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 (FCS) is an Australian Government scheme that provides protection to deposits in banks, building societies and credit unions in the unlikely event that one of these financial institutions fails. The FCS can only come into effect if it is activated by the Australian Government. Under the FCS, deposits are protected up to a limit of $250,000 for each account holder. The FCS limit of $250,000 is applied to the combined amount of deposits for each account holder. For joint accounts, deposits are shared equally between the account holders. For more information visit www.fcs.gov.au or phone the APRA hotline on 1300 558 849

• 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.

• 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.