The Financial Claims Scheme (FCS) is an Australian Government scheme that provides protection and quick access to deposits in banks, building societies and credit unions in the unlikely event that one of these financial institutions fails. Under the FCS, certain deposits are protected up to a limit of $250,000 for each account holder at any bank, building society, credit union or other authorised deposit-taking institution (ADI) that is incorporated in Australia and authorised by the Australian Prudential Regulation Authority (APRA). The FCS can only come into effect if it is activated by the Australian Government when an institution fails. Once activated, the FCS will be administered by the Australian Prudential Regulation Authority (APRA). In an FCS scenario, APRA would aim to pay the majority of customers their protected deposits under the Scheme within seven calendar days.

Following the merger between People’s Choice Credit Union and Heritage Bank, the two brands are operated by a single company, ‘Heritage and People’s Choice Ltd’. The FCS limit of $250,000 is applied to the combined total of an account holder’s deposits held with Heritage and People’s Choice Ltd (whether under the trading name ‘Heritage Bank’ or the trading name ‘People’s Choice Credit Union’). For joint accounts, deposits are shared equally between the account holders. This will mean that if you hold deposits with both ‘Heritage Bank’ and ‘People’s Choice Credit Union’, you will no longer have two separate $250,000 guarantees and any amount you hold with the merged organisation, Heritage and People’s Choice Ltd, that is greater than $250,000 will not be guaranteed by the FCS.

On our savings accounts that pay bonus interest, bonus interest will be paid dependent on the product that you hold.  Dream Fund bonus interest is paid when your closing balance for the month is greater than the opening balance. 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 and bonus interest criteria on our savings accounts please click here.

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 that interest was previously credited to the second-to-last day of the month for which new interest is being credited.

People's Choice is regulated in the same way as all other authorised deposit-taking institutions (banks, credit unions and building societies) in Australia. 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 is well protected.

Yes, the account will be in the name of the child, but a parent/guardian can be added as a Third Party Operator to the account. Refer to our Accounts & Access Facilities Terms & Conditions for more information on Opening Accounts for Minors.

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.

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