NFP Resource recently received an enquiry relating to the fees that NZ banks charge non-profits and whether any still offer fees-free accounts. Our research indicated that there is a tremendous variety in what banks may (OR MAY NOT!) offer to clubs/non-profits and we found that the banks’ websites are not always helpful!

Accordingly, On 12 December NFP Resource sent letters to each of the major NZ Banks, and posed the following queries:

Do you offer reduced fees (or nil fees) to non-profit groups?
     If so ….
     To which types of non-profit groups?
     And upon which accounts?
     Are there any specific conditions (eg minimum balance etc.)?
     What information is required for a qualifying non-profit group to open such an account?

The responses from the various banks (in the order received) are tabulated as follows (we will update the post as responses are received:

TSB Bank

TSB has a specific, transactional account type which is designed to be used by not-for-profit groups. There are no transaction fees on the account, however other service fees may apply. Application forms and ID verification are required for all authorised persons. Please note that we run very limited cash handling services outside of Taranaki. Not-for-profit groups can contact TSB to discuss their options further.

ANZ Bank

Do you offer reduced fees (or nil fees) to non profit groups?
Yes, we offer a fee-free current account to non-profit organisations

To which types of non-profit groups?
The definition of a non-profit organisation is
any society, association or organisation that:

  • is not carried on for the profit or gain of any member
  • has rules that do not allow money, property or any other benefits to be distributed to any of its members

NPOs can be in the form of a:

  • Trust
  • Incorporated Body or Society
  • Charitable Institution
  • Cultural or special interest group

And upon which accounts?
We have a specific account dedicated to non-profit organisations

Are there specific conditions (eg minimum balance etc.)?

There is no specific balance requirement, the organisation must meet the definitions shown above and supply the information detailed below

What information is required for a qualifying non-profit group to open such an account?

Customers must produce one of the following:

  • Certificate of registration as a charitable entity from the Charities Commission,
  • Certificate of Incorporation issued by the Registrar of Incorporated Societies, or
  • Statuary Declaration of Intention to operate as a Non-Profit Organisation within the definition above.

In addition, we’d require identification documents for us to verify the identities of all signatories/trustee to the account.

Additional information

As well as being fee-free from account and transaction fees the Non-Profit current account also offers:

  • No cheque clearance or cash handling fees
  • Full transactional access with credit interest paid on credit balances
  • Overdraft facilities available provided the rules/constitution of the organisation permit borrowing
Co-operative Bank

At Co-op we provide banking services for everyday New Zealand personal customers.  Unfortunately, our banking services don’t extend to non-profit organisations which require different frameworks and systems to support.