Product details
Developing a good savings habit when you’re young can not only help you build a bigger bank balance, but it can develop the money management skills you need to set you up for life. The Junior Bonus Saver Account from BDCU Alliance Bank is designed to reward under-18s for their savings discipline, by paying up to 1.90% p.a. interest every month you deposit at least $10 and do not make any withdrawals or transfers.
There are no monthly fees attached to the account, allowing you to reach your savings goal quicker, while at-call access to your funds is provided via Internet and phone banking.
- Product Name
- BDCU Alliance Bank Junior 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
- $10
- 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 Junior Bonus Saver Account?
Earn up to 1.90% p.a.
The BDCU Alliance Bank Junior Bonus Saver Account allows you to earn up to 1.90% p.a. interest on your savings balance, making your money work harder for you.
Must deposit at least $10 a month and make no withdrawals to earn bonus interest
A standard variable rate of 0.10% p.a. applies to this account at all times. In order to earn bonus interest of 1.80% p.a. (and therefore a total interest rate of 1.90% p.a., you must deposit at least $10 a month and make no withdrawals or debit transfers.
Interest calculated daily.
Interest is calculated daily on the closing balance and credited to your account once a month.
No monthly fees
There are no monthly transaction fees attached to the BDCU Alliance Bank Junior Bonus Saver Account, so all the money you invest will go towards your savings goal.
No minimum monthly balance requirement
There is no requirement to maintain your account balance above a certain level, which means you can withdraw money whenever you want without incurring any fees. However, as outlined above, this will affect the interest you earn.
Funds available at call
You can access the funds in your Junior Bonus Saver Account at any time via Internet and phone banking. However, you cannot attach a cheque facility, rediCard or Visa Card to this account.
Reverts to a Bonus Saver Account when you turn 18
Once you reach 18 years of age, the Junior Bonus Saver reverts to a BDCU Alliance Bank Bonus Saver Account.
Pros
- Earn interest rate up to 1.90% p.a.
- $0 account keeping fees
- Funds available at call
- 24/7 internet and phone banking
Cons
- To earn bonus interest one must deposit at least $10 a month and make no withdrawals
- No ATM withdrawals
What you’ll need to know before applying
If you’d like to kickstart your savings with a BDCU Alliance Bank Junior Saver Account, click on one of the “Apply Now” links on this page. You will be securely redirected to the BDCU Alliance Bank website where you can find more details of the account and also download an application form.
Application options
While you cannot apply for a BDCU Alliance Bank Junior Bonus Saver Account online, there are three other application options.
- Download a form. Download an account application form from the BDCU Alliance Bank website. Completed forms can be submitted by post or at your nearest branch.
- Visit an advice centre. You can visit your nearest BDCU advice centre to receive face-to-face advice about how to open an account.
- Apply over the phone. The final option is to apply over the phone by calling the BDCU Alliance Bank customer helpline.
Documentation needed
If you’re a new customer to BDCU Alliance Bank, you’ll be required to provide proof of ID before you can start using your account. A passport, driver’s licence and birth certificate can all come in handy for this step, so contact the bank for full details of acceptable forms of ID.
Eligibility criteria
You will also need to satisfy a couple of simple eligibility criteria in order to open an account:
- Residency requirements. You’ll need to be an Australian resident to open an account.
- Age requirements. The BDCU Alliance Bank Junior Bonus Saver Account is only available to BDCU Alliance Bank customers under 18 years of age.
If you’re looking for an account that rewards your good savings discipline and can help you save for a brighter financial future, the BDCU Alliance Bank Junior Bonus Saver Account is worth your attention. Compare it with a variety of other youth savings accounts to see how it stacks up against the competition.
