Fact checked
bcu started life as a support group for banana growers in NSW in the early 1970s. Originally named the Nambucca Banana Growers’ Federation Members Credit Union, it permitted its first loans to be repaid at the rate of 20c per box of bananas sold at the local market.
Since those humble beginnings, bcu has merged and grown and is now a division of Police and Nurses Limited, offering a range of retail and banking financial products, including Farm Management Deposits and term deposits.
Find out what bcu has to offer in terms of interest rates and terms right here with Savvy. Compare bcu to other financial institutions so you’re able to make the very best investment decision for your hard-earned cash.
*Please note that Savvy does not represent bcu for its term deposit products.
The term deposits offered by bcu range from standard deposits to income term deposits and special deposits for those aged over 55. Terms range from one month to three years.
| Term length | Interest rate |
|---|---|
|
1 to 2 months |
1.35% p.a. |
|
3 months |
1.75% p.a. |
|
4 to 5 months |
1.35% p.a. |
|
6 months |
2.50% p.a. |
|
7 to 11 months |
1.55% p.a. |
|
12 months |
3.05% p.a. |
|
24 months |
3.30% p.a. |
|
36 months |
3.50% p.a. |
(Effective 14 September 2022)
These quoted rates are for Standard Term Deposits with interest paid at maturity (one to 12 months) or annually (24 and 36 months).
Minimum and maximum deposit limits
The minimum you’ll need for a bcu term deposit is $1,000, while the maximum amount you’ll be able to invest is $1 million, although larger investments are accepted by special arrangement.
Term deposits for over 55s
There are also deposits offered which are aimed at those over 55 years of age. For term deposits with interest paid monthly, you’ll receive a higher rate than on a Regular Income Term Deposit with monthly interest. A fortnightly interest payment option is also available for this age group, which is marginally lower than monthly. The rates available for term deposits with monthly interest payments are the same as those for regular deposits with interest paid annually or at maturity.
Regular Income Term Deposits
Unlike the standard term deposits on offer, a regular income term deposit has interest paid monthly, quarterly or half-yearly to provide a regular additional income for those with reasonable sums to lock away. Interest rates are slightly below standard advertised interest rates.
Farm Management Deposits
Farm management deposits are also provided by bcu, one of just a handful of financial institutions offering this business deposit option to primary producers. These deposits are authorised by the ATO as a way for farmers to even out their business income over good and bad harvest years. Income tax on a farm management deposit is only payable when the funds are withdrawn at maturity. Deposits are available up to a maximum of $800,000 and are only available for primary producers who qualify for this scheme according to specific ATO criteria.
Term deposits with bcu can be opened by existing customers using the quick apply feature on the website or via the bcu Connect app. All that’s required is your regular customer login details.
If you’re new to bcu, you can open a term deposit by going onto their website, providing your name and email address and requesting a call back to assist you in opening an account.
The requirements for opening a bcu term deposit account are:
The interest rates offered by bcu are very generous and are up there with the highest interest rates currently available in Australia.
Unlike some other credit unions, bcu allows you to have your interest paid to another financial institution.
As this credit union has its roots in the agricultural community of NSW, Farm Management Deposits are offered to eligible primary producers.
Unlike other institutions which offer term deposits up to five years in length, you'll only be able to deposit your savings for a maximum of three years with bcu.
It isn't possible to benefit from your interest compounding with a bcu term deposit, as all interest has to be paid into another bank account.
If you do need to withdraw the funds in your term deposit early, there’s no guarantee this will be accepted, as early withdrawals are at bcu’s discretion.
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Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.