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.
The rates displayed above are interest rates paid at maturity only. We endeavour to ensure that the information on this site is current and accurate but you should confirm any information with the product or service provider and read the information they can provide.
Minimum Age Requirement
55
Joint account availability
No
Min Deposit
$5,000
Available to children
Not available for children
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
Key features
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 three 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.
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.
Eligibility
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.
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 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 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 submit my 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.
Alison Banney is the banking and superannuation editor at Finder. She has written about finance for over 8 years, with her work featured on sites including Yahoo Finance, Money Magazine and Dynamic Business. She has previously worked at Westpac, and has written for several other major banks including Greater Bank, bcu and Gateway Credit Union. Alison has a Bachelor of Communications from Newcastle University, with a double major in Journalism and Public Relations. She has ASIC RG146 compliance certificates for Financial Advice, Securities and Managed Investments and Superannuation. Outside of Finder, you’ll likely find her somewhere near the ocean.
How likely would you be to recommend finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
Important information about this website
finder.com.au is one of Australia's leading comparison websites. We compare from a wide set of banks, insurers and product issuers. We value our editorial independence and follow editorial guidelines.
finder.com.au has access to track details from the product issuers listed on our sites. Although we provide information on the products offered by a wide range of issuers, we don't cover every available product or service.
Please note that the information published on our site should not be construed as personal advice and does not consider your personal needs and circumstances. While our site will provide you with factual information and general advice to help you make better decisions, it isn't a substitute for professional advice. You should consider whether the products or services featured on our site are appropriate for your needs. If you're unsure about anything, seek professional advice before you apply for any product or commit to any plan.
Products marked as 'Promoted' or 'Advertisement' are prominently displayed either as a result of a commercial advertising arrangement or to highlight a particular product, provider or feature. Finder may receive remuneration from the Provider if you click on the related link, purchase or enquire about the product. Finder's decision to show a 'promoted' product is neither a recommendation that the product is appropriate for you nor an indication that the product is the best in its category. We encourage you to use the tools and information we provide to compare your options.
Where our site links to particular products or displays 'Go to site' buttons, we may receive a commission, referral fee or payment when you click on those buttons or apply for a product. You can learn more about how we make money here.
When products are grouped in a table or list, the order in which they are initially sorted may be influenced by a range of factors including price, fees and discounts; commercial partnerships; product features; and brand popularity. We provide tools so you can sort and filter these lists to highlight features that matter to you.
We try to take an open and transparent approach and provide a broad-based comparison service. However, you should be aware that while we are an independently owned service, our comparison service does not include all providers or all products available in the market.
Some product issuers may provide products or offer services through multiple brands, associated companies or different labelling arrangements. This can make it difficult for consumers to compare alternatives or identify the companies behind the products. However, we aim to provide information to enable consumers to understand these issues.
Providing or obtaining an estimated insurance quote through us does not guarantee you can get the insurance. Acceptance by insurance companies is based on things like occupation, health and lifestyle. By providing you with the ability to apply for a credit card or loan, we are not guaranteeing that your application will be approved. Your application for credit products is subject to the Provider's terms and conditions as well as their application and lending criteria.
Please read our website terms of use and privacy policy for more information about our services and our approach to privacy.
