Heritage has two accounts specifically designed for individual body corporate organisations and body corporate managers:
- Body Corporate Account - an interest earning account
- Body Corporate Special Account - earns no interest
Both accounts function in the same way. However, the Body Corporate Account attracts interest and has a variety of transaction fees. The Body Corporate Special Account earns no interest and has no transaction fees.
Heritage developed the Body Corporate Special Account at the request of various body corporates and body corporate managers. They asked for an account that does not pay any interest because the cost of lodging a tax return is often more than the interest earned. Made sense, so we designed a special account for them.
Please read the Guide to Heritage Deposit Products (available in branch, by phoning 13 14 22 or here) and consider whether this product is right for you.