As a member of NSW’s bcu you get the advantage of high interest savings accounts with customised features to meet all of your needs.
Limited to New South Wales (NSW), bcu is a is a regional credit union created in the early 70’s to meet the financial needs of small business owners. Today they are expanded from Port Macquarie to the Sunshine Coast, with a variety of banking products to suit personal needs as well.
Who is bcu?
With bcu, you’ll find the focus of their banking products to be in providing you with convenient ways to meet your goals without the hassle of high fees. Accounts are diverse, suiting the needs of those who prefer the higher interest benefits of online banking and those who still like to make transactions face to face with a teller. From young kids to retirees, there is an account that is designed to make saving your money easy for you.
What is internet banking like for bcu?
iBank is bcu’s internet banking service, allowing you to manage your money from home or work, or on the go when you download their app onto your mobile device. Gain access to your internet banking platform through the bcu web page and stay on top of your own transactions.
bcu provides you with a form on their website that you will use to register for iBank. Once registered you can begin right away to take advantage of the many features it offers.
Notable features:
- Around the clock access to all of your accounts
- Ability to check on your account balances
- Make instant transfers of money between accounts
- Transfer money to accounts held by banks other than bcu
- Receive and view your bills using BPAY View
- View current and past banking statements
- See all of the interest your accounts have earned over the last year
- Set up a messaging service that will alert you of certain account activities
- Send cheques
- Schedule future payments
- Store and manage frequent payees to make transfers quicker
- Order a cheque book
- Change your passwords
- Open free sub-accounts
What transaction accounts are offered by bcu?
- bcu basic access. Designed for those who prefer electronic and EFTPOS transactions, this is a primarily online account with no minimum balance requirements and no monthly fees. Transaction fees do apply, particularly when you make staff assisted transactions.
- bcu access. For a monthly fee you can bank without any access restrictions. This fee is waived when the account is opened in the name of a student between the ages of 16 and 24. You can even earn interest on your balance when it is greater than $500.
What high interest savings accounts are offered by bcu?
- bcu Scoot’s super saver. Specifically for children under the age of 13, children are paid bonus interest on top of a competitive rate when they meet certain monthly terms. This also doubles as an everyday account, providing easy access to your saved funds.
- bcu advantage saver. This combination account is for retirees over 55 and pensioners. Interest is paid on your balance in tiers, with higher amounts being applied to the higher portions. A linked Visa debit card helps you with accessing your money along with a number of other methods.
- bcu isaver. You are only able to access this account through online or phone banking, but the payoff is a higher rate of interest applied to your balance. You will need to have another account with bcu in order to effectively access your funds.
- bcu Dream Saver. For bcu customers aged 13 to 24, this online savings account pays bonus interest when you are able to meet the monthly terms. As this is an online account, you will also need to have a second account with bcu.
- Retirement Savings Account. For a low cost, you can easily manage your SMSF and retirement savings. A competitive interest rate is applied to the entire balance and paid into your account once a year.
What term deposits are offered by bcu?
- bcu investment. With a minimum investment of $1,000 you can earn a higher rate of interest by locking your money into a term starting at one month extending to three years. You choose when the interest is paid to your separate banking account.
- 55 plus investment. For individuals over the age of 55, you can invest $5,000 or more into a high interest term deposit. Another bcu banking product is needed so that you can get the benefit of fortnightly or monthly interest payments to augment your retirement income.
What are the pros and cons of banking with bcu?
Pros
- Mobile app. The bcu mobile banking app gives you most of the same features you get with your online banking platform.
- Bonus interest. With bcu you can make your savings go even further by meeting good saving goals that will earn you bonus interest.
- Kids savings. The savings product offered for young children makes banking fun while providing a highly competitive interest rate.
- Free sub-accounts. Set-up separate accounts in your access account to allocate money towards special needs like bill paying and grocery money.
Cons
- Exclusivity. You must first become a member of bcu before being allowed to apply for any of their products.
- Branch access. Although other options are available, you will find that there are a limited number of branches available to make transactions at.
How do I apply for a bcu account?
In order to be able to open any account from bcu’s list of banking products you will first need to apply for membership. This is done online at the same time as you apply for your selected account or accounts. Online applications can be filled out by individuals aged 16 and older, and you will need to be able to provide an Australian residential address. They will attempt to verify your identity online by using your passport, driver’s licence or Medicare information, and once approved you will be given a call or sent an SMS with your bcu membership and account details.
