Heritage Bank Community Saver

Heritage Bank Community Saver

Maximum Variable Rate


Standard Variable Rate


Take advantage of the benefits of a flexible savings account and give back to your community without having to lift a finger.

  • Support your local community with minimal effort
  • No account keeping fees
  • Online banking available

Product details

The Heritage Bank Community Saver makes it easy for you to donate to reputable community charities without feeling the pinch in your purse. This account is designed to automatically deduct a percentage from your interest earnings every three months. This money is then forwarded to the organisation that you chose to help towards making a positive difference in the lives of your neighbour.

Product Name
Heritage Bank Community Saver
Maximum Variable Rate
1.45% p.a.
Standard Variable Rate
1.45% p.a.
Bonus Variable Rate
0.00% p.a.
Introductory / Bonus Offer Conditions
Note that 0.50%p.a. of your interest will be allocated to a community group that you've indicated.
Monthly Fee
Minimum Opening Deposit
Internet Banking
Internet Transaction Fee
Phone Banking
Phone Transaction Fee
Covered by Government Guarantee?
Yes (Up to $250,000 per person, per institution)

What are the features of the Heritage Bank Community Saver account?

The Community Saver also acts as your high interest savings account, making it important that you also look for features that can accelerate your savings in a way that meets your financial needs. Compare these features between accounts provided by a number of Australian financial institutions to help you make a decision on which one is right for you:

  • Monthly account keeping fee. There is no monthly account keeping fee with the Community Saver.
  • Transaction methods. With this account you are only able to make transactions online, including direct debits, credits and periodic payments. Transfers for withdrawals and deposits will have to be conducted through a linked account.
  • Linked account. You have the option of linking the Community Saver to a nominated Heritage Bank account or an eligible account with another Australian financial institution. You can link multiple Heritage Bank accounts, but with another bank you can only choose one nominated account.
  • Transaction fees. You are not charged any fees for your transactions with this account.
  • Interest rates. The tiered interest rates are calculated on your daily balance and paid monthly into the account. There is a base working rate that only applies if you do not nominate a community group to make donations to.
  • Community grant. A rate of 0.50% per annum is calculated against your daily balance each month and then paid to the charitable organisation that you have nominated every three months.
  • Community organisations to support. Heritage Bank provides you with a long list of acceptable organisations that you can choose to have your money donated to. You are permitted to change this destination at any time, and the funds will be prorated and distributed based on when you made the change.
  • Minimum monthly balance requirement. In order to avoid this account being closed you need to be able to maintain a minimum balance of one dollar.


  • Support your local community group
  • Earn a competitive interest rate when a group is nominated
  • Accessible and online


  • Community groups are limited to Heritage's list of registered groups

How do I apply for the Heritage Bank Community Saver account?

Heritage Bank is an Australian credit union, and you must first become a member and pay a $1 fee in order to be able to access the Community Saver or any of their other accounts. You can apply for both online at the same time. Check beforehand that you are able to meet the eligibility requirements for this account:

  • Minimum age. For the Community Saver Heritage Bank does not set forth a minimum age requirement.
  • Residency requirements. In order to apply for this account you will need to be a permanent resident or citizen of Australia with an Australian residential address.
  • Depository requirements. You do have to make at least a minimum deposit of $1 in order for the account to be activated.

Filling in the application should only take about ten minutes, but it will be easier if you have the following documentation on hand to ensure that all of the fields are completed correctly:

  • Tax file number. When you open an interest earning account, Heritage Bank will ask for your tax file number (TFN) in order to deduct the correct amount of withholding tax from your interest income. You are not obligated to provide this information, but if you do not, the credit union is required to make deductions based on the highest marginal rate.
  • Identification. Verifying your identity online may be done by using information that is found on your driver’s licence, passport, Medicare card or student ID.
  • Account information. With this account you will need to provide details of another Australian banking account in order for the accounts to be linked and transfers made successfully.

After submitting your application Heritage Bank will be in touch with you regarding the specific details of your new account so that you can begin to make deposits that earn you interest as well as support a charitable organisation in your community.

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