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Our verdict

If you're under 18, you can earn bonus interest each month you deposit just $5 and make no withdrawals.

This account could suit you if you're under 18 and looking for an account to help you kickstart your savings and build good savings habits. You can earn an ongoing bonus interest rate of 4.9% each month you deposit just $5 and make no withdrawals. This bonus rate is a bit lower than other leading youth accounts in the market, however, the monthly deposit condition is also much lower and easier to meet. The fact you can't make withdrawals if you want to earn bonus interest is a good way to resist impulse purchases.

Pros

No monthly service fee
$0 minimum deposit
Small monthly deposit condition
Decent ongoing variable bonus rate

Cons

No withdrawals to be eligible for bonus interest
Low variable base rate if bonus conditions aren't met

Details

Key details

Product Name	People's Choice Young Saver Account
Maximum Variable Rate	4.90% p.a.
Standard Variable Rate	0.10% p.a.
Monthly Account Fee	$0
Minimum Opening Deposit	$0

Key features

$0 Account keeping fees

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

Up to 4.9% p.a. when you deposit at least $5 and make no withdrawals for that month.

You can earn a total bonus rate of 4.9% 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.

Standard variable rate of 0.1%

If you don't meet the conditions one month you'll earn the standard variable rate. However, you can be eligible for the bonus rate again the following 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 at any time.

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.

How to apply

You can apply for this account online if you're under 18.

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

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 must be permanent residents of Australia with a Australian residential address.

Depository requirements. There is no minimum balance requirement to open this account.

Documentation needed

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.

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Alison Finder

Editor

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Sree

April 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?

Ash Munoz

April 18, 2018

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

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Charlie

April 05, 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?

Nikki Angco

April 05, 2018

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

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Trish

March 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.

Jhezelyn Finder

March 24, 2018

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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People’s Choice Young Saver Account

Pros

Cons

Key features

$0 Account keeping fees

Up to 4.9% p.a. when you deposit at least $5 and make no withdrawals for that month.

Standard variable rate of 0.1%

Interest payments

Direct credit available

How do I access the account?

iPhone and Android app available

Direct debits

How to apply

Eligibility

Documentation needed

What happens after I submit my application?

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