Savings and transaction accounts - frequently asked questions

Savings accounts

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’, currently trading as People First Bank and Heritage Bank. 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’ or ‘People First Bank’). 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’ (now trading as ‘People First Bank’), 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. 

Interest is calculated daily on the portion of the balance within each balance bracket. Dream Fund bonus interest is paid when your closing balance for the month is greater than the opening balance of your account for that month, excluding any interest credited to your account on that day. For details of base and bonus rates and bonus interest criteria on our legacy savings accounts please see our Deposit Accounts Interest Rate brochure. 

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 First Bank 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 First Bank 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. For more information refer to our Opening Accounts for Minors brochure. 

A Dream Fund Account can be opened for a child from birth. The child can be granted access from the age of 12 with parent/guardian permission but a parent or guardian must be added as a Third-Party Operator to the account. Once the child reaches 18 years of age, full account access can be requested.

An Everyday Account can be opened for children from the age of 10 with a Third-Party Operator as a signatory. The signatory can be removed from the age of 12, giving the child full ownership of the account.

For more details see our brochure on Minors Banking and our Accounts & Access Facilities Terms & Conditions document.

Transaction accounts

No, there are no hidden fees. Having the wrong product for your banking needs can result in fees, such as excess withdrawal fees. Check that you're using the right account for your banking needs. Visit the Fees & Charges document for details on our transaction fees or how to minimise fees. You can also call 13 11 82 or visit your nearest branch. 

If there are unauthorised transactions on your account, contact us as soon as possible, as we will need to cancel and re-issue your card.

You will then need to complete a Visa Card Transaction Enquiry form. As soon as we receive this form we will begin investigating the transactions in question and may contact you for more details.

A fee may apply for this investigation, but will be reimbursed if the transaction is deemed to be unauthorised. Refer to our disclosure documents for more details. 

Depending on the complexity of the investigation, it may take up to 45 days to resolve your enquiry.

You can check your account balance using our People First Bank App, Online Banking, Phone Banking or by visiting your nearest ATM or branch. 

Your account number can be found on Online Banking or People First Bank App by clicking on the Accounts tab or on your paper statement or eStatement. If you are unable to locate your account number, call 13 11 82 or visit your nearest branch and a staff member can look it up for you. 

To keep your bank details safe and secure, sometimes we need to ask for photo ID before sharing your account information. This can include: 

  • Opening a new membership or account. 
  • For certain withdrawals or deposits. 
  • If you do not have your signed bank card. 
  • Requesting account information such as transaction history. 
  • If you have been locked out of Online Banking. 

You can join People First Bank and open a new bank account online, by calling us on 13 11 82 or visiting your nearest branch. 

You can also open a new bank account via our People First Bank App or Online Banking by following these steps:

Online Banking:

  • Click on “Products” located in the main menu
  • Select “ Open a new account”

People First Bank App: 

  • Navigate to “Accounts”
  • Select “Products”
  • Click on “Open a new account”

People First Bank offers the convenience of Bank@Post to our customers. This means you can make deposits and withdrawals on eligible accounts at participating Post Offices.

There are no fees for Bank@Post. All transaction accounts have free and unlimited access to Bank@Post withdrawals. There is also no charge for depositing cash and cheques through Bank@Post. A fee may occur at the discretion of the Auspost branch when a cheque is deposited at a Bank@Post outlet and it is dishonoured. This fee is not charged by People First Bank. 

For new customers

To open a bank account with People First Bank, you need to be an Australian resident. You can then open a new bank account via our People First Bank App or Online Banking by following these steps: 

Via Online Banking:

  •  Click on ‘Open an account’
  • Follow the onboarding prompts to get your account set up.

Via the People First Bank App:

  •  Download the app and click ‘Join people first bank’ to get started.

To make it easier, please have the following documents ready:

  • Australian driver's licence or an Australian passport
  • Australian Tax File Number (TFN) or Taxpayer Identification Number or equivalent

You can also call us on 13 11 82 or visit your nearest branch.

For existing customers

If you’re already a customer with us, you can open a new bank account via our App or Online Banking. 

Yes, you can open a joint account online or by visiting a branch.

A joint account is held in the names of more than one person. It’s important to know that if you open a joint account, all joint holders will be liable for any money owing on the account. This means that we can request payment from both or either of person for any outstanding funds. 

When setting up the account, we’ll ask how you’d like to manage withdrawals. You can choose from the following options: 

  • 'All to sign' basis - All joint holders must sign to authorise a transaction (unavailable on the Everyday Living Account) or, 
  • 'One to sign' basis – Only one joint holder needs to sign to authorise a transaction. In choosing this option, you can also have card access to this account.

Please keep in mind that if the account requires all joint holders to authorise changes, you will need to contact us to do this.

In the case of ‘all to sign’, any action on the account requires authorisation from all joint holders, including account closure. In the case of ‘one to sign’, one joint holder can authorise actions or close the account. 

If one joint holder passes away, the other joint holders will automatically take the deceased joint holder's interest in the account (this may differ for business accounts).

Make sure to read the terms and conditions when opening a joint account, as they explain the important legal consequences of joint account ownership.  

A form to enquire about an unauthorised VISA transaction can be found here. 

You can close a bank account by calling us on 13 11 82 or visiting your nearest branch. 

Offset accounts

To open an Offset Account you must have a People First Bank Basic Variable Loan or hold a legacy Package Variable Loan or Standard Variable Loan (both are no longer for sale). You can open an Offset Account by visiting your nearest branch or, if you’re already a customer of People First Bank, by calling us on 13 11 82.
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