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Put your money to work

Savings Accounts

Choose from a range of savings accounts to help kickstart your goals. No matter your financial circumstance, we have a savings account right for you.

BCU Bank Savings accounts

Kids savings account

Our Scoot Super Saver offers a competitive interest rate on amounts less than $50,000.
Join today!

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Bonus Saver

Kickstart your savings with an introductory rate of interest paid for the first 4 months when you open your Bonus Saver account.

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iSaver Account

An online savings account that pays a higher rate of interest, the more you save. Open your new savings account within minutes and you’ll be able to access your savings whenever you need to with BCU iBank and the BCU Bank app.

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Manage your accounts anytime with ease

BCU iBank and the BCU Bank app give you secure and convenient access to your transaction or savings account online, or on the go on your smartphone. Stay connected and take advantage of a range of features and benefits, including:

  • Simple Osko payments using PayID for funds to be received within minutes.
  • Immediately replace lost or stolen cards with instant virtual cards.
  • Full card controls to activate, lock, cancel or replace your card when you need to.

After registering for digital banking, log in to your BCU account to access BCU iBank. You can download the BCU Bank app from the App Store or Google Play any time for free.

Frequently asked questions

The main advantage is that savings accounts offer higher interest rates, designed to help you grow your savings. With internet banking or mobile app access the account is easy to manage, you can see your balance, and you can also see how much interest has been generated on the funds you’ve deposited.

Other advantages of savings accounts include:

  • You can set up regular deposits from the transaction account your salary is paid into, helping you build up good financial habits.
  • You need to transfer your funds from your savings account to your transaction account before you can use them, which helps you better manage your finances and consider purchases that may not be necessary.

Your total savings (up to $250,000) are guaranteed by the Australian Government thanks to the Financial Claims Scheme.

A transaction such as the Access Account is designed for paying day-to-day expenses and is typically paired with a debit card. On the other hand, a savings account is intended for building up your savings, so will often pay interest and doesn’t usually have a card attached.

There are several types of high interest savings accounts available - the most common are standard savings accounts and savings accounts with a bonus interest rate. It depends on your financial needs and goals which one will work best for you.

  • A standard savings account has a higher interest rate that sometimes has withdrawal limitations designed to help you save for the long term.
  • A bonus interest rate savings account will reward you with a high interest rate when you meet certain criteria such as making regular minimum deposits and/or not withdrawing funds. 

For both standard savings accounts and bonus interest savings accounts the interest rates are usually variable, which means they can change at any time.

You can close your BCU account by:

  • calling us during business hours on 1300 228 228, or +61 2 5646 5900 if you’re overseas,
  • getting in touch via WebChat, and logging into BCU iBank so that we can confirm your identity, or
  • visiting your local branch with identification.

If the account is two-to-sign, we will need to speak with both account holders before we can close it.

Before closing your account, you should ensure that all recurring payments and direct debits set up from the account are cancelled and any overdrawn balance is cleared in full.