Local not-for-profit organisations to cash in on new bank account
Announcement posted by Companion Credit Union 15 Feb 2012
Leading credit union Community CPS Australia – operating as Companion Credit Union in the Hunter Valley - today (1 February) introduced an everyday banking offer – the Community Reward Account - that supports local charities, community groups and not-for-profit organisations by donating a percentage of its average annual balance.
The scheme comes at no extra cost to the account holders, who still earn a competitive variable interest rate on their deposit. Each year, Companion will donate valuable funds to organisations supported through the Community Reward Account, which will assist them to continue contributing to the wellbeing of local communities.
Members who open a Community Reward Account select the charity, community group or not for-profit organisation they wish to support from a list of registered recipient organisations. If their favourite cause is not on the list they can encourage this organisation to speak to Companion about registering.
At the end of each financial year, Companion adds up the average balance held in all Community Reward Accounts linked to each registered organisation and donates up to 1.5 per cent of that balance to the organisation.
Community CPS Group general manager distribution 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.
“The Community Reward Account is a competitive savings account offering flexible access methods that delivers benefits to our members while also supporting local communities. The higher the number of members who link their Community Reward Account to a registered
organisation, the more funds can be raised for that organisation.
“The concept of the Community Reward Account comes from Wagga Mutual Credit Union, which is part of the Community CPS Australia Group, and was known as the ‘Community Sponsorship Account’. The account has been very successful, raising more than $1.1 million for the Wagga
community since its inception in 2002, and we are pleased to make this account available to all our members.”
Peter Harvey, Community Engagement Manager at Variety, the Children’s Charity, said the account was a great initiative that would not only create awareness of the organisation, but also provide an additional financial contribution to Variety and other non-profit charitable institutions.
“The team at Companion has been very supportive of Variety’s Vision for Life program and has facilitated a number of fundraising events that engaged local communities. We are hopeful of achieving our goal of $25,000 to fund a Vision for Life system in the Maitland area,” said Mr Harvey.
“As an organisation we rely heavily on community support and corporate partnerships. The Community Reward Account is a combination of both, and Variety is truly grateful to be a beneficiary.”
Organisations interested in being listed as recipient organisations can obtain a registration form at any Companion branch or online www.companion.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.
ABOUT THE COMMUNITY CPS AUSTRALIA GROUP
Community CPS Australia is a two-time winner of Money Magazine’s Australian Credit Union of the Year
Award. With more than 185,000 members, Community CPS employs 585 staff across branches in South
Australia, the Australian Capital Territory and operates as Wagga Mutual Credit Union in Wagga Wagga,
Companion Credit Union in the Hunter Valley and United Community in Western Australia. Community
CPS Australia is now one of the country’s leading credit unions with assets under management
approaching $4 billion.
The scheme comes at no extra cost to the account holders, who still earn a competitive variable interest rate on their deposit. Each year, Companion will donate valuable funds to organisations supported through the Community Reward Account, which will assist them to continue contributing to the wellbeing of local communities.
Members who open a Community Reward Account select the charity, community group or not for-profit organisation they wish to support from a list of registered recipient organisations. If their favourite cause is not on the list they can encourage this organisation to speak to Companion about registering.
At the end of each financial year, Companion adds up the average balance held in all Community Reward Accounts linked to each registered organisation and donates up to 1.5 per cent of that balance to the organisation.
Community CPS Group general manager distribution 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.
“The Community Reward Account is a competitive savings account offering flexible access methods that delivers benefits to our members while also supporting local communities. The higher the number of members who link their Community Reward Account to a registered
organisation, the more funds can be raised for that organisation.
“The concept of the Community Reward Account comes from Wagga Mutual Credit Union, which is part of the Community CPS Australia Group, and was known as the ‘Community Sponsorship Account’. The account has been very successful, raising more than $1.1 million for the Wagga
community since its inception in 2002, and we are pleased to make this account available to all our members.”
Peter Harvey, Community Engagement Manager at Variety, the Children’s Charity, said the account was a great initiative that would not only create awareness of the organisation, but also provide an additional financial contribution to Variety and other non-profit charitable institutions.
“The team at Companion has been very supportive of Variety’s Vision for Life program and has facilitated a number of fundraising events that engaged local communities. We are hopeful of achieving our goal of $25,000 to fund a Vision for Life system in the Maitland area,” said Mr Harvey.
“As an organisation we rely heavily on community support and corporate partnerships. The Community Reward Account is a combination of both, and Variety is truly grateful to be a beneficiary.”
Organisations interested in being listed as recipient organisations can obtain a registration form at any Companion branch or online www.companion.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.
ABOUT THE COMMUNITY CPS AUSTRALIA GROUP
Community CPS Australia is a two-time winner of Money Magazine’s Australian Credit Union of the Year
Award. With more than 185,000 members, Community CPS employs 585 staff across branches in South
Australia, the Australian Capital Territory and operates as Wagga Mutual Credit Union in Wagga Wagga,
Companion Credit Union in the Hunter Valley and United Community in Western Australia. Community
CPS Australia is now one of the country’s leading credit unions with assets under management
approaching $4 billion.