BCU Advantage Saver

Last updated: Jan 4, 2021

Australian seniors can take full advantage of an everyday account that provides multiple methods of access while paying you interest on the balance.

The BCU Advantage Saver is a combined access and savings account for aimed at Australians who are receiving a pension or are self-funded retirees. It can be used to fulfil all of your banking needs, earning interest on your savings while allowing you to access your money whenever needed. An accredited Australian credit union, BCU is able to guarantee deposits of up to $250,000 through the Government Financial Scheme.

0.5% p.a.

Maximum variable rate

0.25%p.a.

Base interest rate

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Product Name	BCU Advantage Saver
Maximum Variable Rate	0.5% p.a.
Standard Variable Rate	0.25%
Monthly Account Fee	$0
Minimum Opening Deposit	$0
Minimum Age	55

Pros

Suitable for Aged Pensioner after the age of 55
$2 monthly fee will be waived if the available balance is $500 or more
Competitive tiered interest rate

Cons

$2 monthly fee
Not available to all

Alison Banney

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Alison Banney is the banking and investments editor at Finder. She has written about finance for over seven 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 BCU, Greater Bank 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.

Key features

$0 Monthly account keeping fee

There is a monthly account keeping fee of $0 which will be waived if the available balance is $500 or more. You are permitted a certain number of transactions each month for free including those that are done within a branch, EFTPOS transactions and ATM withdrawals. The number of free transactions and amount charged to the account once the limit has been reached will depend on the type of membership you have with BCU.

One off membership fee of $10

All Australians are welcome to join the credit union but adults will be expected to pay for one share at a cost of $10.

You may be receiving a pension

The Advantage Saver is only available for Australians who are receiving a Veterans Affairs Pension, Aged Pension, or a self-funded retirement income after the age of 55.

Accessing your money

Withdrawals and deposits can be made using online and phone banking or inside a local BCU branch. A Visa debit or Cue card is issued that will also allow you access to your funds at an ATM and for making EFTPOS purchases. Payments and deposits can also be made electronically through BPAY, periodical payments and direct credit or deposits using your online banking portal.

Linked Visa debit card

You are given the choice of having a Visa debit card or Cue card linked to your account. Both allow you to access money from an ATM or EFTPOS, but with the Visa debit you can also use the card online and internationally.

Sweep facility

If you have a separate account with BCU you can use the sweep facility to avoid overdrawing of any one account. There is $1 charged to you when funds are transferred for this purpose.

How is my interest calculated?

Interest on the account is tiered, meaning you earn the one rate of interest if your balance is below a certain amount, and a higher rate of interest once your balance reaches the next tier. For a summary of the tiered interest rates that apply to this product, visit BCU's website.

How to apply

You can stop by your local BCU branch to complete an application for the Advantage Saver, or visit their website and complete an online enquiry form.

Eligibility

Minimum age. This account is only suitable for Australians aged 55 or older who are receiving certain government or personal pensions.
Residency requirements. Only residents or citizens of Australia are eligible for the Advantage Saver account.

Depository requirements. No minimum opening deposit will be required but if you are also applying for membership, you will need to pay your $10 to become a shareholder.

Documentation needed

Before you are contacted by BCU with more information about applying for their Advantage Saver account, have the following documentation ready:

Tax file number. Supplying the credit union with your tax file number (TFN) or exemption codes will ensure that any tax deducted from your interest earnings is done at the rate which applies to your circumstance.
Identification. A driver's licence, passport or Medicare card will contain information that BCU can use to verify your identity electronically.

What happens after I submit my application?

After you have completed the enquiry form, a representative from BCU will contact you and help you complete the application for the Advantage Saver. Once the account has been established, you will receive your chosen debit card in the mail along with important information on managing the money in your account.

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2 Comments

Meryl
July 8, 2016

Is it possible to open an advantage saver account on line, or must I visit a branch?

finder Customer Care

Clarizza
July 8, 2016

Hi Meryl,

Thanks for your question.

Yes, you can apply to open the BCU Advantage Saver account on the BCU website.

Hope this helps.

Clarizza

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