People’s Choice Term Deposits

Explore People’s Choice's term deposit offers and interest rates to help you compare your options with Savvy.

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, updated on September 11th, 2023       

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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 term deposits explained

What term deposits does People’s Choice offer?

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. 

How do I open a People’s Choice term deposit?

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. 

What are the requirements for opening a People’s Choice term deposit?

The requirements for opening a People’s Choice term deposit are: 

  • A minimum deposit of $1,000 if you’re under 25
  • A minimum deposit of $5,000 if you’re over 25
  • You’ll need to be a People’s Choice member
  • You’ll need to be aged 13 years or older to open an account in your name
  • You’ll need to be either an Australian citizen or permanent resident
  • You’ll need to provide 100 points of identification, which must include at least one form of photo ID such as a driver’s licence or passport

The pros and cons of People’s Choice term deposits


Partial withdrawals permitted

A partial withdrawal of funds is permitted once a year (for term deposits over one year) without penalties being imposed or fees charged. 

Kids can open their own deposit account

Kids as young as 13 years old can open their own term deposit account in their name with People’s Choice. 

Competitive interest rates

The interest rates on offer from People’s Choice are competitive and compare well with those of their competitors.


Additional account required 

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. 

Interest can’t be paid to another bank account

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. 

Early withdrawal fee

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. 

More of your frequently asked questions about term deposits

What is a term deposit?

Although many people are familiar with the phrase ‘term deposit,’ not everyone knows what a term deposit is. A term deposit is an agreement between you and your bank or financial institution to lock away a set amount of money for a set period (known as the ‘term’ of the deposit) in return for a fixed rate of interest. As the interest rate and length of the deposit are fixed, you’ll be able to calculate in advance how much money your savings will earn during the life of the term deposit. When your chosen term is over, you can choose to either withdraw your funds and the interest earned or roll them over into another term deposit. 

Should I go with a short-term or long-term deposit?

The length of term deposit you choose will depend on your savings objectives. Short-term deposits of less than one year are great for smaller annual goals such as a holiday or new furniture. Long-term deposits are often the best option for larger savings goals such as a house deposit or a new car. To maximise the interest earned and reduce the risk of being caught short in an emergency, some investors choose to divide up their savings into term deposits of different lengths, so they always have one lump sum term deposit close to its maturity date.

What is the maximum length of term deposit that I can take out?

Financial institutions in Australia offer term deposits up to a maximum of five years in length. Prior to 2007, ten-year term deposits were routinely offered to customers wanting to lock away their savings for an extended period. Following the Global Financial Crisis, these ten-year terms were withdrawn. 

How can I work out how much interest I’ll earn on my term deposit?

You can use Savvy’s term deposit calculator to help you work out exactly how much interest your savings will earn over a set period. Just enter in the amount you wish to deposit, the term of the deposit and the interest rate offered, and the calculator will show you how much interest your savings will earn. 

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