritage Bank and pay the $1 fee for their share before the account can be activated. You will then be able to take advantage of the Body Corporate to help keep on top of your finances.