diff --git a/charts/external-dns/CHANGELOG.md b/charts/external-dns/CHANGELOG.md
index 7ab97520e3..5743f511b6 100644
--- a/charts/external-dns/CHANGELOG.md
+++ b/charts/external-dns/CHANGELOG.md
@@ -29,7 +29,7 @@ and this project adheres to [Semantic Versioning](https://semver.org/spec/v2.0.0
 
 ### Changed
 
-- Allow templatizing `serviceaccount.annotations` in values, by rendering them using `tpl` built-in function: [#4958](https://github.com/kubernetes-sigs/external-dns/pull/4958) @fcrespofastly
+- 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
 
diff --git a/charts/external-dns/README.md b/charts/external-dns/README.md
index d88545c383..1bdcc300e7 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 here. Example: annotations:   example.com/annotation: {{ .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/templates/serviceaccount.yaml b/charts/external-dns/templates/serviceaccount.yaml
index f427917f68..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:
-    {{- tpl (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..6fd488ba35 100644
--- a/charts/external-dns/values.yaml
+++ b/charts/external-dns/values.yaml
@@ -31,7 +31,9 @@ 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 here. Example:
+  # annotations:
+  #   example.com/annotation: {{ .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: