BSB 805 050

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BSB 805 050

Offset Account

An Offset Account is an everyday transaction account that can help reduce the interest charged on your home loan.  Speak to us today about your home loan needs

For Members

With an Eligible Home Loan

Visa Debit

With payWave

Enjoy the convenience of an everyday transaction account with the added bonus of reducing the amount of interest you pay on your home loan with an Offset Account from People’s Choice.

An Offset Account allows you to make the most of your income and could save you thousands of dollars of interest charged on your home loan.

Here is how it works:
If your home loan balance is $350,000 and your linked Offset Account balance is $10,000, you are charged home loan interest based on $340,000.
Offset Accounts can be linked to any People’s Choice Standard Variable Rate Home Loan or Variable Rate Home Loan Package.

  • Visa Debit card with the convenience of payWave access to make faster, easier and secure transactions
  • Ability to link the account to a Visa PayTag and our redi2PAY App
  • Easy access to your account 24/7 with the People’s Choice Smartphone and iPhone App, Internet Banking and Phone Banking
  • Monthly statements with the option to receive eStatements direct to your email
  • Make unlimited rediATM transactions, EFTPOS transactions, Visa Debit card ‘credit’ purchases, Direct Debits, BPAY® transactions, and People’s Choice Credit Union Branch, Agency, and Bank@Post transactions, all for a set monthly fee*
  • Ability to link a cheque book or overdraft facility to your Everyday Account

View our current home loan rates

You can open your new Offset Account online, over the phone by calling 13 11 82 or by visiting your nearest branch.

The interest rate used to calculate the offset benefit is the same rate as the interest rate on the loan linked to the account.

View our current home loan rates.

Offset Account linked to a loan

  • Monthly administration fee - $8
    • Charged to your loan account on the last day of each month.
    • Only one fee will be charged per loan if multiple Offset Accounts are linked to the eligible loan
    • Please refer to the Fees & Charges Brochure for more information

Offset Account not linked to a loan

  • Monthly administration fee - $6
    • Charged to your applicable account on the last day of each month

Most popular questions...

More questions...

  • How can I switch my transaction accounts to People's Choice?

    For your convenience, there are two options to switch your transaction banking to People’s Choice:

    • We can help you switch your regular payments using our simple switching service; or
    • Manually switch your regular payments (direct credits, direct debits) using our Easy Switch tool

    For more information on using the switching service and the Easy Switch tool, please read the corresponding sections.

  • How do I open an Offset Account?

    To open an Offset Account you must have a People’s Choice Credit Union Standard Variable Rate Home Loan or a Variable Rate Home Loan Package. You can open an Offset Account by visiting your nearest branch or, if you’re already a member of People’s Choice Credit Union, by calling our National Contact Centre on 13 11 82.

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Product Summary

Account Purpose

Administration Fee

Criteria to waive administration fee

Interest

Access to Account

Unlimited Free Access

Optional Cheque Facility

Optional Overdraft

Interest Frequency

 

An Offset Account is an everyday transaction account that can help reduce the interest charged on your home loan.  Speak to us today about your home loan needs

Account Purpose

A transaction account that can help you reduce the amount of interest you pay on your home loan. The account is linked to your People's Choice standard variable home loan and reduces the balance of the loan that you pay interest on by what savings you have in your Offset Account. 

Administration Fee

$8 per month when linked to a loan

$6 per month when not linked to a loan

Criteria to waive administration fee

N/A

Standard lending fees and charges apply. Refer to our Fees and Charges Brochure for details

Interest

N/A

Access to Account

Visa Debit, PayTag, redi2PAY

Unlimited Free Access

Optional Cheque Facility

Optional Overdraft

Interest Frequency

Monthly

If you’re under 25 and studying or working, our Activate Account has everything you need for your everyday transactions with no monthly account keeping fees

Account Purpose

A transaction account designed specifically for members aged 13 to 24 years. With no monthly fees, easy access to your account via Internet and Smart Phone Banking and no minimum balance.

Administration Fee

$0

Criteria to waive administration fee

N/A

Interest

N/A

Access to Account

rediCARD, Visa Debit, PayTag, redi2PAY

Unlimited Free Access

Optional Cheque Facility

Optional Overdraft

18 years and above

Interest Frequency

N/A

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A flexible transaction account with unlimited selected transactions and a low monthly fee

Account Purpose

An everyday transaction account that gives you easy access to your money with unlimited selected transactions for a low monthly fee. Ability to have monthly fee waived if certain criteria is met.

Administration Fee

$6 per month ($0 per month if you meet the criteria below)

Criteria to waive administration fee

3 qualifying products.
Refer to our Fees and Charges Brochure for eligible products.

Interest

N/A

Access to Account

Visa Debit, PayTag, redi2PAY

Unlimited Free Access

Optional Cheque Facility

Optional Overdraft

Interest Frequency

N/A

Remove

Our Zip Account provides easy access to your money on the go, online, anywhere and anytime

Account Purpose

An everyday transaction account designed for members aged 25 to 54 years with the ability to have no monthly fees! Easy access to your account via Visa Debit card with payWave, Internet and Smart Phone Banking and online eStatements.

Administration Fee

$6 per month ($0 per month if you meet the criteria below)

Criteria to waive administration fee

$2,000 per month credited to the account or a People's Choice Home Loan^

Interest

N/A

Access to Account

Visa Debit, PayTag, redi2PAY

Unlimited Free Access

Optional Cheque Facility

Optional Overdraft

Interest Frequency

N/A

Remove

Our Club 55 Account is a transaction account with competitive interest rates and generous fee benefits. Open your new Club 55 Account today online

Account Purpose

A transaction account designed specifically for members aged 55 years and over, offering competitive  interest rates for your at call funds and generous fee benefits. Make unlimited selected transactions with no monthly fees. 

Administration Fee

$0

Criteria to waive administration fee

N/A

Interest

Up to 3.3% p.a.

Access to Account

Visa Debit, PayTag, redi2PAY

Unlimited Free Access

Optional Cheque Facility

Optional Overdraft

Interest Frequency

Monthly

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Thank you for your enquiry. Unfortunately we don’t have a branch in this area, so please call us on 13 11 82 to see how we can still help you.

®Registered to BPAY Pty Ltd ABN 69 079 137 518
*The monthly fee does not cover ATM transactions at non-rediATMs, rejected BPAY® transactions and declined electronic transactions, which will incur additional fees.

Terms, conditions, fees & charges apply and are available on application. 
You should consider our Disclosure Documents. This information is provided without reference to your personal circumstances so you should consider whether this product fits your objectives, financial situation and needs. Contact us on 13 11 82 with any questions, or visit your nearest branch to talk to a consultant.

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