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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?

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

Ready to open a term deposit?

Existing customers

If you already bank with us, you're halfway there! You can open a Standard Term Deposit for yourself online quickly and easily. Simply log in to internet banking or the BCU Bank app and go to ‘Apply’ or ‘Open account’. To open a Regular Income Term Deposit or a term deposit for over 55s, you can call or message us and one of our friendly team will be happy to assist. 

Log in to internet banking

Alternatively, you can pop into your local branch and one of the team will be happy to help!

New customers

Once you join BCU Bank, you’ll be able to open a term deposit online. First, you’ll need to set up a transaction or savings account to receive your funds, which is quick and easy. You’ll need to be an Australian resident and at least 18 years of age.

Open a BCU Access Account View our savings accounts

Once your funds have landed in your account, you can open a term deposit using internet banking or the BCU Bank mobile app. 

Open your term deposit in person at a branch

We’d love to see you in person. Visit your nearest BCU Bank branch to open a term deposit.

New customers

To open your account online you will need to be:

  • over 18 years of age.
  • an individual (not a business or association).
  • an Australian resident with a current Australian residential address.

And you’ll need to provide two of the following:

  • a valid Australian driver licence
  • an Australian passport
  • a Medicare card (green)

Handy hint: Have your tax file number (TFN) ready. If you earn more interest than the limit set by the ATO, you’ll need to pay tax. To avoid this, provide your tax file number when applying.

Open your account in person at a branch

If you don’t already bank with us, you’ll need to bring your Australian driver licence or a valid Australian passport for ID.

Alternative identification documents are available for anyone who:

  • is under 18 years of age.
  • is a non-resident.
  • doesn't have an Australian photo identity document.

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 & conditions, fees & 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.