Product details
The bcu 55 Plus Investment 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 term lengths that can meet any circumstance. BCU is an Australian credit union serving the general public and provides protection for investment deposits through the Financial Claims Scheme.
- Product Name
- BCU 55 plus Investment
- 3 month interest rate
- 2.60%
- 6 month interest rate
- 2.70%
- 12 month interest rate
- 2.65%
- 24 month interest rate
- 2.90%
- 36 month interest rate
- 2.65%
- Min Deposit
- $5,000
- Max Deposit
- $2,000,000
- Minimum Age Requirement
- 55
- Covered by Government Guarantee
- Yes (Up to $250,000 per person, per institution)
What are the features of the bcu 55 Plus Investment?
Older Australians have special financial concerns to consider as they approach the age of retirement. In Australia, the average age of retirement is 63-65 years old.
When you begin looking at the type of account you want for your investment money, compare the features that the bcu 55 Plus Investment account has against other financial institutions:
Available to individuals 55 years or older
This account is only available to individual bcu 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 3 years
You can choose to invest your money for a period of three 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 are able to access their products. You can compare other bcu products and services on this link.
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
What you’ll need to know before applying
Unfortunately new applicants for the bcu 55 Plus Investment account are not being accepted. You can however apply for other products like the Retirement Savings Account after becoming a bcu member. Applying can be done online by visiting the bcu 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.
Eligibility to apply online
- Minimum age. You are able to join bcu 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 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 for your application
- 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 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 may contact you with special membership and account information.
What happens after I've submitted the application?
Once bcu has approved your application you will be contacted either by phone or with an SMS and given your membership and account details.
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