Australian financial institutions have introduced savings products that provide multiple benefits to a charitable organisation or group. One type of account for not-for-profit organisations can be used to keep their money safe, while the other is used by Australians who want to passively make their own contributions for the greater good.
Are community accounts the same as a charity account?
They are very similar, though one is designed for charity and the other, for community groups. Just like a standard savings account, a community account is designed to pay you interest monthly based on your daily balance. The only difference being that the financial institution will also contribute to a charitable organisation of your choice, using a percentage of your balance to determine how much.
This is typically of no cost or loss of funds to you, allowing you to make valuable contributions to your local non-profit groups without feeling a pinch in your pocket money.
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.
JOHN WANTS TO BANK WITH A CONSCIENCE
John has concerns about the Australian environment and wishes he could do more to help a local organisation with their efforts in recycling. While he does make yearly donations, he finds out that with Beyond Bank they too will contribute if he were to open a savings account with them.
At no cost to him, a percentage of his balance is calculated and those funds sent to his charity, while he still earns his own interest on his money.
Whether you are an individual who wants to help a non-profit group meet their goals, or that non-profit group with important goals to reach, you will want to compare various accounts to ensure that your funds are giving and receiving the most benefit. Look at the following features to help you make the best possible choice:
Accessibility. How you are able to access the money in your savings account should correspond with the way in which you feel most comfortable banking. While some may prefer to be able to make deposits and withdrawals at a branch, others might like the convenience and higher rates that typically come with an online savings account.
Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs.
How likely would you be to recommend finder to a friend or colleague?
Very UnlikelyExtremely Likely
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
Important information about this website
finder.com.au is one of Australia's leading comparison websites. We compare from a wide set of major banks, insurers and product issuers.
finder.com.au has access to track details from the product issuers listed on our sites. Although we provide information on the products offered by a wide range of issuers, we don't cover every available product. You should consider whether the products featured on our site are appropriate for your needs and seek independent advice if you have any questions.
Products marked as 'Promoted' or "Advertisement" are prominently displayed either as a result of a commercial advertising arrangement or to highlight a particular product, provider or feature. Finder may receive remuneration from the Provider if you click on the related link, purchase or enquire about the product. Finder's decision to show a 'promoted' product is neither a recommendation that the product is appropriate for you nor an indication that the product is the best in its category. We encourage you to use the tools and information we provide to compare your options and find the best option for you.
The identification of a group of products, as 'Top' or 'Best' is a reflection of user preferences based on current website data. On a regular basis, analytics drive the creation of a list of popular products. Where these products are grouped, they appear in no particular order.
Where our site links to particular products or displays 'Go to site' buttons, we may receive a commission, referral fee or payment.
We try to take an open and transparent approach and provide a broad based comparison service. However, you should be aware that while we are an independently owned service, our comparison service does not include all providers or all products available in the market.
Some product issuers may provide products or offer services through multiple brands, associated companies or different labelling arrangements. This can make it difficult for consumers to compare alternatives or identify the companies behind the products. However, we aim to provide information to enable consumers to understand these issues.
Providing or obtaining an estimated insurance quote through us does not guarantee you can get the insurance. Acceptance by insurance companies is based on things like occupation, health and lifestyle. By providing you with the ability to apply for a credit card or loan we are not guaranteeing that your application will be approved. Your application for credit products is subject to the Provider's terms and conditions as well as their application and lending criteria.