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People’s Choice Savings Accounts
What savings accounts does People’s Choice offer?
At the time of writing, People’s Choice offers the following savings accounts:
- Bonus Saver Account – offers a bonus interest rate each month you deposit a minimum of $50 into your account and make no withdrawals.
- Online Saver Account – online savings account that offers bonus interest when you make no withdrawals during the month.
- Young Saver Account – savings account for those aged under 18 years old. Offers bonus interest when a minimum of $5 is deposited and no withdrawals are made during the month.
- Christmas Savings Account – savings account designed to help finance Christmas spending by restricting your access to withdraw funds outside of 1 November to 31 January.
You can view the current interest rates on some of People’s Choice’s savings accounts in Canstar’s comparison tables.
Do People’s Choice savings accounts require a linked transaction account?
People’s Choice does not state that it requires a linked transaction account to use its savings accounts.
If you are looking to compare transaction accounts, you can do so here to potentially find one that suits your requirements.
Does People’s Choice charge fees on its savings accounts?
Savings accounts can come with several fees, such as monthly account-keeping fees, transaction fees, withdrawal fees and more. At the time of writing, People’s Choice charges the following fees:
- Branch withdrawals and branch debit transfers – Bonus Saver and Young Saver accounts account holders are allowed to make one free withdrawal and one free direct debit per month, after this you’ll be charged $3 per withdrawal and $1.25 per debit. Christmas Savings Account has two free withdrawals and two free direct debits per month then charges $3 per withdrawal and $1.25 per debit.
- Access charge – $5 fee when you access your Christmas Savings Account outside the access period.
People’s Choice says it charges no monthly administration fees on its savings accounts.
What does People’s Choice offer in terms of mobile banking for savings accounts?
People’s Choice says you can access its savings accounts 24/7 with the People’s Choice Smartphone and iPhone App, Internet Banking and Phone Banking. People’s Choice Mobile Banking App is available through the Apple and Google store. Notable features of the app include the ability to:
- View and manage your eStatements in the app
- Apply for a personal loan or home loan from within the app
- Check your funds fast using the Quick Balance feature
- Make payments quickly using the Fast Payments feature
- Set up Apple Pay, Samsung Pay or Google Pay so you can tap and pay
How do I apply for a People’s Choice savings account?
Before applying for a People’s Choice savings account, consider comparing it against other savings accounts on the market to ensure it’s the right one for you.
If you choose to apply for a People’s Choice savings account, you can do this online, over the phone or at a People’s Choice branch, provided you have the correct documentation.
To open a People’s Choice savings account you must be a member of the credit union. To become a member you must be an Australian resident. Additionally, People’s Choice says you must have the following information at hand:
- Australian driver’s licence
- Australian passport
- Medicare card
- Medibank private health insurance (if relevant)
- Employment visa (if you hold a foreign passport)
To open a savings account, People’s Choice says you must be over 13 years old. However, People’s Choice says you may open a Young Saver Account for a child when it is born. The child can be granted access to the account from the age of 13 and is given full account access at the age of 18.
People’s Choice says there is no minimum opening deposit required for its savings accounts.
About People’s Choice
People’s Choice (formerly People’s Choice Credit Union) was founded in 1949. It is a 100% member-owned credit union.
