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Our verdict

This is a low-cost bank account for non-profit organisations that provides easy access to funds.

The BankSA Society Cheque Account is best suited for non-profit organisations such as schools, community and sporting groups, charities and government agencies. Often these groups need to make a lot of deposits into the account, and this account allows for unlimited free deposits. You can elect several account holders too, which means a number of people are able to make deposits into the account.

Pros

$0 monthly account keeping fee
Free unlimited everyday net and phone banking
Competitive interest rate

Cons

Benefits are for specialist groups only

Approved office bearers at non-profit groups get deposit-only cards, so numerous people can make deposits into the account. You don’t have to pay any monthly account keeping fees and you can make unlimited transactions using online and phone banking for free. Please note the interest rate displayed is for balances above $500.

Details

Key details

Product Name	BankSA Society Cheque Account
Monthly account fee	$0
Card access	No Debit card
Own network ATM fee	$0
International ATM Fee	International ATM fee $5
International transaction fee	3%
Monthly deposit required to waive account fee	N/A
Contactless Payments	N/A

Eligibility

Joint account availability	No
Minimum opening deposit	$1

Key features

Account keeping fees

Charities, schools, and community and sporting groups don't have to pay any ongoing monthly account keeping fees.

Access to funds

You can access funds in your account at any time using BankSA's Internet and phone banking platforms. You can transact by walking into any BankSA branch. If you wish to write cheques you can get an optional chequebook. This account allows automatic payments and deposits as well as express deposits. It also lets you pay bills via BPAY.

Access to account information

The bank sends regular account statements. If you wish to get statements every month you have to pay a monthly fee of $2. You can access account related information using Internet and phone banking for free. These platforms let you view your account's balance and its transaction history. They also let you initiate fund transfers, amongst other things.

Transaction allowances

Unlimited free transactions!

Optional chequebook

If you get the optional chequebook as a school or a charity you don't have to pay any fees for writing cheques.

Branch access

Groups that open this account get access to unlimited staff-assisted banking in branches for free.

Deposit-only card

Approved office bearers get deposit-only cards that they can use to add money to their accounts using BankSA, St.George and Westpac ATMs across Australia.Thesetransactions are free for schools and charities. Others have to pay $0.45 per transaction once they cross the fee-free transaction limit.

Periodical payments

You can use this account to set up periodical payments. A fee of $4 applies per payment. Periodical payments to other BankSA accounts are free.

Interest

The bank calculates interest every day and paid monthly.

How to apply

Documentation needed

You can apply for this account by visiting your nearest BankSA branch, you can get started over the phone and you can apply online. You'll have to provide different documents depending on the kind of organisation you represent.

Charities. You'll have to provide the constitution of your charity, notice of endorsement for charity tax concession from the Australian Taxation Office, minutes and certificate of registration or incorporation from a relevant government department or the Australian Securities and Investment Commission (ASIC).
Community and sporting groups. Prepare to provide the constitution of your group, minutes and certificate of registration or incorporation from a relevant government department or ASIC.

Public schools, colleges and universities. You'll need a letter indicating the desire to open an account from the school principal or dean of studies on your educational organisation's letterhead.
Other educational institutions. Provide the constitution of your educational institution, minutes as well as certificate of registration or incorporation from a relevant government department or ASIC.
Department Agency or Councils. A letter from the CEO or delegate should suffice.
Registered political parties. From registered political parties the bank needs the minutes along with a letter from the Australian Electoral Commission or the State Electoral Office.

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BankSA Society Cheque Account