BSB 805 050

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BSB 805 050

Save for a goal

What are you saving for?

Dream big

If you’re striving for financial security and freedom, we want to help you grow your savings quickly and realise your dreams sooner.

Whether you’re saving for your children’s education, a deposit on your first home, that dream holiday, or if you just want the security of having some money tucked away for a rainy day, you could achieve your savings goals faster with realistic goals, a disciplined approach and the right kind of account.

Perfect timing

Short-term savings goals are those you want to achieve within the next few months or couple of years, like clearing credit card debt, going on a holiday, paying for your dream wedding, or buying a new car.

Long-term savings goals are the things you want to achieve in five years or more, like saving for a deposit on your first home, paying off your mortgage, paying for your children’s education and saving for your retirement.

Setting goals

A savings plan will help you on your way to achieving your financial dreams. Be as specific as you can be about the realistic funds and timelines you’re working with, and use our helpful saving calculator to understand how long your dream may take to realise.

Savings calculator

Dollars and cents

  • How much money would you like to save?
  • Have you got any savings at the moment? If so, how much?
  • How much you can afford to contribute towards your savings on a regular basis (i.e. weekly or monthly)?

Weeks and days

  • When do you need to have reached your savings target?
  • What milestones will you set to track your progress?
  • Do I need to factor in times when my savings contributions may slow down or stop (i.e. Christmas or tax time)?  

Tips

Tip: A small change

Cut non-essential expenses to increase the amount or frequency of your savings deposits. Cutting out a barista coffee on the way to the office every workday can save you more than $1,000 per year.   

Tip: Reward yourself

Rewarding your accomplishments can be a great motivator to stick to saving. Accommodate rewards to celebrate your savings progress in your plan, so that when you save $10,000, you can spend $200 (or 2%) of what you’ve saved, without falling behind on your plan. 

Tip: Watch it grow

Monitor your statements  monthly to view how much interest you are earning and get the satisfaction of watching your balance grow. 

Make sure to register for eStatements which are easier to manage and retrieve through Internet Banking.

Tip: Long term saving

  • Look at fixing your funds in a long term investment at a high rate
  • Speak to a financial advisor to work out an investment strategy
  • Be realistic with your timeframes so you don’t lose motivation

Superannuation

After your home, your superannuation is probably the next-biggest asset you’ll own – so it’s important to include it in your financial plans.

Start by defining your retirement goals. Your ideal retirement might be relocating to the beach, a trip overseas or simply spending more quality time with family and friends. Either way, you want to ensure you allow yourself enough so that you’re not forced to make sacrifices or live on tight budget.

Consider chatting with one of our financial planners who can help you develop a roadmap for achieving your retirement goals.

ENQUIRE ONLINE

Fixed vs Variable?

An important decision that is often hard to make is whether you should invest your funds in a fixed term investment or in a variable at-call savings account. There are pros and cons of both and it will come down to what access you require to the funds and which will maximise your savings. The external market environment also plays a big part when making this decision.

Fixed rate accounts typically pay more interest in exchange for tying up your cash. You’ll need to consider if you’re able to resist dipping in to this account as withdrawing money prematurely can incur fees. However, if interest rates do rise, you could miss out. Easy access accounts, on the other hand, offer you full access to your funds, generally for a lower rate of interest.

Fixed term investment

Pros

  • Guaranteed interest rate for the period of the term
  • Option to have interest paid monthly, quarterly or annually.

Cons

  • Restricted access to the funds
  • Early withdrawal fees if needing to break investment
  • If interest rates increase, you won’t benefit from a rate rise as your rate is fixed

Personal Term Investments

Variable savings accounts

Pros

  • Monthly compounding interest
  • Variable rate means it can change at any time. This can include a decrease in rate or an increase in rate. Which means it can be both a pro and a con.
  • Easy access to funds in branch and via internet banking 
  • Ability to continue to make deposit to the account to grow the balance.

Cons

  • Variable rate means it can change at any time. This can include a decrease in rate or an increase in rate. Which means it can be both a pro and a con. 
  • Funds can be too easy to access resulting in withdrawals and a decreasing savings balance. 

Incentivising savings

 If you have decided that a variable at-call savings account is for you keep in mind there are accounts that can help you maximise your savings by rewarding good savings behaviour. Bonus savings accounts offer a lower base rate and a higher bonus rate that is paid on the balance of the account based on how you have transacted during the month. These accounts reward you for good savings behaviour by paying bonus interest. Conditions of bonus savings accounts can include meeting minimum monthly deposit conditions along with no withdrawals in the month or simple no withdrawals can earn you bonus interest. For these types of accounts it is best to have a portion of your salary directly deposited into your savings account each pay day.

BONUS SAVER

The waiting game

An online savings account usually offers a higher interest rate; while those with a specific goal might prefer a savings account that rewards regular savers with bonus interest.

Decide and conquer

Once you have decided what your goals are and what type of savings plan appeals to your needs and lifestyle you can choose the right account. We offer a range of Saving and Investment Accounts to help you achieve your goals sooner. 

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Product Summary

Account Purpose

Interest Rate

Bonus Interest Criteria

Interest Frequency

Minimum Opening Deposit

Access to Account

Funds At Call / Term

Unlimited Free Access

Access with Fee

 

Reach your savings goals sooner

Account Purpose

A savings account that incentivises you to save by offering competitive bonus interest rates if you make a minimum $50 deposit in the month, as well as making no withdrawals.

Interest Rate

Up to 2.55% p.a.2

Bonus Interest Criteria
Deposit $50 and no withdrawals within calendar month2
Interest Frequency

Monthly

Minimum Opening Deposit

$0

Access to Account

Branch and Online

Funds At Call / Term

At Call

Unlimited Free Access

BPAY payments, Direct Debits, Internet and Phone Banking

Access with Fee

Direct Debits, Branch and Agency withdrawals and transfers

Remove

Earn more and reach your savings goals sooner

Account Purpose

An online savings account that offers bonus interest when you make no withdrawals during the month, helping you reach your savings goal sooner.

Interest Rate

Up to 1.9% p.a.1

Bonus Interest Criteria

If no withdrawals in calendar month

Interest Frequency

Monthly

Minimum Opening Deposit

$0

Access to Account

Online Access Only

Funds At Call / Term

At Call

Unlimited Free Access

BPAY payments, Direct Debits, Internet and Phone Banking

Access with Fee

N/A

Remove

Learn how to save from a young age and get rewarded with bonus interest

Account Purpose

A savings account designed to teach children the value of saving from a young age by rewarding them with a higher rate of interest when a minimum of $5 is deposited in the month and no withdrawals are made.   

Interest Rate

Up to 2.55% p.a.3

Bonus Interest Criteria

Deposit $5 and no withdrawals within calendar month

Interest Frequency

Monthly

Minimum Opening Deposit

$0

Access to Account

Branch and Online

Funds At Call / Term

At Call

Unlimited Free Access

BPAY payments, Direct Debits, Internet and Phone Banking

Access with Fee

Direct Debits, Branch and Agency withdrawals and transfers

Remove

A secure way to invest your money 

Account Purpose

A Personal Term Investment is a safe and secure way to invest your money and earn a great interest rate on your savings. Designed for members wanting to make the most of their savings by locking their funds away for a fixed term.

Interest Rate

Up to 3% p.a.

Bonus Interest Criteria

Interest Frequency

At maturity, or annually for terms greater than 1 year

Minimum Opening Deposit

$5,000

Access to Account

N/A

Funds At Call / Term
Withdrawal at maturity.
Terms 2 months to 5 years
Unlimited Free Access

N/A

Access with Fee

N/A

Remove

Give yourself the gift of a worry-free Christmas 

Account Purpose

A savings account designed to take the financial stress out of your annual Christmas celebrations by restricting your access to withdraw funds outside of 1 November to 31 January.

Interest Rate

1% p.a.4

Bonus Interest Criteria

Interest Frequency

Monthly

Minimum Opening Deposit

$0

Access to Account

Branch and Online

Funds At Call / Term

At Call During Access Period

Unlimited Free Access

During Access Period: BPAY payments, Internet and Phone Banking

Access with Fee
During Access Period: Branch and Agency withdrawals, Direct Debits.
Fee applies to all withdrawals outside of access period.
Remove

Our Expenses Account helps you budget for bills so you never miss a payment again

Account Purpose

An account designed for bill paying. Keep your expenses separate from your day to day spending, so you never miss a bill payment. 

Interest Rate

Nil

Bonus Interest Criteria

N/A

Interest Frequency

Monthly

Minimum Opening Deposit

$0

Access to Account

Branch and Online

Funds At Call / Term

At Call

Unlimited Free Access

Branch and Agency deposits and transfers, BPAY payments, Direct Debits, member cheque withdrawals, Internet and Phone Banking

Access with Fee

Branch and Agency withdrawals

Remove

hi…

Please call us on 1300 132 982 from 9am - 5pm, Mon – Fri (ACDT) to arrange for a Financial Planner to contact you. Alternatively you can enquire online.

Terms, conditions, fees, charges and lending criteria apply and are available on application.

The information above is general advice only and does not take into consideration your personal objectives, financial situation or needs (“your personal circumstances”). Please consider the relevant Disclosure Documents and your personal circumstances before making any decision to purchase the products. Contact us on 13 11 82 with any questions, or visit your nearest branch to talk to a consultant.

People's Choice Credit Union, a trading name of Australian Central Credit Union Ltd ABN 11 087 651 125, acts under its own Australian Financial Services Licence (AFSL 244310) and Australian Credit Licence (ACL 244310). In Western Australia our Financial Planning is provided through Financial Solutions Australasia Pty Ltd ABN 36 008 939 599 AFSL 244 308, a 100% owned subsidiary of Australian Central Credit Union Ltd, trading as People's Choice Credit Union.

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