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Open a term deposit

A term deposit is a simple way to help grow your savings. Once you're a customer with BCU Bank, all you need to do is choose your term and lock it in, Eddie! It's that easy.

How to open a term deposit online

Before you can open a Standard Term Deposit online, you'll need to open a fee-free Access Account (or any of our other everyday or savings accounts) to transfer your money into. This can be done completely online, and only takes a few minutes.

Open your account online

New to BCU Bank? You'll need to open an everyday or savings account with us before you can open a term deposit online.

Transfer your money in

With instant access to your new BCU Bank account number, you can easily transfer your money across from your other bank.

Open your term deposit

Using internet banking or the BCU Bank app you can choose your term, follow the prompts, and open your term deposit. Too easy!

Open a BCU Access Account Already bank with us?

How to open a term deposit

To open an account online, you'll need to be:

  • at least 18 years old
  • an Australian resident
  • applying as an individual

New customer

Before you can open a term deposit, you’ll need to open a transaction or savings account to receive your funds – but it’s quick, easy, and you can do
it online.

Open an Access Account View all bank accounts

Existing customer

It’s quick and easy to open a Standard Term Deposit anytime using internet banking or the BCU Bank app. If you’d like to open a Regular Income Term Deposit, please get in touch with us.

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Am I eligible to open an account?

To open an account online, you’ll need to:

  • be at least 18 years old
  • live in Australia with a current residential address
  • be applying as an individual (not a business or association)

What do I need to open an account online?

All you need is a NSW or QLD driver licence or valid passport to verify your identity.

We also recommend having your tax file number (TFN) ready. If you earn more interest than the limit set by the ATO and you haven’t provided us with your TFN, withholding tax may be deducted from the interest you earn.

Already bank with us?

You can open a new Standard Term Deposit through internet banking or the BCU Bank app – no additional ID required.

If you’d like to open a Regular Income Term Deposit or a term deposit for over 55s, please get in touch with us.

Prefer to visit a branch?

Drop into one of our branches to open your account in person. If you don’t already bank with us, you’ll need your Australian driver licence or passport.

Don't have photo ID, are under 18, or not an Australian resident? We also accept alternative forms of identification.

Why choose BCU Bank?

As a customer-owned, customer first bank, we sit right alongside you, helping to navigate life’s financial journey.

We believe that every Australian should feel confident when it comes to their money, and we’ve helped our members achieve their financial goals for more than 50 years.

We understand that the more you know, the less overwhelming banking can feel – with BCU by your side, we make the complicated easy, and your dreams a reality. With local financial partners, competitive products, financial wellbeing content, and digital tools, our customers feel confident knowing BCU is by their side.

Discover the customer-owned difference

Because we're here to help

Talk to the team

Got a question? Call us on 1300 228 228, pop into your local branch, or chat to us online.

Contact us

Find your local branch

You’ll find us from Maroochydore to Port Macquarie – drop in and say hi!

Find a branch

Get answers online

Check out our how-to guides, search our FAQs, and find support services.

Visit our help centre

Important information

Banking and Credit products issued by Police & Nurses Limited (BCU Bank).

Any information on this website is general in nature and does not consider your personal needs, objectives or financial situation. Our rates are current as of today and can change at any time. Credit eligibility criteria, terms and conditions, fees and charges apply. 

Read the relevant product terms and conditions before deciding if a product is right for you. 

We calculate interest daily by multiplying the balance of your deposit by the fixed interest rate. Interest can be added to the principal amount, or you can request for it to be credited to your nominated bank account.

Please note that interest rates for amounts of $1,000,000 and over are by negotiation.