BCU Bonus Saver account
- Maximum variable rate
- 5.00% p.a.
- Base interest rate
- 0.5%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 0.5% 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
Details
Key details
| Product Name | BCU Bonus Saver |
| Maximum Variable Rate | 5.00% p.a. |
| Standard Variable Rate | 0.50% p.a. |
| Monthly Account Fee | $0 |
| Minimum Age | 18 |
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
Compare alternatives
We currently don't have a partnership for that product, but we have other similar offers to choose from (how we picked these ):
How the Finder Score helps you find a better savings account
The Finder Score is a simple score out of 10. The higher a savings account's score, the better we think it is for the average customer.
We score each savings account in our database of hundreds based on a data-driven methodology with 2 main criteria: Does the account offer a high interest rate? And is it easy for savers to actually earn that rate?
Your reviews
Alison Finder
Editor
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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.
Elizabeth
September 07, 2023
Can I withdraw the money after 4 months with no penalties
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.
Lee
November 20, 2023
Are the funds covered under the Government $250,000 guarantee ?