Young Saver Account

Most popular questions...

• Can I open a bank account for my child?

  Yes, the account will be in the name of the child, but a parent/guardian can be loaded as a personal signatory to the account, someone who has approved access to the account and can transact on behalf of the account owner. 

• How old does a child need to be before a bank account can be opened for them?

  A Young Saver Account can be opened for a child from birth. The child can be granted access from the age of 13 with parent/guardian permission. Once the child reaches 18 years of age, full account access is given to them.

• What do I need to open a bank account for a child?

  A Birth Certificate is sufficient identification to open an account for a child.

• How does the bonus interest work on my account?

  On our savings accounts that pay bonus interest, bonus interest will be paid dependent on the product that you hold.
   

  • Online Saver, Dream Saver & Dream Saver Plus bonus interest is paid where no withdrawals are made during the month.
     
  • Premium Saver bonus interest is paid where at least $1 is deposited into the account and there are no withdrawals in the month.
     
  • Bonus Saver bonus interest is paid when at least $50 is deposited into the account and there are no withdrawals in the month.
     
  • Young Saver bonus interest is paid when at least $5 is deposited into the account and there are no withdrawals in the month.
     

  Deposits made on the last day of the month must be made by 5.00pm Central Standard time, whether or not it is a business day, to qualify for bonus interest in that month. For details of base and bonus rates on the Online Saver, Bonus Saver and Young Saver accounts please click here.

• How is interest calculated on my Savings and Transaction Accounts?

  On interest bearing savings and transaction accounts we calculate interest on the closing daily credit balance of your account from the last day of the previous month to the second to last day of the month for which interest is being credited. If your savings or transaction account has an interest frequency other than monthly, interest is on the closing daily credit balance of your account from the last day of the month interest was previously credited to the second to last day of the month for which new interest is being credited.

More questions...

• How safe is my deposit with People’s Choice Credit Union?

  People’s Choice Credit Union is regulated in the same way as all other Australian Financial Institutions (banks, credit unions and building societies). It is required to meet exceptionally high standards and rules set by the Australian Prudential Regulation Authority (APRA). These regulations and standards have made Australia’s banking system one of the strongest in the world. You can feel confident your money with People’s Choice Credit Union is well protected.

  Additionally, any deposit with People’s Choice Credit Union is protected by the Financial Claims Scheme, which guarantees deposits of up to $250,000 (per person per institution).