diff --git a/charts/external-dns/CHANGELOG.md b/charts/external-dns/CHANGELOG.md
index 3569fa6869..5743f511b6 100644
--- a/charts/external-dns/CHANGELOG.md
+++ b/charts/external-dns/CHANGELOG.md
@@ -27,6 +27,10 @@ and this project adheres to [Semantic Versioning](https://semver.org/spec/v2.0.0
 
 - Fixed automatic addition of pod selector labels to `affinity` and `topologySpreadConstraints` if not defined. _@pvickery-ParamountCommerce_
 
+### Changed
+
+- Allow templating `serviceaccount.annotations` keys and values, by rendering them using the `tpl` built-in function. [#4958](https://github.com/kubernetes-sigs/external-dns/pull/4958) _@fcrespofastly_
+
 ## [v1.15.0] - 2023-09-10
 
 ### Changed
diff --git a/charts/external-dns/README.md b/charts/external-dns/README.md
index d88545c383..2a7147eb05 100644
--- a/charts/external-dns/README.md
+++ b/charts/external-dns/README.md
@@ -153,7 +153,7 @@ If `namespaced` is set to `true`, please ensure that `sources` my only contains
 | service.ipFamilies | list | `[]` | Service IP families. |
 | service.ipFamilyPolicy | string | `nil` | Service IP family policy. |
 | service.port | int | `7979` | Service HTTP port. |
-| serviceAccount.annotations | object | `{}` | Annotations to add to the service account. |
+| serviceAccount.annotations | object | `{}` | Annotations to add to the service account. Templates are allowed in both the key and the value. Example: `example.com/annotation/{{ .Values.nameOverride }}: {{ .Values.nameOverride }}` |
 | serviceAccount.automountServiceAccountToken | string | `nil` | Set this to `false` to [opt out of API credential automounting](https://kubernetes.io/docs/tasks/configure-pod-container/configure-service-account/#opt-out-of-api-credential-automounting) for the `ServiceAccount`. |
 | serviceAccount.create | bool | `true` | If `true`, create a new `ServiceAccount`. |
 | serviceAccount.labels | object | `{}` | Labels to add to the service account. |
diff --git a/charts/external-dns/ci/ci-values.yaml b/charts/external-dns/ci/ci-values.yaml
index e9b1db41cb..3818ce4d6e 100644
--- a/charts/external-dns/ci/ci-values.yaml
+++ b/charts/external-dns/ci/ci-values.yaml
@@ -34,3 +34,9 @@ topologySpreadConstraints:
   - maxSkew: 1
     topologyKey: "topology.kubernetes.io/zone"
     whenUnsatisfiable: "ScheduleAnyway"
+
+serviceAccount:
+  annotations:
+    notTemplated/version: "v1.2.3"
+    justValueTemplated/version: "{{ .Chart.Version }}"
+    "{{ .Chart.Name }}/chart": "{{ .Chart.Version }}"
diff --git a/charts/external-dns/templates/serviceaccount.yaml b/charts/external-dns/templates/serviceaccount.yaml
index f627313af8..37eebb41ac 100644
--- a/charts/external-dns/templates/serviceaccount.yaml
+++ b/charts/external-dns/templates/serviceaccount.yaml
@@ -11,7 +11,9 @@ metadata:
   {{- end }}
   {{- with .Values.serviceAccount.annotations }}
   annotations:
-    {{- toYaml . | nindent 4 }}
+    {{- range $k, $v := . }}
+      {{- printf "%s: %s" (tpl $k $) (tpl $v $) | nindent 4 }}
+    {{- end }}
   {{- end }}
 automountServiceAccountToken: {{ .Values.serviceAccount.automountServiceAccountToken }}
 {{- end }}
diff --git a/charts/external-dns/values.yaml b/charts/external-dns/values.yaml
index dc12cdd65b..0a6ee4849b 100644
--- a/charts/external-dns/values.yaml
+++ b/charts/external-dns/values.yaml
@@ -31,7 +31,7 @@ serviceAccount:
   create: true
   # -- Labels to add to the service account.
   labels: {}
-  # -- Annotations to add to the service account.
+  # -- Annotations to add to the service account. Templates are allowed in both the key and the value. Example: `example.com/annotation/{{ .Values.nameOverride }}: {{ .Values.nameOverride }}`
   annotations: {}
   # -- (string) If this is set and `serviceAccount.create` is `true` this will be used for the created `ServiceAccount` name, if set and `serviceAccount.create` is `false` then this will define an existing `ServiceAccount` to use.
   name: