People’s Choice Credit Union Christmas Savings Account

Last updated: Oct 1, 2020

Sort out your Christmas spending ahead of time, while earning more interest on the money you've saved.

The People’s Choice Credit Union Christmas Savings Account is a convenient way to ensure that the holiday season doesn’t break your budget. Access to funds is restricted until Christmas time, making it easier to simultaneously grow the account balance and prepare for Christmas, all while earning interest.

0.5% p.a.

Maximum variable rate

0.5% p.a.

Base interest rate

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Product Name	People's Choice Credit Union Christmas Savings Account
Maximum Variable Rate	0.5% p.a.
Standard Variable Rate	0.50%
Bonus Variable Rate	0.00%
Monthly Account Fee	$0
Minimum Opening Deposit	$0
Minimum Age	13

Pros

Unlimited free deposits
Unlimited free BPAY payments, phone and internet banking from 1 November to 31 January
$0 minimum deposit required
$0 monthly service fee

Cons

Unlimited access from 1 November to 31 January only
Fee applies to all withdrawals outside access period

Expert review

Review by

Shirley Liu

shirley@finder.com.au

Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs.

Expert review

Have a stress free Christmas by taking care of your budget first.

Key features

$0 Monthly fees

With the Christmas Savings Account you will not be charged any monthly or maintenance fees.

How is my interest calculated?

This is an interest earning account. Interest is calculated on the balance everyday and paid into the account on the 31st of October.

Accessible online or at a local branch

You can make deposits either online or at a local branch.

Withdrawal restrictions to help you save money for Christmas

From the 1st of February until the 1st of November, all withdrawals from this account will carry a $5 fee

Free seasonal account access

Get two free branch and agency withdrawals and two free direct debits in November, December and January, with $3.00 and $1.25 respective transaction fees after the limit is reached.

Direct credit

You can make regular payments into your account using direct credit of all or a partial amount of your salary.

No minimum balance or opening deposit

There is no minimum balance or opening deposit requirement, making it easy to open an account in preparation for the holiday period.

Kid-friendly

There's no maximum age limit, and children as young as 13 can open an account to manage their own Christmas money with less temptation.

Credit union membership

In order to open an account with People's Choice Credit Union, you must first become a member. Compare other People's Choice Credit Union accounts here.

Launch savings calculator

How to apply

People's Choice Credit Union makes it even easier to make holiday dreams come true by allowing you to apply for the Christmas Savings Account online. Before visiting the People's Choice website and filling out the application, check that you meet the eligibility requirements.

Eligibility

Minimum age. Applicants will have to be at least 13 years old to open the Christmas Savings Account.
Residency requirements. Individuals in Australia with a valid work visa are eligible to apply as well as permanent residents and citizens.

Depository requirement. People's Choice Credit Union does not require that you make a minimum deposit when opening the account.

Also make sure that you have the right documentation available.

Documentation needed

Tax file number. Provide your tax file number (TFN) to make sure you aren't overcharged for tax on interest earned.
Identification. People's Choice Credit Union needs to confirm your identity with a driver's licence, Australian passport or similar. Temporary residents will need to provide Medibank Private health insurance information or a visa and foreign passport.
Member id. Becoming a member of the People's Choice Credit Union is required before you can apply for this account. Applications can be found on the People's Choice website. Joining costs $2, and is open to all Australian residents.

What happens after I submit my application?

After your application has been submitted, you will be contacted by People's Choice Credit Union with your account details. If they require more information before creating the account you may be asked to provide it.

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People’s Choice Credit Union Christmas Savings Account