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People’s Choice Club 55 Account

Shirley Liu
Shirley Liu
Last updated:  

People’s Choice members can take advantage of a specialised account just for seniors as long as they’re at least 55.

Whether you are still active at work, or receiving your pension, People’s Choice Credit Union has the needs of seniors in mind. The Club 55 account is an easily accessible transaction account that allows you to also earn interest on your balance. Plus you get discounts on an array of insurers, helping you to keep more of your money in your account.

0.55% p.a.

Maximum variable rate

0.55% p.a.

Base interest rate

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Details

Product NamePeople's Choice Club 55 Account
Maximum Variable Rate0.55% p.a.
Standard Variable Rate0.55%
Bonus Variable Rate0.00%
Monthly Account Fee$0
Minimum Opening Deposit$0
Minimum Age55

Key features

Availability

This account is designed for Australians aged 55 and older, with no stipulations for whether you are still working, retired or on a pension.

Membership

All People's Choice accounts are only available for members of the credit union. There are no residency or employment qualifications that you have to meet in order to become a member, and the fee for your share will be $2.

How to apply

Eligibility

If you are already a member of the credit union, you can login to internet banking, click on "open account" and follow the steps for starting your Club 55 Account. If you are not already a member, you can apply online for membership, before applying for your new transaction account. Eligibility requirements that you will have to meet include:

  • Minimum age. For the Club 55 Account, you must be at least 55 years of age.
  • Residency requirements. Australian permanent residents and temporary residents with a valid work visa are eligible to apply.

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2 Comments

  1. Default Gravatar
    jan
    October 3, 2017

    What is the interest rate on a pension account?
    I am on reduced centrelink as I sold my house for $412.000
    Plus they are deeming me as earning 3.25% and I am earning nil up to $2000 and

    Reply
    • Avatarfinder Customer Care
      Judith
      October 4, 2017

      Hi Jan,

      Thanks for contacting finder, a comparison website and general information service.

      The interest rate p.a. for the People’s Choice Club 55 Account is 2.05%. Be reminded though that the interest rate is applied to the entire balance, and is tiered to give you a higher rate of return for having more money in your account. Also, the interest is calculated on your daily balance and paid into the account once a month.

      To compare the Pensioner Deeming Accounts, you may check this page. We have a panel in which you can enter the initial deposit, monthly deposit, and period. Then click “Calculate.”

      I hope this helps.

      Regards,
      Judith

      Reply
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