Fact checked
People’s Choice Credit Union evolved from the merger of the South Australian Public Service Savings and Loans Society with several other smaller credit unions from 1960 onwards. It was named People’s Choice in 2011. The credit union’s proposed merger with Heritage Bank was confirmed in June 2022.
As one of Australia’s leading credit unions, People’s Choice offers a wide range of retail savings accounts and term deposits, as well as home, personal and car loans and insurance.
Discover what People’s Choice has to offer for your savings here with Savvy. Compare the interest rates and terms available before deciding if People’s Choice is the right choice for you as you begin your investment journey.
*Please note that Savvy does not represent People’s Choice for its term deposit products.
People’s Choice offers a range of term deposits from two months up to five years. Interest can either be paid monthly, annually or at maturity.
People’s Choice term deposit interest rates
| Term length offered | Interest rate |
|---|---|
|
2 months |
0.50% p.a. |
|
3 months |
2.00% p.a. |
|
4 to 5 months |
1.30% p.a. |
|
6 months |
2.70% p.a. |
|
7 to 8 months |
1.60% p.a. |
|
9 to 11 months |
2.00% p.a. |
|
1 to 2 years |
3.30% p.a. |
|
3 years |
3.35% p.a. |
|
4 to 5 years |
3.40% p.a. |
(Effective 23 September 2022)
The interest rates listed above are for deposits of $5,000 or more with interest paid at maturity (under 12 months) or annually (12 months or more). If you wish to have your interest paid monthly (which only applies to deposits of a year or more) the rate is marginally lower than the rates above.
Minimum and maximum deposit limits
The minimum amount you’ll need for a term deposit depends on your age. Those under 25 will need just $1,000, whilst those over 25 will need a minimum of $5,000 to invest. The maximum amount accepted is $1 million, unless by special arrangement for larger deposits.
Partial withdrawals
If you have a term deposit for over 12 months, you’re permitted to make a partial withdrawal once per year without early withdrawal penalties applying. After giving 31 days’ notice, the minimum amount you can withdraw is $1,000 and the withdrawal must not push your deposit balance below the required minimum deposit amount (either $1,000 or $5,000). If you wish to make another withdrawal within a calendar year, penalties for early withdrawal will apply.
Notice and penalties for early withdrawal
You’ll be required to give 31 days’ notice if you wish to withdraw your funds prior to the term deposit’s expected maturity date. If you wish to withdraw funds more than once a year for terms over 12 months, an early redemption administration fee of $30 will be charged. The interest you’ll earn on your deposit will also be reduced, with the reduction being calculated on a sliding scale depending on how much of your original agreed term remains.
Business term deposits available
People’s Choice does offer term deposits for businesses and trusts, but they don’t offer term deposits for SMSFs. A $20 business or company search fee will be charged if you apply for a term deposit in the name of a business, and a company search is required to verify the identity of the company.
You can open a People’s Choice term deposit either online, on their mobile banking app, over the phone or by visiting a branch. If you’re using internet banking or the mobile app, just click on apply and follow the prompts to complete an online account open request.
People’s Choice uses GreenID to verify the identity of new customers, so you’ll have to provide documents through this online verification service to get your identity checked out.
The requirements for opening a People’s Choice term deposit are:
A partial withdrawal of funds is permitted once a year (for term deposits over one year) without penalties being imposed or fees charged.
Kids as young as 13 years old can open their own term deposit account in their name with People’s Choice.
The interest rates on offer from People’s Choice are competitive and compare well with those of their competitors.
In order to pay money into and withdraw funds from your term deposit, you’ll need to hold another transaction or savings account with People’s Choice.
The interest you receive on your deposit will have to be paid into an existing People’s Choice account and can’t be credited to another bank account.
An early withdrawal fee of $30 will be charged if you need to withdraw your funds before the agreed maturity date of your deposit, in addition to interest being reduced.
St.George Bank began life in Sydney in 1937 as a co-operative building society. Over the next decades, it grew and merged with several other building …
Founded in Brisbane as a bank for rural Queenslanders, Suncorp Bank has undergone many name changes and mergers over its 120-year history. It is now …
ME Bank (formerly Members Equity Bank) is an online-only bank which was founded in 1994 to service the needs of industry super fund members. This …
The Bank of Sydney can trace its origins back to 1986 when it started as an office of the Laiki Bank of Cyprus. It changed …
The Australia and New Zealand Banking Group (ANZ) is Australia’s second-largest bank by assets and its fourth-largest by market capitalisation. It started life as the …
Newcastle Permanent Building Society was established in Newcastle, NSW, in 1939, but didn’t open its first branch to customers until 1966. It has since grown …
Bank Australia is the result of the merger of more than 70 credit unions and co-ops since its beginnings in Australia in the 1950s. It …
Teachers Mutual Bank started life in 1966 as the Hornsby Teachers Association Credit Union but grew into a substantial building society serving teaching professionals in …
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
