People's Choice Young Saver Account

People's Choice Young Saver Account

Maximum Variable Rate

2.55

Standard Variable Rate

1.45

Young Australians can appreciate the value of good saving habits with bonus interest from their People’s Choice Young Saver Account.

  • Bonus interest available when $5 is deposited into the account and no withdrawals are made
  • Free unlimited deposits and BPAY
  • Access your account online, over the phone or with SMS banking

Product details

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.

Learning how to save from a young age is important. Be rewarded with bonus interest when the conditions are met.

Product Name
People's Choice Young Saver Account
Maximum Variable Rate
2.55% p.a.
Standard Variable Rate
1.45% p.a.
Bonus Variable Rate
1.10% p.a.
Introductory / Bonus Offer Conditions
Deposit at least $0 to get the bonus interest rate and make no withdrawals within the calendar month.
Monthly Fee
$0
Minimum Opening Deposit
$0
Minimum monthly deposit for bonus interest rate
$5
Internet Banking
Yes
Internet Transaction Fee
$0
Phone Banking
Yes
Phone Transaction Fee
$0
Joint application?
Yes
Minimum Age Requirement
No Minimum Age
Maximum Age Requirement
18
Covered by Government Guarantee?
Yes (Up to $250,000 per person, per institution)

What are the features of the People’s Choice Young Saver Account?

$0 Account keeping fees

With the Young Saver Account you are not charged any monthly account keeping fees.

Up to 2.55% 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 payments

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.

Direct debits

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.

Launch savings calculator

Pros

  • $0 monthly service fee
  • $0 minimum deposit
  • Bonus interest is offered to accounts without withdrawal during the month

Cons

  • Limited free withdrawal per month
  • There is a fee for direct debit

How do I apply for the People’s Choice Young Saver Account?

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.

Eligibility for your online application

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.

Documentation required

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 the 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.

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6 Responses

  1. Default Gravatar
    SreeApril 18, 2018

    Hi, Would like to open account for my son. Would they receive a Savings Card to access the money? Is there a fee & charges when card is used at stores?

    • finder Customer Care
      AshApril 18, 2018Staff

      Hi Sree,

      Thank you for visiting finder.

      The People’s Choice Young Saver Account from Credit Union does not come with Visa/ Mastercard Debit Card. You may access the account through Internet, Phone or visit the nearest branch to make any transaction.

      You may use the account to pay for stores using BPAY payments and direct debit though there will be a $1.25 per debit with a free one transaction every month.

      I hope this helps.

      Let us know if there is anything else that we may assist you with.

      Cheers,
      Ash

  2. Default Gravatar
    CharlieApril 5, 2018

    Hi. I was thinking of setting up an account each for my daughters under 10. Just wanted to know about the direct deposit fee, do they get charged if I set an direct deposit from my account into theirs or is it only when you set a direct deposit up from there saving account to another?

    • finder Customer Care
      NikkiApril 5, 2018Staff

      Hi Charlie!

      Thanks for your message and for contacting finder – the leading comparison website & general information service built to give you advice in your buying decision needs. How are you doing today?

      The direct debit fee is only applicable if the withdrawals are made from their deposit accounts to another. If the money is deposited in their account no charge/fees apply.

      Hope this clarifies!

      Feel free to message us anytime should you have further questions.

      Best regards,

      Nikki

  3. Default Gravatar
    TrishMarch 21, 2018

    Hi. I wanted to open a young savers account for my 14yo son. Do I need a TFN exemption number for him? Thanks.

    • finder Customer Care
      JhezelynMarch 24, 2018Staff

      Hi Trish,

      Thank you for your comment.

      Because having a savings account lets one earn interest, TFN must be provided. You need to consider who will make use of the account and who will benefit the interest. If you get to use the account, then the TFN must be quoted for you. Per ATO, children are not exempted from quoting a TFN. Special rules apply to your child’s income from a savings account. I suggest that you check Australian Taxation Office website and go to Children’s savings accounts to know the details of getting a TFN for your 14 year old child.

      Regards,
      Jhezelyn

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