bcu Term Deposit

Last updated: Apr 27, 2020

Invest your money for a length of time that suits you, from just one month to three years, and benefit from a fixed interest rate.

Whether or not you’re an existing bcu customer, you have access to a zero-fee investment opportunity for a minimum initial amount of just $1,000. Select to lock your money away for a term that suits you, from just one month to three years, and enjoy the benefit of a fixed interest rate and guaranteed, predictable returns.

Up to 0.95% p.a.

Interest rate

3 months interest rate

$1,000

Minimum opening deposit

Account keeping fee

$99,999

Maximum deposit

Details

Product Name	BCU Term Deposit
3 month interest rate	0.95%
4 month interest rate	0.90%
6 month interest rate	0.90%
7 month interest rate	0.90%
9 month interest rate	0.90%
12 month interest rate	0.95%
24 month interest rate	0.95%
36 month interest rate	0.95%
Minimum Opening Deposit	$1,000
Minimum Age Requirement	16

The rates displayed above are interest rates paid at maturity only. We endeavour to ensure that the information on this site is current and accurate but you should confirm any information with the product or service provider and read the information they can provide.

Minimum Age Requirement	16
Joint account availability	No
Min Deposit	$1,000
Available to children	Not available for children under 16 years of age

Pros

Deposit as little as $1,000
Terms from one month to three years
No setup or account keeping fees
Fixed rate of interest
Flexible repayment and reinvestment solutions

Cons

Interest rates are less competitive than some savings accounts
You can't access your money for the duration of the term

Alison Banney

Alison Banney is the banking and investments editor at Finder. She has written about finance for over seven years, with her work featured on sites including Yahoo Finance, Money Magazine and Dynamic Business. She has previously worked at Westpac, and has written for several other major banks including BCU, Greater Bank and Gateway Credit Union. Alison has a Bachelor of Communications from Newcastle University, with a double major in Journalism and Public Relations. She has ASIC RG146 compliance certificates for Financial Advice, Securities and Managed Investments and Superannuation. Outside of Finder, you’ll likely find her somewhere near the ocean.

Key features

Available to non-BCU customers

The BCU Term Deposit is available to customers and non-customers.

$0 account keeping fees

You're charged zero account keeping fees, and there's no charges to set up the account.

Terms from one month to three years

Choose an investment term of between one and 36 months, and an original investment amount of up to $99,999. If you'd like to invest more than this amount, BCU offers more competitive interest rates for larger balances.

Fixed interest rate

The benefit of a term deposit is that your interest rate is fixed for the life of the term, meaning it won't change even if interest rates are reduced. This also enables you to calculate your exact interest earnings for the life of the term.

Protection of up to $250,000

This product offers the government deposit guarantee of up to $250,000.

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 to note that early interest withdrawals incur a penalty.

Mobile banking app available

BCU offers a mobile banking app which is free to download, so you can easily keep an eye on your account when you're on the go.

How to apply

You don't need to be an bcu customer to be eligible for this product. Interested individuals and businesses can apply online.

Eligibility

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 $99,999).

Documentation needed

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 inquiry form before submitting an application for this product.

What happens after I submit my application?

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.

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