BCU Term deposits for over 55s
- Interest rate 6 months interest rate
- Up to 4.90% 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 55+ Term Deposits |
6 month interest rate | 4.90% |
12 month interest rate | 3.75% |
24 month interest rate | 3.75% |
36 month interest rate | 3.65% |
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 |
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Alison Finder
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