Product details
Reward yourself for saving with an account that gives you bonus interest for making monthly deposits and no withdrawals. Your funds will be available at call through Internet banking and phone banking any time you want.
You won’t even have to worry about account servicing fees! With these features, you can save more and be flexible about your savings at the same time.
- Product Name
- BDCU Alliance Bank Bonus Saver Account
- Maximum Variable Rate
- 1.90% p.a.
- Standard Variable Rate
- 0.10% p.a.
- Bonus Variable Rate
- 1.80% p.a.
- Monthly Fee
- $0
- Minimum Opening Deposit
- $0
- Minimum monthly deposit for bonus interest rate
- $50
- Internet Banking
- Yes
- Internet Transaction Fee
- $0
- Phone Banking
- Yes
- Phone Transaction Fee
- $0
- Maximum Age Requirement
- 18
- Covered by Government Guarantee?
- Yes (Up to $250,000 per person, per institution)
What are the features of the BDCU Alliance Bank Bonus Saver Account?
Maximum interest rate of 1.90% p.a.
If you make a minimum deposit of $50 (excluding interest) and make no withdrawals or debit transfers for the calendar month, your balance will earn the maximum variable rate of 1.90% p.a. If you don’t meet these conditions, your account will still earn a standard variable rate of 0.10% p.a. These rates are determined on a monthly basis, so if you don’t get the bonus rate one month, you can still meet the conditions and get the bonus interest the following month.
Interest calculated daily
Interest on the Bonus Saver Account is calculated daily on the closing balance and paid monthly. Both the bonus and standard rates are variable rates, so they could change in line with the RBA cash rate.
Continual 24/7 accessibility
You can access your Bonus Saver Account using Internet banking and phone banking whenever you need to. BDCU Alliance Bank’s Internet and phone banking services operate 24 hours a day, seven days a week. You can also visit a BDCU Advice Centre during working hours.
Membership benefits
BDCU Alliance Bank is owned by its 14,000 members. This means that the bank channels all profits back to their members and the community.
No minimum deposit requirement
There’s no minimum deposit requirement with your Bonus Saver Account, but you will have to meet the deposit and withdrawal conditions if you want to earn the bonus interest rate.
No minimum balance requirement
There’s no minimum balance requirement with the Bonus Saver Account. Regardless of how much you have in your account, the same bonus variable and/or standard variable rate will apply.
No account servicing fee
You don’t have to pay a monthly servicing fee with the Bonus Saver Account.
Direct credit facility
With direct credit, you won’t need to remember to make a deposit. Simply set up a $50 monthly direct credit into your Bonus Saver Account from your transaction account and you can have peace of mind.
No direct debit facility
You cannot set up direct debits from your Bonus Saver Account.
One free withdrawal per month
With the Bonus Saver Account, your first withdrawal of the calendar month is free. Thereafter, you pay $3 per withdrawal for the rest of the month.
No overdraft and line of credit facility
You cannot set up an overdraft or line of credit facility with the Bonus Saver Account.
No cheque and card linkage
You cannot link a cheque facility, RediCARD or Visa card to your Bonus Saver Account, so you won’t be able to access your funds using an ATM.
Pros
- Earn interest rate up to 1.90% p.a.
- $0 account keeping fees
- $0 minimum deposit and minimum balance
- 24/7 internet and phone banking
Cons
- To earn bonus interest one must deposit at least $50 a month and make no withdrawals
- No overdraft and line of credit facility
- No ATM withdrawals
How do you apply for the BDCU Alliance Bank Bonus Saver Account?
If you like what the BDCU Alliance Bank Bonus Saver Account has to offer, you can apply in three different ways:
Application options
Application form. You can click on our “apply now” button and download an application form.
- Advice Centre. You can visit a BDCU Advice Centre and apply in person.
- Phone. You can call BDCU Alliance Bank on (02) 4860 4000 and apply over the phone.
Eligibility requirements
- Membership. You must be a BDCU member to use any of their accounts, and you must provide your member number when you apply.
- Residency. You must be an Australian resident to apply.
Required information
- Identification. You must provide identification when you apply for the Bonus Saver. This can be either your passport or your driver's licence.
- Personal information. You must provide your name, contact information, and address when you apply.
What happens after I complete my application form?
If you apply using the application form, you can submit it to BDCU Alliance Bank via post or by returning it to a BDCU Advice Centre. They will let you know if your account is approved, and if so, send you your account information. BDCU Alliance Bank may also contact you to ask for extra information.
