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.
What are the features of the People’s Choice Young Saver Account?
- Monthly fees. With the Young Saver Account you are not charged any monthly account keeping fees.
- Interest rate. The standard interest rate for this account is a variable competitive rate.
- Bonus interest. 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 5pm 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.
- Direct credit. If you are employed you can set up the account for direct credit of all or part of your pay.
- Accessing 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.
- App. 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.
- $0 monthly service fee
- $0 minimum deposit
- Bonus interest is offered to accounts without withdrawal during the month
- 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 click “Go to Site” and be transferred to the secure online application page.
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:
- 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.
- Identification. You can use your driver’s licence, Australian passport, Medibank Private health insurance or foreign passport with employment visa for People’s Choice to verify your identity electronically.
- 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.
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.