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.
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.
- 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
- 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.