BCU Bonus Saver account
- Maximum variable rate
- 4.75% p.a.
- Base interest rate
- 0.25% p.a.
Our verdict
Earn 4.75% 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 0.25% 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 4.75% 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 | 4.75% p.a. |
| Standard Variable Rate | 0.25% 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
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How we picked theseHow 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
Editorial Manager, Money
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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 ?