People’s Choice Bonus Saver Account

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People's Choice Bonus Saver Account
7.7
Finder Score
Great

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Maximum variable rate
4.15% p.a.
Base interest rate
0.01% p.a.
Minimum deposit
$50

Summary

This account rewards you with bonus interest each month you deposit $50 and make no withdrawals.

For every month that you are able to make a deposit into your Bonus Saver Account without having to withdraw, People’s Choice Credit Union rewards you with a competitive bonus interest rate. Sticking to your deposit commitment is easy with a free payroll split that allows you to add to your savings directly from your salary. You can even set up direct debits from the account, but those will count against you earning extra interest on your balance.

Pros

  • $0 monthly service account fee
  • Small monthly deposit condition of $50
  • Internet banking and mobile banking app

Cons

  • To be eligible for bonus interest you can't make withdrawals
  • Bonus rate is lower than others in market
  • Can't open this account online

In this guide

  • Review
  • Details
    • Key details
  • Key features
  • How to apply
  • Compare other savings accounts
  • FAQ
  • Your reviews
  • Ask a question

Details

Key details

Product Name People's Choice Bonus Saver Account
Maximum Variable Rate 4.15% p.a.
Standard Variable Rate 0.01% p.a.
Monthly Account Fee $0
Minimum Opening Deposit $0
Minimum Age 12

Key features

No monthly admin fees

There are no account keeping or administration fees deducted from your account.

Bonus interest

A bonus interest rate is applied to your balance each month you deposit at least $50 without making any withdrawals from the account.

The total variable bonus rate you can earn is 4.15%.

Base interest

If you don't meet the conditions one month you'll earn the standard interest rate on your balance which is very low at just 0.01%.

Launch savings calculator

How to apply

You need to open this account over the phone or by going into a branch.

Eligibility

  • Minimum age. This account is designed for individuals aged 12 and over.
  • Residency requirements. Australian permanent residents and temporary residents with a work visa who are also People's Choice Credit Union members can apply for this account.

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How the Finder Score helps you find a better savings account

The Finder Score is a simple score out of 10. The higher a savings account's score, the better we think it is for the average customer.

We score each savings account in our database of hundreds based on a data-driven methodology with 2 main criteria: Does the account offer a high interest rate? And is it easy for savers to actually earn that rate?

Read the full Finder Score breakdown

FAQ

Sources
  1. People's Choice Bonus Saver Account information page
  2. People's Choice Bonus Saver Account TMD

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Alison Finder

Editorial Manager, Money

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Alison Banney

Editorial Manager, Money

Alison is an editor at Finder and a personal finance journalist with over 10 years of experience, having contributed to major financial institutions and publications such as Westpac, Money Magazine, and Yahoo Finance. She is frequently quoted in media outlets like SmartCompany and SBS, offering expert insights on superannuation and money management. Alison holds a Bachelor of Communications in Public Relations and Journalism from the University of Newcastle, and has earned three ASIC RG146 certifications in superannuation, securities and managed investments and general financial advice, ensuring her expertise is fully aligned with ASIC standards. See full profile

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