People's Choice Credit Union Detailed Report
People's Choice Credit Union is one of Australia's largest credit unions, known for its membership ownership model, transparent fee structure and commitment to community development. As a long-established financial institution that originated in 1949, People's Choice Credit Union has grown through multiple mergers and merged with Heritage Bank in 2022 to form Heritage and People's Choice Ltd, which was renamed People First Bank in 2023. Headquartered in Adelaide, South Australia, the bank serves more than 350,000 members, offering a wide range of financial products such as deposits, loans, credit cards, insurance and investments. The following is a comprehensive analysis of People's Choice Credit Union, covering its basic information, financial health, products and services, fee structure, digital experience, customer service quality, security measures, unique services, and market position.
Basic Bank Information
People's Choice Credit Union is a member-owned credit union that is a non-profit commercial bank with the full name of Heritage and People's Choice Limited, trading as People's Choice Credit Union, and will be renamed as People First Bank in 2023. The bank originated from the South Australian Public Service Savings and Loans Society in 1949 and has developed through a number of mergers, including a merger with the Australian Central Credit Union in 2009 and the acquisition of the Northern Territory Government's TIO banking business in 2014. and a merger with Heritage Bank in 2022. The head office is located at 50 Flinders Street, Adelaide and mailing address is GPO Box 1942, Adelaide SA 5001.
As a member-owned institution, the People's Choice Credit Union is a shareholder, with about 353,000 customers who are both users and owners, and profits are used to improve products and services, rather than dividends to external shareholders. The bank is not listed, non-state-owned, and non-private, and its member-oriented structure ensures that its operations are centered on the interests of its members.
The People's Choice Credit Union covers South Australia, the Northern Territory, Victoria, Western Australia and the Australian Capital Territory, with approximately 40 branches and four Lending & Advice Centres. The exact number of ATMs is not disclosed, but the bank participates in the rediATM network, and members can make real-time deposits through 31 rediATM points. In addition, banks provide customers with a convenient digital financial experience through online and mobile banking services.
In terms of regulation, People's Choice Credit Union is regulated by the Australian Prudential Regulation Authority (APRA) and the Reserve Bank of Australia (RBA) and is subject to Banking Act and Anti-Money Laundering (AML) regulations. Banks participate in the Australian Financial Claims Scheme (FCS), with deposit insurance of up to A$250,000 (approximately US$167,000) per person per bank. In terms of compliance records, banks were the subject of concern in the 2018 RBA Commission investigation for issues such as "no service charges", but have taken steps to strengthen compliance management and have not reported major breaches recently. In 2025, banks will continue to enhance their anti-money laundering and anti-financial crime capabilities through their partnership with INTERPOL.
Financial health
Thefinancial health of the People's Choice Credit Union reflects its robustness as Australia's leading credit union. Here's an overview of the key financial metrics:
capital adequacy ratioFigures are not disclosed, but total assets in 2022 were approximately $10.4 billion, with member loans of $8.8 billion, retail deposits of $7.7 billion and pre-tax profit of $197 million. The bank's credit ratings of S&P BBB+ (June 2024, Stable Outlook) and Moody's Baa1 (May 2024, Stable Outlook) indicate a solid capital base.
Non-performing loan ratio: Its stable credit rating and asset performance indicate a low non-performing loan ratio.
Liquidity Coverage Ratio: The Bank maintains sufficient liquidity through diversified funding sources such as member deposits and capital market borrowings, successfully issuing $400 million of three-year senior unsecured floating rate medium-term notes (MTNs) in 2023 and $1 billion of residential mortgage-backed securities (RMBS) in 2022
In 2022, the bank's profit before tax was $197 million, showing solid profitability. In 2023, the financial performance of the bank was further strengthened after the merger with Heritage Bank, and the confidence of the capital market in the merged institution in 2024 was reflected in the success of its bond issuance. Users can obtain the 2023 financial report through the bank's official website (annual report) to further assess their health.
Deposit & Loan Products
People's Choice Credit Union offers a diverse range of deposit and loan products to meet the financial needs of individuals and businesses.
Deposits:
demand deposits: such as Basic Savings Account, the interest rate is about 0.01% (bank account rate), which is suitable for daily transactions.
Term Deposits: Term Deposits, which offer interest rates of up to 4.90% (from $5,000 for 11 months and $1,000 for under 25 years old), which are suitable for locking in funds for higher yields (Term Deposits).
High Yield Savings Account: For example, Bonus Saver offers a base interest rate of 0.10% plus a bonus interest rate of 4.95% (meet the monthly deposit and no withdrawal conditions), for a total of 5.05% (compare savings accounts).
Loans:
Mortgages: Fixed and variable rate mortgages are available, with a minimum variable interest rate of 5.39% (in May 2025, the loan-to-value ratio is ≤70% to LVR), and flexible repayment options are supported. Such as early repayment or re-withdrawal (mortgage interest rate).
Car loans: By partnering with Plenti, we offer fixed or variable rate car loans starting from 7.99% with up to $100,000 and a 0.75% discount on electric vehicle loans.
Personal Line of Credit: For example, personal loans, the interest rate starts from 7.99%, which is suitable for consumer needs and supports early repayment.
Green loans: Support energy efficiency and renewable energy projects, such as green home loans, with interest rates in consultation with banks.
List of Common Fees
Thefee structure of the People's Choice Credit Union is transparent and reasonable, and the specific fees include:
account management fee: no monthly fee for the basic savings account, Qualifications must be met (e.g. students or customers under 25 years old). Other accounts may be charged AUD 5/month (fee details).
Transfer fee: Domestic transfers are usually free of charge, while international transfers cost $20 AUD (sent in AUD via online banking).
Overdraft Fee: Overdraft accounts are charged a daily fee and interest, the exact amount of which is subject to the terms and conditions.
ATM interbank withdrawal fee: ATMs using non-people's choice or non-rediATM networks are charged $2.50 per trip, and overseas withdrawals are subject to a 3% foreign exchange transaction fee.
Hidden Fee Alert: There may be a minimum balance requirement (below which may be charged AUD 5/month) or an account inactivity fee, customers should read the account terms carefully.
Digital Service Experience
The People's Choice Credit Union's digital services are centered on its mobile banking app (People's Choice Mobile Banking App), which supports iOS and Android platforms, and has an App Store rating of about 4.7 stars (based on 1,200 reviews) from Google Play rating of about 3.9 stars (based on 1300 reviews). The core functions of the app include:
Account management: view balances, transaction history, and manage cards (activation, locking, loss reporting).
Real-time transfers: Support domestic and international transfers, integrated PayID and BSB account transfers.
Bill management: Pay bills and set up recurring payments.
Investment Tools: Manage investment accounts and view market data.
Other features: Support Apple Pay, Google Pay, Samsung Pay, locate ATMs and branches (mobile banking app).
In terms of technological innovation, the bank has adopted AI-powered virtual assistants to provide quick queries and personalized budget recommendations, and has supported open banking APIs to allow third-party service integration. In 2023, banks will introduce People's Choice Secure Code to enhance the security of online transactions.
Quality of Customer Service
The People's Choice Credit Union provides customer service through multiple channels, ensuring members receive timely support:
service channels: Phone support (13 11 82, Mon-Fri 8:00-20:00, Sat 8:30-16:30, ACST), Live Chat (via mobile app and online banking), Social Media Response (Mon-Fri 9:00-17:00, ACDT, Contact Us).
Complaint Handling: There is a customer feedback mechanism in place where customers can submit complaints through an online form or contact the Australian Financial Complaints Authority (AFCA) if they are not satisfied. In 2024, customer reviews are mixed, ProductReview.com.auRated 1.7 stars (based on 329 reviews), some customers complained about long wait times on the phone or delayed loan settlements, but others praised its mortgage service.
Multi-language support: Services are primarily available in English, with the possibility of supporting other languages (e.g. arranging free translations via phone banking) for cross-border customers.
Safety and security measures
The People's Choice Credit Union has a number of measures in place to protect members' funds and data:
security of funds: participation in the Financial Claims Scheme (FCS) with deposit insurance of up to $250,000. Prevent fraud with real-time transaction monitoring, Visa Secure, and two-factor authentication (Security Center).
Data Security: Compliance with the Australian Privacy Act 1988, data encryption and access control,
Featured Services & Differentiation
The People's Choice Credit Union is unique in the Australian financial markets with its member-owned and community-oriented services:
student account: such as Youth Saver, no fees, free Visa card available, unlimited free transactions and ATM withdrawals, suitable for young members.
Exclusive wealth management for the elderly: provide retirement planning resources, and consult banks for specific products.
Green financial products: Supporting green loans and ESG investments such as green home loans and renewable energy financing, providing more than $7 billion in environmental finance by 2024.
The bank has also developed the People's Choice of Housing index, which analyzes suburban housing affordability and livability to help first-time homebuyers make informed decisions.
Market Position & Accolades
People's Choice Credit Union is one of Australia's largest credit unions, with total assets of approximately $10.4 billion in 2022 and serving 353,000 members. Following its merger with Heritage Bank in 2022, its market position was further strengthened to become Australia's leading customer-owned financial institution. The bank has won several awards:
Canstar Awards: Multiple wins for 'Best First-Home Buyer Customer Owning Institution' in South Australia, Northern Territory and Victoria.
Mozo Experts' Choice Awards: Recognized for discounted car loan products.
Sustainability Award: Recognised for supporting green finance and community projects.
HistoryPeople's Choice's origins can be traced back to 1949, and since then, it has undergone several consolidations, including with the Northern Territory Credit Union.
In August 2009, the Central Credit Union of Australia and Savings & Loans announced a merger plan, which was completed in December 2009. The Savings and Loan Credit Union was established in 1949 as the South Australian Public Service Savings and Loan Association. At the time of the merger with the Central Credit Union of Australia, the Savings and Loan Corporation had already merged with a number of smaller credit unions. These include the SAGASCO Staff CU, the Warwick Cooperative CU, and the SAATB CU. In 1992, the Credit Union Act provided for the requirement for the word "Credit Union" to appear in the official name, discussed a number of options including Prime Minister, Capital and Horizon, and approved the name of Savings and Loan Credit Union (SA) Limited at the 1994 Extraordinary General Meeting. In 2005, Savings and Loans merged with the NSW NRMA Employee Credit Union and in 2008, Austral Credit Union merged with the Savings and Loan Credit Union.
Members then voted to change the name of the new organization to People's Choice Credit Union, which was approved on July 18, 2011.
In November 2014, People's Choice Credit Union acquired TIO's banking arm from the Northern Territory Government, transferring accounts and deposits from approximately 8,000 customers to People's Choice.
In August 2021, People's Choice Credit Union discussed a potential merger with Heritage Bank, and in April 2022, the two companies announced plans to merge. Approved by members on November 16, 2022.
The newly merged organisation is named Heritage and People's Choice Ltd and operates under a banking licence held by People's Choice Credit Union. The combined organization will remain member-owned and will continue to operate under the People's Choice and Heritage brands for the transition period, before adopting a single new brand in 2024.
The new bank was announced in November 2023 and is called People First Bank.
