National Australia Bank has forged an alliance with online portal ourcommunity.com.au to offer the nation's 700,000 community groups access to financial services products designed for the non-profit sector.
The first stage of the alliance sees the introduction of two transaction accounts to the bank's product range - the National Community Group account and the National Community Group management account. Both accounts are designed to assist community groups to keep their transaction fees to a minimum.
Mike Pratt, the National’s CEO, Australian financial services, says: "The National now recognises that non-profit groups have different needs to our business customers. Our accounts will suit all kinds of non-profit groups and are a great, low cost alternative to the typical business transaction account.
The CEO of ourcommunity.com.au, Dr Rhonda Galbally, adds: “For too long businesses have ignored the opportunities associated with a sector that spends $59 billion a year, employs 600,000 people and oversees an annual volunteer force of 2.5 million people."