Finder makes money from featured partners, but editorial opinions are our own.

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

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.

Monthly fees

Account holders are not charged any monthly fees.

Joint account

Only one member needs to meet the age requirement if you are applying for a joint account.

Transaction methods

You are able to access your account using ATMs, EFTPOS, Visa debit card, direct debit, direct credit, BPAY, at a branch or with Bank@Post.

Linked Visa debit card

Make purchases and withdrawals using a Visa debit card that draws the funds directly out of your account.

Visa payWave

Your Visa debit card is equipped with payWave, allowing you to make purchases of under $100 without having to swipe your card.

ATM access

You are given unlimited free use of rediATMs across Australia to make withdrawals and balance enquiries. If you use your Visa debit card outside of this network you will be charged $0.25 per withdrawal in addition to any provider charges.

Interest rates

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.

Interest calculation

The interest is calculated on your daily balance and paid into the account once a month.

Insurance discounts

Account holders are able to receive discounts on their insurance needs, including those for home and contents, motor vehicles and travelling.

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.

Depository requirements. There are no stipulations made in reference to a minimum opening balance for this account, although if you are applying for membership into the credit union first, you will be charged a $2 fee to become a shareholder.

Documentation needed

After determining that you are eligible, gather the following documentation in order to make it easier to fill in all of the sections of your application:

Tax file number. Providing People's Choice with your tax file number (TFN) and/or exemption codes will ensure that when withholding tax on your interest earnings, you will not be subjected to the highest marginal rate.
Identification. Acceptable forms of identification to verify who you are include a driver's licence, Australian passport, Medibank Private Health Insurance, or your foreign passport with employment visa.
Membership number. The People's Choice Credit Union membership number given to you will also be asked for.

What happens after I submit my application?

After completing and submitting your application, People's Choice will verify the details and activate your account. If you are unable to have your identity verified online, you will be asked to either visit a branch or a Bank@Post in order to complete that step. Once activated, your linked Visa debit card will be mailed to the address that you provided.

Your reviews

No reviews yet. Write a review

Ask a question

To ask a question simply log in via your email or create an account.

Ask a question

Shirley Finder

Publisher

Hi there, looking for more information? Ask us a question.

You are about to post a question on finder.com.au:

Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
finder.com.au is a financial comparison and information service, not a bank or product provider
We cannot provide you with personal advice or recommendations
Your answer might already be waiting – check previous questions below to see if yours has already been asked

Accept and continue

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms Of Service and Finder Group Privacy & Cookies Policy.

This site is protected by reCAPTCHA and the Privacy Policy and Terms of Service apply.

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

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

Show more Show less

People’s Choice Club 55 Account