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.
- 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 about the mobile app?Image Source: App Store
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What transaction accounts are offered by BCU?
- 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 18 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.
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?
- 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.
- 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.
More guides on Finder
BCU Scoot Super Saver Account
A savings account for kids under the age of 13, the BCU Scoot Super Saver Account pays an ongoing interest rate with no deposit conditions to meet.
BCU Advantage Saver
The BCU Advantage Saver gives seniors an easy way to stay on top of all their financial matters.
BCU makes it easy to save with a fee-free savings account that lets you earn higher interest just for banking primarily online.
BCU Term Deposit
BCU Term Deposit offers terms from one month to three years, and a fixed rate of interest on your money.
BCU 55 Plus
With BCU, Australians reaching their retirement years can choose a banking option that meets and helps them manage their new financial needs.
BCU Access account
The Access account offers bcu customers accessibility, flexibility and convenience when conducting everyday banking transactions.
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