Matching Deposits
What is a Matching Deposit?
Matching deposits are unique to the LLL. They are a way for you to ensure that your LLL deposit account helps support a particular project of the Lutheran Church of Australia, be that a congregation, school or care organisation etc. By supporting your project in this way you are not affecting the status of your account, your funds are still secure and available “at call”. You can continue to make deposits and withdrawals as normal.
You advise us which project you wish to support and we will note that against your account. Your funds will then become matching deposits for that project.
Approved projects can borrow funds from the LLL for the equivalent amount of total matching deposits for that project. Loans have a low interest rate of 5% p.a. with no application fees nor any ongoing fees. When compared with the interest rates and fees imposed by commercial financial institutions, you can see your support will result in significant savings to the project.
At any time your matching deposit instruction can be changed to support another project and/or multiple projects, simply by writing to the LLL.
If you would like to change the matching deposit instruction on you existing account please click here.
*Please note that to view the link above, the Adobe Acrobat plugin needs to be installed.
Interest Free Accounts
LLL deposit accounts are normally interest bearing, earning 4.75% interest per annum. However, any depositor may choose a lower rate of interest on their account, or even no interest so that it becomes an interest free account.
The interest forgone enables the LLL to provide additional support to Lutheran Church of Australia projects like congregations, schools, care organisations etc. The depositor may nominate a particular area or project to benefit.
Forfeiting interest on your LLL deposit account for a specific project is a way of providing additional support to the mission of the Church.
In addition, accepting a lower interest rate is tax effective and for pensioners it is even more attractive recognising that the LLL has exemption from the deeming legislation. (This means it is only the actual interest earned and not the deemed rate that is used in calculating income benefits).
If you would like to change the interest instruction on your existing account please click here.
*Please note that to view the link above, the Adobe Acrobat plugin needs to be installed.
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