People’s Choice Term Deposits
What term deposits does People’s Choice offer?
People’s Choice offers a Personal Term Investment product. Its features include:
- No monthly fees
- Minimum deposit of $5,000 (or $1,000 if you are under 25 years old)
- Interest can be paid at maturity, annually, half yearly, quarterly, monthly or every 28 days depending on the length of the term
- View your term deposit at any time via internet banking or through the People’s Choice Smartphone and iPhone App
Click below to compare other term deposits on our database, with terms, deposit amounts and interest paid options tailored to your preferences.
What terms are available on People’s Choice term deposits?
According to People’s Choice, it offers term deposits with terms (the length of time your money is deposited) typically ranging from a minimum of two months to a maximum of five years.
You can use Canstar’s term deposit calculator to help you work out what term length might be suitable for you. One factor to consider is that longer terms typically come with higher interest rates, but you would have to wait longer to benefit from the higher interest rate that can come with reaching the maturity date.
When deciding on a term deposit, it’s a good idea to carefully consider the length of the investment term, as some products may charge a fee and require a certain notice period if you need to access your money early.
When is interest paid on People’s Choice term deposits?
On People’s Choice term deposits of one year or more, you can receive interest payments at the following frequencies:
- Every 28 days
- Half yearly
For investments less than one year, People’s Choice says interest will be paid at maturity.
It’s worth remembering that the option you select may have an impact on the rate of interest you earn.
Canstar’s term deposit calculator can help you decide how you can maximise the interest paid on your term deposit.
Does People’s Choice have a notice period and charge an early withdrawal fee for withdrawals?
At the time of writing, People’s Choice requires you to provide notice of 31 days if you wish to access your money early.
At the time of writing, People’s Choice charges an early redemption administration fee of $30 and the interest payable on the amount withdrawn will be reduced. For example, according to People’s Choice, if only 40% to 60% of your term has elapsed then they will apply a 40% interest rate reduction.
People’s Choice’s website and Product Disclosure Statement (PDS) provide more information on any interest adjustments or other early withdrawal penalties that may apply.
Does People’s Choice charge any other fees for term deposits?
At the time of writing, People’s Choice does not charge any monthly fees.
For current information on fees and how they apply, please check the PDS or contact People’s Choice.
How to apply for a People’s Choice term deposit
Before applying for a People’s Choice term deposit, aim to first compare it against other term deposits on the market to ensure it is the right one for you.
If applying, consider People’s Choice’s eligibility criteria (below) and what you might need to have on hand, such as:
- Your TFN (Tax File Number)
- Proof of ID, such as your driver’s licence or passport
- Personal details, including your residential address, contact information and potentially information on your current job
If you’re applying for a term deposit on behalf of a business, self-managed super fund or other type of entity or organisation, you may need to supply different documents to those listed above. The terms and conditions that apply to your term deposit may be slightly different.
To see if you can apply online for a People’s Choice term deposit, just check to see if ‘apply online’ is ticked in Canstar’s term deposit tables and visit People’s Choice’s website.
According to People’s Choice, when applying for a term deposit, you will need to meet the following eligibility criteria:
- You must be a member of People’s Choice. To be a member you must purchase a $2 share which People’s Choice says is fully refundable should you ever resign your membership.
- You must be at least 13 years old.
- You must be investing a minimum deposit of $5,000 (or $1,000 if you are under 25 years old).
- You must be willing to invest for a time frame within the minimum and maximum terms specified (see above).
What happens to a People’s Choice term deposit when it reaches maturity?
Generally, when a term deposit reaches the end of its term you can either withdraw the funds or reinvest the funds into a new term deposit.
Prior to the end of your term, People’s Choice says it will send you a written notice advising you of your investment maturity date. If you do not provide People’s Choice with instructions seven days prior to the end of your term, People’s Choice says it will automatically reinvest your funds for the same term at the prevailing rate.
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.