People’s Choice Credit Union Online Saver Account

Last updated: Oct 2, 2020

Watch your savings grow with bonus interest paid just for being a good saver.

The Online Saver Account from People’s Choice Credit Union provides its members with an opportunity to boost their savings with bonus interest. With easy to meet criteria you can earn interest at a competitive rate and reach your savings goals quickly. The Online Saver also provides easy accessibility so that you can better manage your account and your finances.

0.6% p.a.

Maximum variable rate

0.3% p.a.

Base interest rate

0.3% p.a.

Bonus interest rate

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Product Name	People's Choice Credit Union Online Saver Account
Maximum Variable Rate	0.6% p.a.
Standard Variable Rate	0.30%
Bonus Variable Rate	0.30%
Monthly Account Fee	$0
Minimum Opening Deposit	$0
Minimum Age	13

Pros

$0 minimum opening balance
Earn bonus interest rate if no withdrawal in a month
Access your account thru internet, mobile and phone banking

Cons

Branch access is not permitted

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

Monthly administration fee

There are no monthly charges to you with this online savings account.

Base interest rates

The variable base interest rate is tiered to pay you higher interest for balance amounts higher than $5,000.

Bonus rate

The bonus rate is added to the base interest every month that you make no withdrawals from the account. Any electronic payments from the account are considered a withdrawal and will make you ineligible to receive bonus interest for that month.

Interest calculation

The interest is calculated on the daily balance and paid into the account once a month, giving you a chance to earn even more with compound interest.

Payroll credit

You can set up a free payroll split to be credited directly to your Online Saver Account from your salary.

Managing the account

You have unlimited free access to your account using internet, mobile and phone banking.

Direct debits

An unlimited number of free BPAY and direct debits can be made from the account, but this will result in the loss of your bonus interest for that month.

Mobile banking

People's Choice Credit Union has available a smartphone and iPhone app that allows you to manage your account right from your mobile device.

Credit union membership

In order to apply for any of People's Choice's financial products you must first become a member of the credit union. Membership is open to all Australian residents, with no employment or industry obligations to meet.

How to apply

Eligibility

You will be asked to pay a $2 fee for your share of the credit union when applying. Other eligibility requirements you will need to meet in order to qualify for the Online Saver Account include:

Minimum age. People's Choice members aged 13 and over can apply for this account.
Residency requirements. Australian permanent and temporary residents are eligible provided that they have a residential address in Australia.

Depository requirements. Aside from your $2 credit union membership fee there is no opening deposit requirement.

Documentation needed

Having the following documentation close by will make it easier and faster to fill out your online application correctly:

Tax file number. With interest earning accounts, People's Choice is obligated to deduct a withholding tax from your interest earnings. Although not required of you, providing your tax file number (TFN) or exemption code will ensure that the amount being withheld is at the correct rate.
Identification. In order to verify your identity, People's Choice Credit Union will ask for information from one of the following; your driver's licence, Australian passport, Medibank Private health insurance or employment visa and foreign passport.
Membership number. Your credit union membership number will also be required as you fill out the application form.

What happens after I submit my application?

So long as the information on your application can be verified, your Online Saver Account details will be sent to you and you can begin to make your deposits towards a higher rate of interest.

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People’s Choice Credit Union Online Saver Account