This basic savings account pays out interest every month and charges no accounts fees. While this account is ideal for people who prefer to do their banking in person, it still offers access to internet, mobile and telephone banking. This account is only available to existing customers who have a bcu Access or Advantage Saver account.
What are the features of the bcu Saver?
This account is suited to customers who prefer to conduct their banking inside a bcu branch or remotely. This means you won’t receive cheque books, Visa cards or Cue cards to conduct your transactions.There’s also no access to ATMs. The bcu Saver is a simple savings option with limited features, but it still offers certain benefits:
Get an interest rate of 0.25% when your balance is over $1000
As a tiered rate structured savings account, your interest is calculated on the whole balance over $1000. Interest is paid monthly. You also have the option to automatically transfer funds to a linked account. As with all variable interest rate accounts, note this will move alongside the RBA cash rate.
Must link to a bcu Access or Advantage Saver account
Customers interested in opening the Saver account must already have a bcu Access or Advantage Saver.
No minimum balance required
There’s no minimum balance required to open this account.
Access to face-to-face banking
This account allows for over-the-counter withdrawals and cheque-and-cash deposits.
Access to remote banking
While you won’t receive a cheque book, Visa debit or Cue card, you can conduct transactions via internet, phone and mobile banking.
No monthly fees
This administration fee is waived.
Electronic transfers are subject to an excess fee
You can effect ETF transactions subject to an excess fee.
Sweep facility available for a small fee
For a fee of $1, you have access to a sweep facility - automatic funds transfer - to help optimise interest earnings.
Account statements are provided every six months
If you’d like information before the six-month mark, contact your branch. For more information on bcu savings accounts, take a look at our bcu page.
- No monthly fees
- Electronic transfers
- No minimum deposit
- Available to BCU customers with an Access or Advantage Saver account
What you’ll need to know before applying
Visit BCU website and click on “Join us” from right-hand of the landing page, and then “Join bcu” to get the process started.
If you’re already a bcu member, you can open a Saver account on the iBank page where you’ll be asked to enter your member login and password. You can also complete the process on the phone or in person at a bcu branch.
You can only apply for the bcu Saver account if you already have an Access or Advantage Saver account.
Here’s what you need to know when applying for a Saver account.
Eligibility to apply online
- Age. The minimum age for application is 16 years.
- Contact details. Provide a contact number and an email address. Joint account applicants will be asked to provide separate contact details.
- Proof of residence. Applicants must prove that they live in Australia by providing an Australian residential address. If you don’t have an Australian address, call their helpline for assistance. Read the Privacy Information Statement for details on how your personal information is treated.
- Deposit. There’s no minimum deposit amount required to open a Saver account.
Documentation for your online application
- Identification. You’ll be asked to provide positive identification to be verified by an external organisation. This can include your Australian passport, driver’s licence and/or Medicare card.
- Security. Online applicants will be asked to provide a ID password to ensure safety for online and mobile-phone transactions.
- Tax file number. You have the option of whether or not to disclose your tax file number. However, if you don’t claim an exemption, tax will be subtracted from your interest.
Once your personal information has been verified and your account is approved, bcu will contact you via phone or SMS with your new account details.