Whether or not you’re a BCU customer, you have access to a zero-fee investment opportunity for a minimum initial amount of $1,000. Families and businesses can start creating wealth over a maximum term of 36 months, while benefitting from flexible solutions for interest pay-outs or reinvestment.
What are the features of the BCU Investment?
The BCU Investment plan is an easy way to generate interest on an initial investment of as little as $1,000. Here are a few additional features of the BCU Investment product.
Available to non-BCU customers
The BCU Investment product is available to customers and non-customers, including individuals and businesses.
Investors are charged zero fees for account-keeping or setting up the plan.
Flexible savings plan
Choose an investment term of between one and 36 months, and an original investment amount of up to $2,000,000.
Protection of up to $250,000
This product offers capital guarantee of up to $250,000. This amount will vary according to your original investment amount.
Interest can be paid out monthly, annually or at maturity
You can choose to have interest paid out monthly, annually or at maturity (at which time interest can also be reinvested). For investments of more than six months, you can also opt for quarterly or bi-annual interest payments. Important: early interest withdrawals incur a penalty.
Option for over-55s
BCU’s 55-plus Investment product is tailored for seniors and offers fortnightly and monthly interest pay-outs on a minimum investment of $5,000.
- Deposit as little as $1,000
- No setup or account keeping fees
- Flexible repayment and reinvestment solutions
- Minimum opening balance $1,000
What you’ll need to know before applying
You don’t need to be an BCU customer to be eligible for this product. Interested individuals and businesses can apply online by clicking on “Open” on the product page, followed by clicking “Apply online” next to the product name.
Eligibility to apply online
Here’s some other information you’ll need when applying for BCU Investment.
- Minimum age. You have to be a minimum of 16 years old to apply for this product.
- Residency requirements. You must be an Australian resident with a valid residential address. BCU might still be able to assist you if you don’t live in Australia.
- Depository requirements. A minimum original investment of $1,000 is required (the maximum amount is $2,000,000).
Documentation to apply online
- Tax File Number. You can choose whether or not to disclose your tax file number. However, if you don’t quote this information or claim an exemption, tax will be subtracted from your interest.
- Identification. You will be asked to supply positive identification, which can include your Australian passport, driver’s licence and/or your Medicare card. Your personal information will be checked by an external verification company before your application is approved.
- Other info required. You’ll also be asked for contact details like email addresses and phone numbers. Supply a security password so that BCU can identify you when you contact them. Businesses have to fill in an enquiry form before submitting an application for this product.
- What happens after applying? If you’re a new customer, BCU will send along membership details and login information for online transactions. Both new and existing customers will receive information about the Investment plan once the application has been approved.