People's Choice Term Investment

People's Choice Term Investment

Min. Opening Deposit


Account Keeping Fee


Your savings dreams could be a reality with the high interest benefit of a People’s Choice Term Investment.

  • Interest can be paid annually, half yearly, quarterly, monthly or every 28 days (>1 year)
  • View via internet banking or smartphone app
  • Minimum age 13

Product details

Term deposits take the temptation out of spending by locking you into a fixed rate term of your choice. By choosing this type of low risk investment, you could be rewarded with a handsome return on your savings investment. With People’s Choice, you are given options that allow you to customise the investment to suit your savings goals.

Product Name
People's Choice Term Investment
3 month interest rate
4 month interest rate
6 month interest rate
12 month interest rate
24 month interest rate
36 month interest rate
48 month interest rate
60 month interest rate
Min Deposit
Joint Application
Minimum Age Requirement
Covered by Government Guarantee
Yes (Up to $250,000 per person, per institution)

What are the features of the People’s Choice Term Investment?

Term deposit accounts are structured to encourage saving through a number of features. When looking for a term deposit account to assist in your goal, compare those features amongst a variety of Australian financial institutions against those offered to you by People’s Choice:

  • Deposit limits. With People’s Choice you can deposit anywhere between $5,000 and $500,000. For an investment amount higher than $500,000 you will need to first visit your local branch.
  • Monthly account keeping fees. With this term investment account you are not charged any monthly fee.
  • Terms. You are able to choose from terms between two months and five years to lock your money in.
  • Interest rates. Interest rates are fixed, and vary based on the length of your term and how often you choose for interest to be paid into the account. These rates are tiered to give you the highest return on the investment for choosing longer terms with one interest payment at maturity.
  • Interest calculation and payments. Interest is calculated onto the balance daily. If you choose terms of less than a year, it will be paid into the account at maturity. For longer terms you can choose monthly, quarterly, bi-annually or yearly interest payments or every 28 days. By choosing more frequent payments you will receive a lower interest rate calculated on your balance.
  • Account accessibility. You are able to view your accounts growth through internet banking.
  • Mobile app. If you want to see your balance while on the go, People’s Choice has an app that can be downloaded for free for android and iPhone mobile devices.
  • Early redemption. After the term investment has been active for over one year, you are allowed to make annual partial withdrawals from the account, for a minimum of $1,000. In order to do this, you must give the credit union at least seven days notice, and in some cases you could lose points on your interest rate.
  • Term investment maturity. Prior to the terms coming to an end, you will receive a notice from People’s Choice asking that you let them know of your intent once the terms expire. If you do not respond, the money will automatically be reinvested for the same terms, but at the prevailing interest rate.


  • Interest can be paid annually, half yearly, quarterly, monthly or every 28 days (>1 year)
  • View via internet banking or smartphone app
  • Minimum age 13


  • Minimum of $5000 for investment is required.

How do I apply for the People’s Choice Term Investment?

Before you can apply for the Term Investment with People’s Choice, you must first become a member of the credit union. An application for membership can be filled out online, and is open to anyone living in Australia. There is a $2 fee to buy your share and gain access to the Term Investment account. Click on “Go to Site” in order to access that application now. If you are already a member, you can apply for the term deposit through internet banking. Eligibility for this account includes:

  • Minimum age. Term investments are available for all members who are at least 13 years of age.
  • Residency requirements. People’s Choice offers this account to Australian permanent residents and individuals with a valid employment visa.
  • Depository requirements. The opening balance requirement is $5,000.

As you work your way through the application, you’ll find that having the following documentation close by will make it easier:

  • Tax file number. Your tax file number (TFN) or TFN exemption codes are used to make sure that withholdings on your interest earnings are being made at the right amount for your circumstance.
  • Identification. In order to verify your identity you will be asked for your driver’s licence, Australian passport, foreign passport with employment visa or Medibank Private Health Insurance.
  • Membership number. When you become a shareholder with People’s Choice, you will be given a member number. This will be needed in order to process your application.

Once your details are verified and the deposit made into the account, your term investment will begin to earn you interest every day.


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