BCU Saver

BCU Saver

Maximum Variable Rate

1.56

Standard Variable Rate

1.56

The bcu Saver account is a no-frills, straightforward alternative for customers who prefer face-to-face banking.

  • No minimum balance required to open this account
  • Pays out interest every month
  • No administration fee
  • Access to a sweep facility for a $1 fee

Product details

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.

Product Name
BCU Saver
Maximum Variable Rate
1.56% p.a.
Standard Variable Rate
1.56% p.a.
Bonus Variable Rate
0.00% p.a.
Monthly Fee
$0
Minimum Opening Deposit
$0
Internet Banking
Yes
Internet Transaction Fee
$0
Phone Banking
Yes
Phone Transaction Fee
$0
Minimum Age Requirement
16

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.

Launch savings calculator

Pros

  • No monthly fees
  • Electronic transfers
  • No minimum deposit

Cons

  • Available to BCU customers with an Access or Advantage Saver account

What you’ll need to know before applying

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.

Important

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.

Next steps

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.

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