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Summary

Limit access to your savings and be rewarded with a higher interest rate.

With the BCU iSaver you get a convenient method of earning extra money on your savings. With accessibility only offered online or over the phone, you can quickly transfer your funds into your linked everyday account, while earning a higher interest rate on what is kept in savings. This is a fee free savings account, allowing you to save even more over time.

Pros

Tiered interest. Be rewarded with higher interest rates on larger deposit amounts.
No monthly account keeping fees
Internet and phone banking

Cons

Only can be accessed via internet and phone banking
No counter cheque and cash deposits and counter withdrawals

Details

Key details

Product Name	BCU iSaver
Maximum Variable Rate	3.30% p.a.
Standard Variable Rate	2.85% p.a.
Monthly Account Fee	$0
Minimum Opening Deposit	$0
Minimum Age	18

Key features

Membership open to all Aussies

You are required to become a member of BCU before you can open the iSaver account. Membership is open to all Australians, and is for life so long as you continue to bank with the credit union. There are three shareholder types available depending on your personal circumstance, but in most cases you will be assigned as a full shareholder.

$0 Monthly account keeping fees

BCU will not charge a monthly account keeping fee for the iSaver savings account.

How is my interest calculated?

BCU offers competitive rates for the iSaver, which will increase as your balance does. Interest will be calculated on the daily balance and is paid into the account once a month.

Must be linked to a BCU transaction account

You must also hold a BCU transaction account in order to benefit from the iSaver.

Online and phone banking available

Making deposits and withdrawals will all be done electronically, either with direct credits or transfers using the linked account. Direct debits or BPAY from the iSaver are not permitted. These transactions can be made online or by telephone.

Mobile banking with iBank

The iBank feature is available as an app for both Apple and Android mobile products, and can be downloaded from their website. Once on your mobile phone you will be able to log into your online banking platform to check your savings balance and make transfers between your iSaver and linked transaction account. You will need to be a registered member of BCU's iBank in order to be eligible for the iSaver account. This is their online banking platform which will give you complete and secure access to your account.

$0 Transaction fees

You are not charged for any transfers or other transactions with this account.

$0 Minimum balance

There is no requirement to maintain a minimum balance in the account.

Capital guaranteed

Your balance of up to $250,000 is guaranteed by the Australian government.

How to apply

If the iSaver works with your financial goals you can visit BCU website to start an online application. Existing members are prompted to log into their iBank account to continue with the application while new members will need to first fill out a membership application.

Eligibility

Other eligibility requirements that you will have to first meet include:

Minimum age. In order to complete an online application you must be at least 18 years of age.
Residency requirements. BCU only accepts applications from Australian residents or citizens.

Depository requirements. You will not be required to make an initial deposit into the account. However, if you are an adult applying for full access membership first, you will be asked to pay $10 for your shares of the credit union.

Documentation needed

After determining that you are eligible to apply, have the following documentation available in order to make filling in the application easier:

Tax file number. You are not under any obligation to provide your tax file number (TFN) or exemption codes. Doing so will ensure that any deductions made from your interest earnings for tax purposes are done at the correct rate.
Identification. In order to verify your identity online, BCU will ask for information from your driver's licence, Medicare card or passport. This information, along with your name, home address and date of birth, is sent to an external agency to verify your identity.
Communication. BCU will contact you primarily online so you should provide an active email address and telephone number when applying.

What happens after I submit my application?

You will be provided with your account information after the application has been approved. New members to BCU will be able to apply for membership and the iSaver account simultaneously, but you will also have to open a transaction account at this time.

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Name	Maximum Variable Rate p.a.	Standard Variable Rate p.a.	Intro/Ongoing	Government Guarantee	Monthly Max Rate Conditions
Newcastle Permanent Smart Saver Account - Under 25s	Maximum Variable Rate p.a. 5.00%	Standard Variable Rate p.a. 0.05%	Intro/Ongoing Ongoing	Government Guarantee	Monthly Max Rate Conditions Grow balance No more than 2 withdrawals	Go to site View details Compare	An easy way for young savers to earn a solid interest rate without jumping through too many hoops.	loading Fetching your data...
Ubank High Interest Save Account	Maximum Variable Rate p.a. 5.50%	Standard Variable Rate p.a. 0.00%	Intro/Ongoing Ongoing	Government Guarantee	Monthly Max Rate Conditions Deposit $500 Savings up to $100,000	Go to site View details Compare	loading Fetching your data...
Newcastle Permanent Smart Saver Account - Under 25s	Maximum Variable Rate p.a. 5.00%	Standard Variable Rate p.a. 0.05%	Intro/Ongoing Ongoing	Government Guarantee	Monthly Max Rate Conditions Grow balance No more than 2 withdrawals	Go to site View details Compare	loading Fetching your data...
ING Savings Maximiser Finder Award	Maximum Variable Rate p.a. 5.50%	Standard Variable Rate p.a. 0.55%	Intro/Ongoing Ongoing	Government Guarantee	Monthly Max Rate Conditions Deposit $1,000 5 transactions Grow your balance Balances up to $100,000	Go to site View details Compare	Get $50 cashback when you open an Orange Everyday and a Savings Maximiser account and make 5 settled transactions. T&Cs apply	loading Fetching your data...
Newcastle Permanent Online Savings Account	Maximum Variable Rate p.a. 5.20%	Standard Variable Rate p.a. 1.00%	Intro/Ongoing 3 months	Government Guarantee	Monthly Max Rate Conditions N/A	Go to site View details Compare	loading Fetching your data...
ING Savings Accelerator ($150,000 - $500,000)	Maximum Variable Rate p.a. 5.20%	Standard Variable Rate p.a. 4.70%	Intro/Ongoing 4 months	Government Guarantee	Monthly Max Rate Conditions Welcome rate applies up to $500K	Go to site View details Compare	loading Fetching your data...
Macquarie Savings Account	Maximum Variable Rate p.a. 5.35%	Standard Variable Rate p.a. 4.75%	Intro/Ongoing 4 months	Government Guarantee	Monthly Max Rate Conditions Balances up to $250,000	Go to site View details Compare	loading Fetching your data...
ME HomeME Savings Account	Maximum Variable Rate p.a. 5.55%	Standard Variable Rate p.a. 0.55%	Intro/Ongoing Ongoing	Government Guarantee	Monthly Max Rate Conditions Deposit $2000 Grow balance Balances up to $100,000	Go to site View details Compare	loading Fetching your data...
IMB Reward Saver Account	Maximum Variable Rate p.a. 5.25%	Standard Variable Rate p.a. 0.00%	Intro/Ongoing 4 months	Government Guarantee	Monthly Max Rate Conditions Deposit $50 No withdrawals Balances up to $1,000,000	Go to site View details Compare	Earn up to 3.25% p.a. after the introductory period ends.	loading Fetching your data...
BCU Bonus Saver	Maximum Variable Rate p.a. 5.00%	Standard Variable Rate p.a. 1.00%	Intro/Ongoing 4 months	Government Guarantee	Monthly Max Rate Conditions N/A	Go to site View details Compare	loading Fetching your data...
Westpac Life (18-29 year olds only)	Maximum Variable Rate p.a. 5.20%	Standard Variable Rate p.a. 2.00%	Intro/Ongoing Ongoing	Government Guarantee	Monthly Max Rate Conditions Make a deposit Grow your balance 5 debit card purchases Balances up to $30,000	Go to site View details Compare	loading Fetching your data...
St.George Maxi Saver	Maximum Variable Rate p.a. 5.35%	Standard Variable Rate p.a. 1.10%	Intro/Ongoing 3 months	Government Guarantee	Monthly Max Rate Conditions N/A	Go to site View details Compare	Max Variable Rate includes 0.35% p.a. for 3 months for new customers who apply online	loading Fetching your data...

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BCU iSaver