People’s Choice Credit Union Offset Account

Last updated: Feb 18, 2020

Get all the benefits of a flexible everyday account with the added bonus of interest saved on your home loan with People’s Choice.

The Offset Account provides a solution to your daily banking needs, while working down the amount of interest paid on your home loan each month. This is a 100% offset, where every dollar in your account is counted towards the balance of your home loan before interest is applied. By reducing the amount of interest owed each month, more money goes towards the principal, allowing you to pay off the loan faster than you had hoped for.

Account keeping fee

ATM withdrawal fee

Overseas transaction fee

of transaction value

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Details

Product Name	People's Choice Credit Union Offset Account
Monthly account fee	$8
Card access	Visa
ATM Withdrawal Fee	$0
International transaction fee	3%
Monthly deposit required to waive account fee	N/A

Joint account availability	No
Minimum opening deposit	N/A

Pros

Save on interest payments on your home loan
Linked Visa debit card
Phone, online and mobile banking

Cons

Need an eligible home loan

Shirley Liu

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.

Key features

Offset amount

This is a 100% offset account, meaning that the entire balance in the account is offset against what you currently owe on your home loan.

Availability

You must be a member of People's Choice Credit Union and have either a Standard Variable Rate Home Loan or Variable Rate Home Loan Package with them in order for this product to be available to you.

Monthly account keeping fee

$8 will be charged to your loan account on the last day of each month. If your offset account is not linked to a home loan the monthly account keeping fee will be $6 and charged to your applicable account on the last day of the month.

Available transaction methods

With no additional transaction fees charged to your account you can make unlimited, rediATM, EFTPOS, Visa debit card, direct debits, BPAY, branch, Bank@Post, online and telephone transactions.

Linked debit card

When applying for this account you will be given the choice between linking a rediATM or Visa debit card.

Visa debit card

The Visa debit card gives you the option of making purchases wherever Visa is accepted, except the money is drawn straight from your account rather than accruing interest. The card also has the Visa payWave feature, where you can make a purchase in person of less than $100 and not have to swipe your card or sign a receipt.

Additional options

You are able to link a cheque book facility or overdraft facility to this account.

How to apply

Eligibility

You must first apply for membership into the credit union by visiting a branch and paying a refundable $2 fee for your membership share. You must also have a qualifying home loan with the credit union for which to link the account to. Other eligibility requirements follow, which you should read through first before you apply:

Minimum age. No age requirement is stipulated for the Offset Account.
Residency requirements. Australian temporary and permanent residents may apply for this account.

Depository requirements. There is no minimum opening deposit required for this account.

Documentation needed

Documentation you may be asked for as applying for the People's Choice Offset Account includes:

Tax file number. Providing your tax file number (TFN) or exemption code will help ensure that any deductions made on your interest holdings is done at the correct rate.
Identification. Acceptable forms of identification include your Australian passport, driver's licence, Medicare card or employment visa and foreign passport.
Home loan information. You will be asked to provide your membership number along with your home loan account information in order to link the account and get the offset benefit.

What happens after I submit my application?

After having completed your application it should be submitted online to People's Choice for review. Once accepted you will be given your account number and instruction on how to begin using your new transaction account. The debit card that you have chosen will be mailed to the home address that you provided, and when received will need to be activated by following the instructions that accompany the card.

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People’s Choice Credit Union Offset Account