BCU Bonus Saver account
- Maximum variable rate
- 5.20% p.a.
- Base interest rate
This account could suit you if you’re looking for a decent return on your savings but you don’t want to worry about meeting any ongoing conditions. It could also suit you if you’ve got a large balance to invest, as you can earn interest on balances up to $5 million. A lot of savings accounts only pay interest on balances up to $250,000.
The ongoing 1% p.a. rate is quite low, however, there are no conditions to meet. So it may suit you if you’re looking for an easy, set-and-forget option.
Bonus rate of 5.20% p.a. with no conditions to meet
Earn interest on your entire balances up to $5 million
Make withdrawals and still be eligible for interest
The bonus rate is only for the first 4 months
The ongoing variable base rate is quite low
|Product Name||BCU Bonus Saver|
|Maximum Variable Rate||5.20% p.a.|
|Standard Variable Rate||1.00% p.a.|
|Monthly Account Fee||$0|
Introductory bonus rate of 5.2% p.a.
New customers will earn a bonus interest rate of 5.2% p.a. for the first 4 months after opening the account. You can earn this rate on your entire balance, with a maximum balance limit of $5 million.
Ongoing interest rate of 1% p.a.
After the 4 month period ends the rate will revert to the standard variable rate, currently 1% p.a. You can earn this rate on your entire balance.
No monthly conditions to meet
You don't need to meet any monthly deposit conditions, spend requirements or minimum balance requirements in order to earn interest. You can also make withdrawals from your savings whenever you want and still be eligible for interest.
Linked bank account
This account can be linked to a BCU Access Account. You can transfer money from your Bonus Saver to your Access Account instantly using mobile or internet banking.
No account keeping fee
This account has no monthly account keeping fee, and there’s no monthly account keeping fee on the linked Access Account either.
Joint accounts available
You can open this account as a personal account or a joint account with someone else. You can have both a personal account and a joint account open at the same time.
Covered by the $250,000 government guarantee scheme
Your deposit up to $250,000 with BCU is protected under the government’s bank guarantee scheme. Note that this includes your combined balance across all your BCU accounts (for example if you’ve got money in your BCU Bonus Saver Account and also in your Access Account, your combined balance up to $250,000 is protected).
How to apply
Check first to make sure that you are able to meet the eligibility requirements:
- Personal account. This account is only for individual use.
- Age. You need to be aged 18 years or older
- Address. You must have a valid Australian residential address
- Identification. You will need at least 2 forms of identification, this could include a driver's license, passport, Medicare card, or Australian birth certificate.
- Personal information. You’re going to be asked for your full name, date of birth, and Australian address.
- Tax File Number (TFN). While providing your TFN is optional, it will help you ensure you're not being taxed at the maximum marginal tax rate.
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November 20, 2023
Are the funds covered under the Government $250,000 guarantee ?
Richard Whitten Finder
November 22, 2023
BCU is an ADI so deposits up to $250K are protected. You can read more about how this applies to BCU here.
September 07, 2023
Can I withdraw the money after 4 months with no penalties
Alison Banney Finder
September 08, 2023
Hi, you can withdraw the money at any point. This account is a savings account and is not locked like a term deposit account.