Money:
We use money to buy things. In Australia we use paper (notes) and coin money. Each different note and coin stands for a different amount of money. In coins we have 5c, 10c, 20c, 50c, $1.00 and $2.00. In notes we have $5, $10, $20, $50, and $100.

Your mum or dad might give you money for a birthday treat, or for doing jobs around the house.

Interest:
If you put your money in a QPCU Savings Account we pay you interest. The more money you have in the account the more interest you get paid. We multiply the balance of your Savings Account by the Interest Rate to work out how much interest you get paid. If you borrow money from us (such as when you are older and get a car loan) we charge you interest.

Savings Account:
Your Junior Saver account is a Savings Account. You can put your money in your savings account or take your money out.

Deposit:
When you put money into your Junior Saver Account you are making a deposit. So when you do a job for mum or dad and they give you pocket money you might put some in your Account. This is a deposit.

Withdrawal:
When you take money out of your Junior Saver Account you’re making a withdrawal. So if you decide you want to spend some money in a toy shop you might take some money out of your Account to pay for it. This is a withdrawal.

Statement:
Every month QPCU send you a statement in the mail. Your statement shows you how much you have deposited into your account and how much you have taken out. It will also show you the balance of your Account.

Balance:
The Balance of your account is what you have left at the end of the month after you have made any withdrawals or deposits. So if you started with $10 in your account and you deposited $2 pocket money you would have a balance of $12.

PIN:
This is your “Personal Identification Number”. It is made up of numbers and is a secret password that you use at an ATM or EFTPOS machine. It’s important not to tell anyone your PIN – even your best friend. When you put your PIN into the ATM or EFTPOS machine it tells us that it’s ok to take out money from your account. If you tell someone your PIN then it is possible they might take money out of your account.

EFTPOS:
Stands for Electronic Funds Transfer Point Of Sale. This sounds complicated but it’s not. It is just the machine at shops that you can use to pay for things – using the money from your account. You’ve probably seen your mum or dad swipe their ATM card at shops and then type in a PIN number. They’ve just paid for something using EFTPOS. EFTPOS makes things really easy – because it means you don’t have to withdraw money from your Account before you go shopping.

QPCU CueCard:
This is the card we give you when you open your QPCU Junior Saver Account. You can use this card with your PIN to pay by EFTPOS or to take money out at an ATM.

Click here to download a Junior Saver Membership Pack which includes an application and all the information you need about a QPCU Junior Saver Account.