Local not-for-profits reap rewards from charitable bank accounts

A new breed of everyday savings account is allowing consumers to combine their banking needs with supporting a good cause, raising more than $155,000 for community groups across the country this year.

The Community Reward Account, launched in February by leading credit union Community CPS Australia – operating as Companion Credit Union in the Hunter Valley - donates a percentage of the account-holder’s average annual balance to a nominated local charity, community group or not-for-profit organisation.

The initiative, believed to be the first in the region, has experienced strong take-up from local organisations registering as recipients, including:

• Variety the Children’s Charity
• Relay for Life
• Cessnock State Emergency Service
• Cessnock Minor Rugby League Incorp

Companion Credit Union members opening a Community Reward Account can select the charity, community group or not-for-profit organisation they wish to support from a list of registered recipients.

At the end of each financial year, Companion Credit Union calculates the average balance held in Community Reward Accounts linked to each registered organisation and donates up to 1.5 per cent of the balance to the organisation.

Variety - the Children’s Charity works with sick and disadvantaged kids with special needs, empowering them to live, laugh and learn. Variety registered as a recipient organisation for the Community Reward Account in September, and believes it is a fantastic initiative.

“Linking a Companion account with Variety is an easy and wonderful way to help us help the kids,” said Variety Community Engagement Manager Peter Harvey.

“Companion Credit Union has been amazing in their support of our Vision for Life and Future Kids program, and we look forward to putting the proceeds from the Community Reward Account to something really special.”

Hunter-based general manager of distribution at Community CPS, Ray O’Brien, said the account was yet another way of giving back to the community, providing a direct link between the members’ investment in the credit union and the organisation’s investment in the community.

“We recognise the positive role not-for-profit organisations such as local sporting clubs, schools, community service groups and charities play in the local communities in which we operate, and supporting these organisations is at the heart of who we are,” said Mr O’Brien.

Hunter Valley residents interested in contributing to the wellbeing of their local community can open a Community Reward Account which comes with flexible access options, no monthly account keeping fees and a competitive rate of interest.

Organisations interested in being listed as recipient organisations can obtain a registration form at any Companion Credit Union branch or online at www.communitycps.com.au.

Applications will be assessed by the local management team to ensure a community benefit is delivered by the registering organisation, and will then be approved on that basis.