Summary

With Heritage Bank, body corporate organisations and managers can choose whether they want to earn interest with their banking account or if they prefer to pay no fees.

The Body Corporate from Heritage Bank is two separate accounts that offer the same features under different designs. The Body Corporate Account acts as a transaction account yet still earns interest, while the Body Corporate Special Account provides you with lower fees but no interest boost. Individual body corporate organisations decide which works best for their circumstance.

Pros

No monthly account keeping fee
Phone and online banking available
Two accounts available

Cons

Some charges apply to the Body Corporate account

Details

Key details

Product Name	Heritage Bank Body Corporate
Monthly account fee	$0
Card access	Visa
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	Apple Pay, Google Pay, Samsung Pay, Garmin Pay

Eligibility

Minimum Age	18
Joint account availability	No
Minimum opening deposit	$1

Key features

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Availability

In order to be eligible for either of these accounts you must be a body corporate for a community titles scheme in Queensland.

Balance requirements

In order for the account to remain active you must maintain a balance of at least one dollar.

Interest rates

With the Body Corporate Account you will earn competitive interest on the account balance. Interest rates are tiered to pay out more on higher balances, and added to a standard working rate. Interest is calculated on the daily balance and paid into the account quarterly depending on when it was opened.

Account keeping fees

With both options you will not be asked to pay any monthly account keeping fees.

Transaction fees

The interest earning account does incur transaction fees, while the Body Corporate Special account charges no extra fees when making your normal transactions.

Available transaction methods

With both accounts you will have a cheque facility, online access to the account, and electronic banking methods such as BPAY and direct debits. With the Body Corporate account you will be charged for using some transaction methods such as ATM withdrawals, EFTPOS purchases and Bank@Post withdrawals.

How to apply

Eligibility

If the Body Corporate has what your Body Corporate organisation needs to manage its finances, you can apply online. In addition to the above mentioned eligibility conditions, you should also make sure that you are able to meet the following:

Minimum age. While no minimum age requirement is stipulated, you must be a body corporate for a community titles scheme in Queensland.
Residency requirements. Permanent residents and citizens of Australia are eligible to apply. Also keep in mind that your body corporate must be registered in Queensland.

Depository requirements. For the Body Corporate Account you will need to make an opening deposit of $1, while $100 is needed to open the Body Corporate Special Account.

Documentation needed

It is recommended that as you fill out your application you keep available the following documentation to help with some of the required information:

Tax file number. It is not obligatory that you provide Heritage Bank with your tax file number (TFN) or exemption code for your body corporate organisation, but it will help in making sure that any withholding tax that is applied to your interest earnings is deducted at the correct rate.
Identification. The individual applicant will need to provide details from their driver's licence, passport or Medicare card in order to have their identity verified. Other documentation regarding the body corporate will also be asked for by Heritage Bank.

New customers will need to agree to become members of Heritage Bank and pay the $1 fee for their share before the account can be activated. You will then be able to take advantage of the Body Corporate to help keep on top of your finances.

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Heritage Bank Body Corporate

Pros

Cons

Key features

Availability

Balance requirements

Interest rates

Account keeping fees

Transaction fees

Available transaction methods

How to apply

Eligibility

Documentation needed

Compare other transaction accounts

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