The BCU Retirement Savings Account is designed to help members save for life after work. It is suitable for Australians who either have a small superannuation fund to manage, or are nearing retirement age and want to cut back on any risk. The funds in the account are guaranteed up to $250,000 and earn a competitive, ongoing interest rate. BCU can also help you move any existing superannuation funds into this account, and set up direct employer contributions.
What are the features of the BCU Retirement Savings Account?
The management of superannuation and retirement funds is very important for your financial future, so it’s important to choose the right option for you. Start by comparing the features of the BCU Retirement Savings Account (RSA) against other similar products:
$0 Monthly account keeping fee
You are not charged any fees for your Retirement Savings account from BCU.
Tiered interest rate structure
The interest rates are tiered to pay you more for larger sized deposits. They are also competitive when compared to other low risk retirement investments.
How is my interest calculated?
Interest is calculated on the daily balance and paid to your account once a year.
Making contributions in your RSA
Transfers or rollovers from an existing superannuation fund, deposits at a BCU branch, and eligible spouse contributions are permitted, as well as any direct payments made from your employer (including salary sacrifices). Contributions of as little as $1 are accepted.
Withdrawal of funds
Since the purpose of the account is to help you save for retirement, you will need to meet some conditions of release in order for it to be paid to you in cash. Until then, any preserved and restricted non-preserved benefits are bound to the conditions of release applied to superannuation.
Membership is open to everyone
You will have to become a member of the credit union before you can take advantage of this retirement savings account. Membership is open to all Australians, and an application is available online. You can compare other bcu savings accounts here.
- Easy to manage savings account
- Need to become a member of the credit union
What you’ll need to know before applying
After comparing your superannuation options and choosing the BCU Retirement Savings Account you can apply online. If you are not already a member of BCU, you will be prompted to complete a membership application first.
Eligibility to apply online
Certain eligibility requirements will also have to be met first before your application is accepted:
- Minimum age. All online applicants must be at least 55 years of age.
- Residency requirements. BCU only accepts applications from Australian residents who have a permanent Australian address.
- Depository requirements. No initial deposit requirement is mentioned, but there will be a $10 charge for your shares in the credit union when you become a member.
Documentation to apply online
If you meet the eligibility requirements set forth by BCU, have the following documentation ready for the application:
- Tax file number. Providing your tax file number (TFN) helps to ensure that any deductions made from interest earnings is done at the correct rate for your circumstance.
- Identification. Information from your Medicare card, driver’s licence or passport is used to verify your identity online. Along with this information, BCU will need your full name, address and date of birth.
- Communication. You will need to provide a current email address and mobile phone number when you apply so that BCU can contact you with your account information.
What happens after I submit my application?
Once your application has been submitted and approved, BCU will provide you with all your account information . Make sure you then give your employer the Retirement Savings Account number to have contributions made directly from your salary.