People’s Choice Club 55 Account
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.
Maximum variable rate
Base interest rate
This account is designed for Australians aged 55 and older, with no stipulations for whether you are still working, retired or on a pension.
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.
Account holders are not charged any monthly fees.
Only one member needs to meet the age requirement if you are applying for a joint account.
You are able to access your account using ATMs, EFTPOS, Visa debit card, direct debit, direct credit, BPAY, at a branch or with Bank@Post.
Linked Visa debit card
Make purchases and withdrawals using a Visa debit card that draws the funds directly out of your account.
Your Visa debit card is equipped with payWave, allowing you to make purchases of under $100 without having to swipe your card.
You are given unlimited free use of rediATMs across Australia to make withdrawals and balance enquiries. If you use your Visa debit card outside of this network you will be charged $0.25 per withdrawal in addition to any provider charges.
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.
The interest is calculated on your daily balance and paid into the account once a month.
Account holders are able to receive discounts on their insurance needs, including those for home and contents, motor vehicles and travelling.
How to apply
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.
- Depository requirements. There are no stipulations made in reference to a minimum opening balance for this account, although if you are applying for membership into the credit union first, you will be charged a $2 fee to become a shareholder.
After determining that you are eligible, gather the following documentation in order to make it easier to fill in all of the sections of your application:
- Tax file number. Providing People's Choice with your tax file number (TFN) and/or exemption codes will ensure that when withholding tax on your interest earnings, you will not be subjected to the highest marginal rate.
- Identification. Acceptable forms of identification to verify who you are include a driver's licence, Australian passport, Medibank Private Health Insurance, or your foreign passport with employment visa.
- Membership number. The People's Choice Credit Union membership number given to you will also be asked for.
What happens after I submit my application?
After completing and submitting your application, People's Choice will verify the details and activate your account. If you are unable to have your identity verified online, you will be asked to either visit a branch or a Bank@Post in order to complete that step. Once activated, your linked Visa debit card will be mailed to the address that you provided.