LLL Deposit Accounts are all 'at call' and have many features. As well as Individual and Joint accounts we also offer specific accounts to meet certain needs.
Click on any of the following account types, for further information about the operation of these accounts:
Children/Guardian Account
Savings Grow Too!
An LLL Children's Deposit Account operates in the same way as other LLL deposit accounts. The only difference is that an adult (eg a parent, grandparent, sponsor etc) acts as a guardian on the account until the child is old enough to operate the account themselves.
The account is held in the name of the child, c/o the guardian/s.
There are no restrictions on accessing the funds in the account, as long as the withdrawal request is signed by the guardian/s for the account.
Business Account
If your business is interested in saving costs, transferring funds electronically and at the same time supporting church projects, the LLL business account is for you. The LLL business account is an ‘at call’ electronic account that is fee-free and earns 4.75% interest p.a.
In most cases, businesses use this account to store surplus funds for investment or until they are needed for payment of GST, Superannuation, Long Service Leave etc. However, depending upon the type of business, the account may be suitable as the primary working account.
Account holders are provided with Internet Access (LLL@Home) to their LLL business account, which allows them to view and make payments from the account. The most popular method of payment is transferring funds electronically to a bank account. Any transfers made generally occur within 24 hours. Standard payments to individual payees only need to be loaded once, and then they can be saved to utilise again at a later date. Cheques may also be requested via the Internet Access facility, which saves the costs associated with the business having their own cheque book. For security reasons, when a cheque or a group of cheques is requested, they are sent to the business address (ie account holder address).
Funds may be transferred into an LLL account electronically, using the LLL branch number (BSB). Direct debits and periodical payments can also be set up on LLL accounts.
LLL business accounts can directly support Lutheran Church projects through Matching Deposits and Interest Free.
Education Account
Saving for your children's future
LLL Education Accounts have been introduced to help parents etc save for education expenses.
They operate in exactly the same way as other LLL Deposit Accounts.
When you receive your school fees account, you may send the account (or a copy) to the LLL with a signed withdrawal slip, and the LLL will withdraw the amount from your LLL Education Account and send a cheque together with the account to the school.
Funeral Account
Planning ahead for peace of mind
An LLL Funeral Account is a deposit account to assist in meeting the costs of your funeral. It operates in the same way as other LLL deposit accounts.
The account is not a funeral bond or a prepaid funeral account and it must be assessed under the assets test for Centrelink purposes. It is a deposit account that allows you to put funds aside specifically for funeral expenses. Upon your death your executors can use the proceeds of your LLL Funeral Account to help cover the cost of funeral expenses. Any money remaining in the account becomes part of your estate and is distributed in accordance with your will.
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