In this guide

  • Our verdict
  • Details
    • Key details
  • Key features
  • How to apply
  • Compare other savings accounts
  • Your reviews
  • Ask a question
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BCU Bonus Saver account

  • Alison Banney's headshot
BCU Bonus Saver
Maximum variable rate
5.00% p.a.
Base interest rate
1%p.a.

Our verdict

Earn 5% p.a. for the first 4 months with no deposit conditions to meet.

This account could suit you if you’re looking for a decent return on your savings but you don’t want to worry about meeting any ongoing conditions. It could also suit you if you’ve got a large balance to invest, as you can earn interest on balances up to $5 million. A lot of savings accounts only pay interest on balances up to $250,000.

The ongoing 1% p.a. rate is quite low, however, there are no conditions to meet. So it may suit you if you’re looking for an easy, set-and-forget option.

Pros

  • Bonus rate of 5.00% p.a. with no conditions to meet
  • Earn interest on your entire balances up to $5 million
  • Make withdrawals and still be eligible for interest

Cons

  • The bonus rate is only for the first 4 months
  • The ongoing variable base rate is quite low

In this guide

  • Our verdict
  • Details
    • Key details
  • Key features
  • How to apply
  • Compare other savings accounts
  • Your reviews
  • Ask a question

Details

Key details

Product Name BCU Bonus Saver
Maximum Variable Rate 5.00% p.a.
Standard Variable Rate 1.00% p.a.
Monthly Account Fee $0
Minimum Age 18

Key features

Introductory bonus rate of 5% p.a.

New customers will earn a bonus interest rate of 5% p.a. for the first 4 months after opening the account. You can earn this rate on your entire balance, with a maximum balance limit of $5 million.

Ongoing interest rate of 1% p.a.

After the 4 month period ends the rate will revert to the standard variable rate, currently 1% p.a. You can earn this rate on your entire balance.

No monthly conditions to meet

You don't need to meet any monthly deposit conditions, spend requirements or minimum balance requirements in order to earn interest. You can also make withdrawals from your savings whenever you want and still be eligible for interest.

Launch savings calculator


How to apply

Eligibility

Check first to make sure that you are able to meet the eligibility requirements:

  • Personal account. This account is only for individual use.
  • Age. You need to be aged 18 years or older
  • Address. You must have a valid Australian residential address

Documentation needed

  • Identification. You will need at least 2 forms of identification, this could include a driver's license, passport, Medicare card, or Australian birth certificate.
  • Personal information. You’re going to be asked for your full name, date of birth, and Australian address.
  • Tax File Number (TFN). While providing your TFN is optional, it will help you ensure you're not being taxed at the maximum marginal tax rate.

Compare other savings accounts

1 - 13 of 185
Name Finder Score Maximum Variable Rate p.a. Standard Variable Rate p.a. Intro/Ongoing Government Guarantee Monthly Max Rate Conditions
Rabobank High Interest Savings Account
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Finder score
Maximum Variable Rate p.a.
5.75%
Standard Variable Rate p.a.
4.35%
Intro/Ongoing
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Balances up to $250,000
Go to siteView details
Earn a high interest rate of 5.75% for the first 4 months and then 4.35% thereafter, with $0 account keeping fees and no monthly balance requirements.
Ubank High Interest Save Account
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Maximum Variable Rate p.a.
5.50%
Standard Variable Rate p.a.
0.00%
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Ongoing
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Monthly Max Rate Conditions
  • Deposit $500
  • Savings up to $100,000
Go to siteView details
Rabobank High Interest Savings Account
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Finder score
Maximum Variable Rate p.a.
5.75%
Standard Variable Rate p.a.
4.35%
Intro/Ongoing
4 months
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Monthly Max Rate Conditions
  • Balances up to $250,000
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ING Savings Accelerator ($150,000 - $500,000)
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Finder score
Maximum Variable Rate p.a.
5.40%
Standard Variable Rate p.a.
4.70%
Intro/Ongoing
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Welcome rate applies up to $500K
Go to siteView details
Ideal for higher balances, savers can earn up to 5.4% for the first 4 months and up to 4.7% thereafter. There are no conditions and $0 account-keeping fees.
ING Savings Accelerator ($150,000 - $500,000)
ING logo
Finder score
Maximum Variable Rate p.a.
5.40%
Standard Variable Rate p.a.
4.70%
Intro/Ongoing
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Welcome rate applies up to $500K
Go to siteView details
Suncorp Bank Growth Saver Account
Suncorp Bank logo
Finder score
Maximum Variable Rate p.a.
5.05%
Standard Variable Rate p.a.
0.35%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Grow balance by $200 each month (excl. interest)
  • Only 1 withdrawal
  • No balance limit on earning interest
Go to siteView details
ING Savings Maximiser
ING logo
Finder score
Maximum Variable Rate p.a.
5.50%
Standard Variable Rate p.a.
0.55%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $1,000
  • 5 transactions
  • Grow your balance
  • Balances up to $100,000
Go to siteView details
Get 6 months free delivery and $50 Menulog credit with a new Orange Everyday & Savings Maximiser account. New ING customers only. Use code INGMENU1 and activate accounts by 24 Nov 2024. T&Cs apply.
Newcastle Permanent Smart Saver Account - Under 25s
Newcastle Permanent logo
Finder score
Maximum Variable Rate p.a.
5.00%
Standard Variable Rate p.a.
0.05%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Grow balance
  • No more than 2 withdrawals
Go to siteView details
Macquarie Savings Account
Macquarie Bank logo
Finder score
Maximum Variable Rate p.a.
5.35%
Standard Variable Rate p.a.
4.75%
Intro/Ongoing
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Balances up to $250,000
Go to siteView details
Newcastle Permanent Smart Saver Account
Newcastle Permanent logo
Finder score
Maximum Variable Rate p.a.
4.50%
Standard Variable Rate p.a.
0.05%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Grow balance
  • No more than 2 withdrawals
Go to siteView details
First Option Bank Savings+Bonus Account
First Option Bank logo
Finder score
Maximum Variable Rate p.a.
5.00%
Standard Variable Rate p.a.
2.00%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $100
  • No withdrawals
  • Balances up to $249,999
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Newcastle Permanent Online Savings Account
Newcastle Permanent logo
Finder score
Maximum Variable Rate p.a.
5.20%
Standard Variable Rate p.a.
1.00%
Intro/Ongoing
3 months
Government Guarantee
Monthly Max Rate Conditions
  • N/A
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Bankwest Easy Saver
Bankwest logo
Finder score
Maximum Variable Rate p.a.
5.35%
Standard Variable Rate p.a.
4.00%
Intro/Ongoing
4 months
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Monthly Max Rate Conditions
  • N/A
Go to siteView details
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Alison Finder

Editor

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Lee

November 20, 2023

Are the funds covered under the Government $250,000 guarantee ?


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Richard Whitten Finder

November 22, 2023

BCU is an ADI so deposits up to $250K are protected. You can read more about how this applies to BCU here.


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Elizabeth

September 07, 2023

Can I withdraw the money after 4 months with no penalties


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Alison Banney Finder

September 08, 2023

Hi, you can withdraw the money at any point. This account is a savings account and is not locked like a term deposit account.


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