FAQ

Savings and Investments

Most popular questions...

• Can I access my Christmas Savings Account outside of 1 November to 31 January?

  Yes, members can access their Christmas Savings account anytime during the calendar year, but outside of the access period of 1 November- 31 January members will be charged a $5 fee per withdrawal.

   

• What is the Financial Claims Scheme (the Government Guarantee or Deposit Guarantee)?

  The Financial Claims Scheme ensures that depositors with credit unions, banks, and building societies will be guaranteed repayment of their funds in the extremely unlikely event that any banking institution fails. The Scheme includes a permanent guarantee of $250,000 per person per institution from 1 February 2012. Existing term investments in place at 10 September 2011 have a continuing $1 million guarantee until 31 December 2012 dependant on their maturity date.

• How does the Financial Claims Scheme affect my deposits?

  The Scheme applies in exactly the same way to all credit unions, building societies and banks. From 1 February 2012, deposits will benefit from the $250,000 guarantee.

  There are transitional arrangements in place for all term deposits made prior to 10 September, and new deposits between 10 September and 1 February 2012.

• 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).