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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

Details

Key details

Product Name	People's Choice Bonus Saver Account
Maximum Variable Rate	4.40% p.a.
Standard Variable Rate	0.01% p.a.
Monthly Account Fee	$0
Minimum Opening Deposit	$0
Minimum Age	13

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 4.4%.

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%.

Interest calculation

Interest on the balance is calculated daily and paid into the account each month.

Accessibility

You can reach your money 24/7 by using online or phone banking.

Mobile app

People's Choice Credit Union has a free app for iPhone and Android devices that allows you the same accessibility as online banking, but on the go.

Direct credit

You can set up your salary or other regular payments to be directly credited to the account, either in whole or in part.

Direct debit

This account can be used to make BPAY payments and direct debits, but keep in mind that those will count as a withdrawal and cause you to lose your bonus interest.

Membership

You must be a member of the People's Choice Credit Union in order to be able to open their Bonus Saver Account. Compare other People's Choice products.

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 13 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.

Documentation needed

- - Tax file number. Providing your tax file number (TFN) or TFN exemption code is not a requirement, but it will ensure that taxes on your earned interest are being withheld at the correct rate.
  - Identification. You will need to be able to provide information from your driver's licence, passport and/or Medicare card.
  - Membership number. If you are not already a member of the People's Choice Credit Union you can apply online before continuing to apply for the Bonus Saver Account. The membership fee is $2 and is open to any resident of Australia.

What happens after I submit my application?

Once you have submitted your application, you will be contacted by the credit union with your account details and information about setting up online banking. After you have logged into your account you can begin to make your deposits toward earning your bonus interest.

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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

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People’s Choice Bonus Saver Account