Term Deposits
Our term deposits offer a range of options for interest payment options, guaranteed returns, low maintenance and protection from market changes.
You'll also have peace of mind knowing that deposits of up to $250,000 in total are protected by the Financial Claims Scheme. Find out more.
Standard Term Deposits
Term deposits are a great way to help build your savings for the future. BCU Bank offers competitive returns on investments from 1 month to 3 years on deposits as little as $1,000.
Regular Income Term Deposits
Make your savings work for you while receiving regular interest payments. Our Regular Income Term Deposits let you choose your term and an interest payment frequency.
Term Deposits for over 55s
Feel secure & carefree and watch your funds grow when you lock in a great rate with your BCU Bank term deposit. Members aged 55+ have the advantage of these special rates.
Farm Management Deposit
If you are a primary producer, BCU Bank's Farm Management Deposit products help you secure your reserves in cash flow positive years to help meet the demands of the slower ones.
Frequently asked questions
A personal or business term deposit is a special kind of bank account where you lock in a sum for a set period of time with a competitive fixed interest rate. This product is a safe investment where you’re guaranteed a specific return on your deposit once the term ends.
Personal and business term deposits function the same way, except that one is designed to build your personal savings, while the other is designed to build your business savings.
If you'd like to find out how much interest you could earn with a BCU Bank term deposit, use our term deposit calculator.
Savings accounts and term deposits are similar in that you earn interest on the amount deposited. However, they do have some important differences.
A personal or business savings account typically has a variable interest rate, which means that the rate at which your savings accumulate interest will fluctuate with the market. In contrast, a term deposit will have a fixed interest rate, which means you can calculate with certainty what your return on investment will be.
Savings accounts also allow you to deposit and withdraw money as you please (although the rate of interest you earn might decrease if you don’t maintain a certain minimum balance). On the other hand, a term deposit involves locking a sum away until it earns a predetermined amount of interest (reaches maturity). Requesting access to the money in your term deposit before it reaches maturity will compromise your interest earnings.
Like any financial product, both types of accounts have their own advantages and drawbacks depending on your goals.
BCU Bank offers a range of competitive fixed interest rates for different terms to maximise the growth of your investment. Our mix of term deposit options allows you to have your interest paid annually, paid at maturity, or paid at regular intervals of your choosing.
To set up your term deposit with BCU Bank, simply select one of our term deposit options above and request a callback or, if you’re already a BCU Bank member, use the quick apply feature.
All you need is a minimum deposit anywhere between $1,000 to $999,999,99. When applying, you will have the option to choose the length of your term deposit. The longer the term, the higher the interest rate, and the greater the return on your investment.