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Interest rate 6 months interest rate: Up to 4.35% p.a.
Minimum opening deposit: $5,000
Account keeping fee: $0
Maximum deposit: $99,999

Summary

Seniors can create a new income stream by investing their money in a flexible savings plan.

The BCU 55+ Term Deposit account is designed to help seniors save their money and create a second source of income from interest earnings. This is a term account with a competitive interest rate and a variety of term lengths. Interest on the term deposit is paid in either fortnightly or monthly instalments. BCU is an Australian credit union serving the general public and provides protection for investment deposits through the Financial Claims Scheme.

Pros

No setup or account keeping fees
Investment terms from 1 to 36 months
Capital guaranteed up to $250,000

Cons

Need to deposit at least $5,000 to earn interest

Details

Key details

Product Name	BCU Bank 55+ Term Deposits
3 month interest rate	4.15%
6 month interest rate	4.35%
12 month interest rate	3.10%
24 month interest rate	3.45%
36 month interest rate	3.35%
Minimum Opening Deposit	$5,000
Minimum age requirement	55
Government guarantee	Yes

Eligibility

Minimum Age Requirement	55
Joint account availability	No
Min Deposit	$5,000
Available to children	Not available for children

Key features

Available to individuals 55 years or older

This account is only available to individual BCU Bank members aged 55 or older.

Minimum investment amount

You must have at least $5,000 invested in the account but not more than $2 million.

Term lengths or up to three years

You can choose to invest your money for a period of six months up to three years.

Fixed interest rates

This account features fixed rates of interest that are tiered to pay you more with higher investment amounts.

Interest payment

The interest is calculated daily and payments are made to your linked account either fortnightly or monthly. The interest rate will be slightly lower for individuals who choose fortnightly payments over monthly.

Early redemption requests must be made in writing

If you wish to withdraw your investment amount before the chosen terms end you will need to make a request in writing. Interest penalties will incur if your request is granted.

Option to reinvest once maturity is reached

At maturity you may reinvest the interest and begin new terms on the account at the prevailing interest rate.

Current membership required

Only members of BCU Bank are able to access their products. You can compare other BCU Bank products and services on this link.

How to apply

Unfortunately new applicants for the BCU Bank 55 Plus Investment account are not being accepted. You can however apply for other products like the Retirement Savings Account after becoming a BCU Bank member.

Eligibility

Applying can be done online by visiting the BCU Bank website and choosing which membership package you are interested in. There are no regional or employment requirements for eligibility but there are other factors you will need to meet.

Minimum age. You are able to join BCU Bank online only if you are at least 16 years of age.
Residency requirements. You must currently live in Australia and have an Australian residential address. If you reside elsewhere you will need to call BCU Bank to determine if you are still eligible to join.

Depository requirements. The amount required to join will be dependent on the membership package you choose.

Documentation needed

Tax file number. Quoting your tax file number (TFN) is not compulsory but tax may be taken from your interest earnings if you don't provide it or claim an exemption.
Identification. In order to verify your identity online, BCU Bank will submit your name, address, and birth of date to an external organisation. You will also need to provide details from your driver's licence, passport or Medicare card.
Your telephone number. You are asked to provide a telephone or mobile number and an email address so that BCU Bank may contact you with special membership and account information.

What happens after I submit my application?

Once BCU Bank has approved your application you will be contacted either by phone or with an SMS and given your membership and account details.

Sources

Finder writers are subject matter experts and use primary sources, in-depth research and interviews with other experts to ensure you're getting accurate, up-to-date information. Articles are fact checked in line with our editorial guidelines.
1. BCU Bank 55+ Term Deposits information page
2. BCU Bank 55+ Term Deposits TMD

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Alison Finder

Editorial Manager, Money

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Alison is an editor at Finder and a personal finance journalist with over 10 years of experience, having contributed to major financial institutions and publications such as Westpac, Money Magazine, and Yahoo Finance. She is frequently quoted in media outlets like SmartCompany and SBS, offering expert insights on superannuation and money management. Alison holds a Bachelor of Communications in Public Relations and Journalism from the University of Newcastle, and has earned three ASIC RG146 certifications in superannuation, securities and managed investments and general financial advice, ensuring her expertise is fully aligned with ASIC standards. See full profile

BCU Bank Term deposits for over 55s

Pros

Cons

Key features

Available to individuals 55 years or older

Minimum investment amount

Term lengths or up to three years

Fixed interest rates

Interest payment

Early redemption requests must be made in writing

Option to reinvest once maturity is reached

Current membership required

How to apply

Eligibility

Documentation needed

What happens after I submit my application?

Sources

Sources

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