People’s Choice Young Saver Account
Young Australians can appreciate the value of good saving habits with bonus interest from their People’s Choice Young Saver Account.
The Young Saver Account is exclusively for Australians under the age of 18 who are beginning to understand the value of saving. Featuring bonus interest for regular deposits and no withdrawals, you have the opportunity to watch as your savings grow quickly from accumulated interest. With no fees to pay and easy ways to meet your deposit terms, you will have no trouble managing your first nest egg.
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.
Learning how to save from a young age is important. Be rewarded with bonus interest when the conditions are met.
$0 Account keeping fees
With the Young Saver Account you are not charged any monthly account keeping fees.
Up to 1.1% p.a. when you deposit at least $5 and make no withdrawals for that month
The standard interest rate for this account is a variable competitive rate. You can add to the interest amount each month by making a minimum deposit of $5 and no withdrawals. In order for a deposit to qualify you for the bonus interest, it must be made before 5:00pm Central Standard time on the last day of the month.
Interest is calculated on your daily balance and deposited into your account once a month. The interest rate is variable, which means it could change according to the movements of the RBA cash rate.
Direct credit available
If you are employed you can set up the account for direct credit of all or part of your pay.
How do I access the account?
Access your money anytime using internet or phone banking. Branch and agency transfers or withdrawals are also available but can incur a fee.
iPhone and Android app available
The People's Choice Credit Union offers an app for iPhone and Android mobile devices that gives you the same accessibility that internet banking provides.
You can set up direct debit for a fee, but this will count as a withdrawal and cause you to lose your bonus interest. BPAY is also allowed without a fee, with the same condition. If you like the features of these accounts it might be a good idea to look over some of the other People's Choice Savings Accounts, including ones designed specially for students, retirees and almost anyone else who wants to save more money.
To see how much interest you will actually earn, in real dollar amounts, you might also consider using a savings calculator to compare accounts in detail.
How to apply
If you have made your comparisons and found the Young Saver Account has the features you need to help reach your savings goals, you can apply online.
Existing members of the credit union will be prompted to login to their online banking in order to complete the application while non-members will first need to apply to become a member.
Before proceeding, check the following eligibility requirements to make sure that your application will be accepted:
- Minimum age. This account is structured for individuals under the age of 18.
- Residency requirements. Applicants can be permanent residents of Australia or temporary residents with a valid work visa.
- Depository requirements. There is no minimum balance requirement to open this account.
If you meet the eligibility requirements and are ready to move on to the application, have the following documentation ready in order to ensure that it is filled out correctly. These requirements apply whether you're opening an account for yourself, or you're a parent opening one for your child.
- Tax file number. Providing your tax file number (TFN) or TFN exemption code will ensure that your earned interest is taxed at the correct rate. Once 16, people may be able to apply for a TFN through their school.
- Identification. You will need formal identification. If you're 16 or under, a birth certificate or Australian passport might be the most suitable option. Parents opening an account on behalf of their child can use these, or a driver's licence, Medibank Private health insurance or foreign passport with employment visa.
- Credit union membership number. If you do not already have a member number you can apply to join the People's Choice Credit Union online. Applications are accepted from any Australian resident and require a $2 fee.
What happens after I submit my application?
After you have submitted your application you will be contacted by People's Choice with the details of your account. Once activated, you will be able to begin making monthly deposits.