Product details
For every month that you are able to make a deposit into your Bonus Saver Account without having to withdraw, People’s Choice Credit Union rewards you with a competitive bonus interest rate. Sticking to your deposit commitment is easy with a free payroll split that allows you to add to your savings directly from your salary. You can even set up direct debits from the account, but those will count against you earning extra interest on your balance.
- Product Name
- People's Choice Bonus Saver Account
- Maximum Variable Rate
- 1.60% p.a.
- Standard Variable Rate
- 0.01% p.a.
- Bonus Variable Rate
- 1.59% p.a.
- Introductory / Bonus Offer Conditions
- Receive the bonus interest of 1.59% p.a. when you deposit a minimum of $50 into your Bonus Saver account and make no withdrawals in a month.
- Monthly Fee
- $0
- Minimum Opening Deposit
- $0
- Minimum monthly deposit for bonus interest rate
- $50
- Internet Banking
- Yes
- Internet Transaction Fee
- $0
- Phone Banking
- Yes
- Phone Transaction Fee
- $0
- Joint application?
- Yes
- Minimum Age Requirement
- 13
- Maximum Age Requirement
- No Maximum Age
- Covered by Government Guarantee?
- Yes (Up to $250,000 per person, per institution)
What are the features of the People’s Choice Bonus Saver Account?
The People’s Choice Credit Union provides many of the same benefits with their savings products as you find with Australian Banks. When making comparisons between the savings accounts of various financial institutions, keep in mind the features that you get with the Bonus Saver Account:
Monthly administration fees
There are no account keeping or administration fees deducted from your account.
Base interest
The standard interest rate for this account is minimal.
Bonus interest
A competitive bonus interest is applied to your balance for each month you deposit at least $50 without making any withdrawals from the account.
Interest calculation
Interest on the balance is calculated daily and paid into the account each month.
Accessibility
You can reach your money 24/7 by using online or phone banking.
App
People’s Choice Credit Union has a free app for iPhone and Android devices that allow you the same accessibility as online banking.
Direct credit
You can set up your salary or other regular payments to be directly credited to the account, either in whole or in part.
Direct debit
This account can be used to make BPAY payments and direct debits, but keep in mind that those will count as a withdrawal and cause you to lose your bonus interest.
Membership
You must be a member of the People’s Choice Credit Union in order to be able to open their Bonus Saver Account. Compare other People's Choice products.
Pros
- Access your funds via Internet and phone banking
- Bonus interest is paid to account holders without withdrawal during the month
- $0 minimum balance required
- $0 monthly service account fee
Cons
- Fees apply to excess withdrawals
How do I apply for the People’s Choice Bonus Saver Account?
If you can meet the terms of the People’s Choice Bonus Saver Account, and think they fit in with your saving style, you can easily start an online application.
Before you begin filling out the application check to make sure that you are able to meet their eligibility requirements:
Minimum age
This account is designed for individuals aged 13 and over.
Residency requirements
Australian permanent residents and temporary residents with a work visa who are also People’s Choice Credit Union members can apply for this account.
Depository requirements
You are not asked to make any initial deposit upon opening the account.
In addition to making sure that you are eligible for this account, also check that you have the following documentation ready in order to fill out the application quickly and correctly:
Tax file number
Providing your tax file number (TFN) or TFN exemption code is not a requirement, but it will ensure that taxes on your earned interest are being withheld at the correct rate.
Identification
You will need to be able to provide information from your driver’s licence, passport, Medibank Private health insurance or an employment visa and foreign passport.
Membership number
If you are not already a member of the People’s Choice Credit Union you can apply online before continuing to apply for the Bonus Saver Account. The membership fee is $2 and is open to any resident of Australia.
Once you have submitted your application, you will be contacted by the credit union with your account details and information about setting up online banking. After you have logged into your account you can begin to make your deposits toward earning your bonus interest.
Is Peoples Choice CU available for SMSF? Are deposited funds guaranteed by Aust Govt?
Unfortunately there are no SMSF accounts available with the People’s Choice Credit Union. However, deposited funds are covered by the Government Guarantee.
Related savings accounts
People's Choice Credit Union Christmas Savings Account
Maximum Variable Rate
1.00Standard Variable Rate
1.00
