The bank, which will mark its 200th anniversary in 2017, is giving back to the community that supports it.

“It's such a great opportunity for us to give something to our local community,” Westpac Yass branch manager Olivia Pearce said.

“To show our appreciation to the locals who support us, we're asking charities to let us know who they are, what they do, and how they would use the $500.

“They don’t have to be existing customers, but they do have to be quick as we're taking applications only until Monday, May 16.

The staff at Westpac in Yass will choose the successful applicant and they will be announced in the Yass Tribune edition of Friday, May 20.

Any local charity or not-for-profit group in the Yass Valley is eligible to apply for the $500 giveaway.

With so many deserving community organisations, the Westpac Yass staff are keen for applicants to make a convincing case as to how they’d use the money for a local cause.

"It's not every day the bank gives away money, so this is exciting for us also," she continued. 

The $500 giveaway is the first event of many planned to mark the lead up to Westpac’s 200th anniversary next year.

Westpac was established in Sydney in 1817 as the Bank of New South Wales, the first bank in Australia.

In 1982, “the Wales” merged with the Commercial Bank of Australia to form Westpac Banking Corporation.

Applications from charitable groups for the $500 give away should be emailed to Ms Pearce before 5pm on May 16 at: opearce@westpac.com.au.