In this guide

  • Review
  • Details
    • Key details
  • Key features
  • How to apply
  • Your reviews
  • Ask a question
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People’s Choice Club 55 Account

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People's Choice Club 55 Account - Discontinued
Maximum variable rate
0.40% p.a.
Base interest rate
0.01%p.a.

Summary

People’s Choice members can take advantage of a specialised account just for seniors as long as they’re at least 55.

Whether you are still active at work, or receiving your pension, People’s Choice Credit Union has the needs of seniors in mind. The Club 55 account is an easily accessible transaction account that allows you to also earn interest on your balance. Plus you get discounts on an array of insurers, helping you to keep more of your money in your account.

Pros

  • No monthly administration fee
  • Unlimited free rediATM transactions, EFTPOS transactions, Visa Debit card ‘credit’ purchases, direct debits, BPAY transactions
  • Unlimited, free access to 3,400 rediATMs across Australia

Cons

  • Minimum age criteria applies
  • international transaction fees apply
  • $5 overseas ATM withdrawal fee
  • Only available if you're over 55

In this guide

  • Review
  • Details
    • Key details
  • Key features
  • How to apply
  • Your reviews
  • Ask a question

Details

Key details

Product Name People's Choice Club 55 Account - Discontinued
Maximum Variable Rate 0.40% p.a.
Standard Variable Rate 0.01% p.a.
Monthly Account Fee $0
Minimum Opening Deposit $0
Minimum Age 55

Key features

Availability

This account is designed for Australians aged 55 and older, with no stipulations for whether you are still working, retired or on a pension.

Membership

All People's Choice accounts are only available for members of the credit union. There are no residency or employment qualifications that you have to meet in order to become a member, and the fee for your share will be $2.


How to apply

Eligibility

If you are already a member of the credit union, you can login to internet banking, click on "open account" and follow the steps for starting your Club 55 Account. If you are not already a member, you can apply online for membership, before applying for your new transaction account. Eligibility requirements that you will have to meet include:

  • Minimum age. For the Club 55 Account, you must be at least 55 years of age.
  • Residency requirements. Australian permanent residents and temporary residents with a valid work visa are eligible to apply.

Your reviews

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Shirley Finder

Publisher

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jan

October 03, 2017

What is the interest rate on a pension account?

I am on reduced centrelink as I sold my house for $412.000

Plus they are deeming me as earning 3.25% and I am earning nil up to $2000 and


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Judith Finder

October 03, 2017

Hi Jan,


Thanks for contacting Finder.


The interest rate p.a. for the People’s Choice Club 55 Account is 2.05%. Be reminded though that the interest rate is applied to the entire balance, and is tiered to give you a higher rate of return for having more money in your account. Also, the interest is calculated on your daily balance and paid into the account once a month.


You may compare a list of Pensioner Deeming Accounts. We have a panel in which you can enter the initial deposit, monthly deposit, and period. Then click “Calculate.”


Once you have chosen a particular account, you may then click on the “Go to site” button and you will be redirected to the bank’s website where you can proceed with your application or get in touch with their representatives for further assistance.


Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. You can also contact the provider if you have specific questions.


I hope this helps.


Regards,

Judith


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