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

Local community groups and not-for-profits have received more than $151,000 in donations this year thanks to members of Wagga Mutual using an everyday savings account, which allows them to combine their banking needs with supporting a good cause.

The Community Reward Account, which has been running for the past 10 years by local credit union Wagga Mutual, donates a percentage of the account-holders’ average annual balance to a nominated local charity, community group or not-for-profit organisation.

The account’s success in Wagga has prompted the Community CPS Australia Group – of which Wagga Mutual is a subsidiary – to introduce it across the country. Local recipient organisations include:

• Kooringal Wagga Athletics Club Inc
• Glenfield Rural Fire Brigade
• RSPCA – Wagga Wagga
• Wagga Asthma Swimming Club
• Wagga Wagga Breast Cancer Group Inc
• Willans Hill School P & C Association

Wagga Mutual 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, Wagga Mutual calculates the average annual 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.

The support committee of disability school Willans Hill School, P & C Association, registered to be a recipient organisation for the Community Reward Account 10 years ago and has since received more than $62,000 towards school support initiatives.
 
“The financial support we receive by being a recipient of Wagga Mutual’s Community Reward Account, has meant we have been able to fund everyday support services for the children and roll out planned initiatives to keep the school up to date and relevant for the needs of today’s children,” P & C President Stephen Reynolds said.
 
“Among many things, the funds help to run two wheelchair equipped buses, which are used daily to take children to swimming lessons, work experience and community events. The support we receive will make it possible to fund a new playground with educational and playing equipment developed especially for children with a disability,” Mr Reynolds said.

Wagga Mutual regional manager, Andrew Toole 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 Toole.

Wagga 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 Wagga Mutual branch or go to www.waggamutual.com.au for more information.

Applications will be assessed by the local management team to ensure a community benefit is delivered by the registering organisation.