Savings accounts for charities
Currently receiving donations? Charitable organisations in Australia can use savings accounts to both help manage their funds and receive donations.
Accounts for charities and non-profit groups
If you're managing a charity or community group, a bank account designed for charities can help you manage donations, membership fees and other income. These work in the same way as a standard bank account or business account, except they're able to be opened by community groups and charities and give multiple people access to the account.
Some business bank accounts will allow charities and community groups to open an account if they have a registered ABN. However, there's also some accounts available specifically for non-profits and communities.
St.George Society Cheque Account
This account is designed for schools, charities, community and sporting groups and government agencies to manage their member donations. There are no monthly account keeping fees.
NAB Community Fee Saver Account
An everyday transaction account for not-for-profit organisations and community groups. You can link the account to a NAB Business Visa Debit Card to access your money.
BoQ Everyday Business Account for Not-For-Profits
You can open a BoQ Everyday Business Account and get some extra benefits as a Not-For-Profit customer. You can earn a small amount of interest on your monthly balance, plus link up to 10 Business Visa Debit Cards for free.
Bendigo Bank Not-For-Profit Everyday Account
Designed for Not-For-Profits, community groups and clubs this account has no account keeping fees and unlimited free branch withdrawals and transactions.
Beyond Bank Community Account
This is a bank account for non-profits, clubs and charity groups that pays a small amount of interest on the balance and charges no account fees and no transaction fees.
Bank Accounts for charities and non-profit groups
How does a not-for-profit account work?
A not-for-profit account is customised to meet the banking needs of organisations who collect those donations. These types of savings accounts provide all of the benefits of a typical savings account, helping your group earn even more money that can be put towards good use. Special features may include allowing access to a number of people who are responsible for keeping track of the finances for the not-for-profit group.
What are the benefits of applying for a community account?
- Low fees. Depending on which bank or credit union you choose, you could find that the fees are lowered for savings accounts designed for charities.
- Appropriate tax allocation. Not-for-profit groups can ensure that their funds are not being wrongfully taxed by providing the bank with their tax identification number (TFN).
- Fund growth. Through interest earnings you are able to grow the funds that are deposited into the account.
Charity account vs community savings account
Some banks offer what's called a community savings account (or sometimes called a charity savings account). This can be confusing, but these aren't actually designed for charities to use.
Instead, these accounts are designed for everyday customers looking for an easy way to donate to a charity of their choice. These accounts allow you to choose a charity, then they'll automatically make donations to the charity from your account each month. You can choose how much to donate each month.
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