Term deposits for over 55s
Up to
3 months, interest paid monthly
Why choose a term deposit for over 55s?
Flexible terms
Pick a term that suits you – from as little as three months, up to three years.
Regular interest payments
Have your interest paid more regularly than you would with a standard term deposit.
Peace of mind
Total deposits up to $250k are protected by the Financial Claims Scheme.
Guaranteed returns
Know exactly how much interest you’ll earn with a fixed interest rate.
The features don't stop there
- No monthly fees.
- Competitive interest rates to help you grow your savings.
- Enjoy guaranteed returns with fixed interest rates, meaning you can calculate your earnings before your term even starts.
- Have your interest paid fortnightly or monthly – it's your choice!
How much could you save?
Want to see how your money could grow? Discover your savings potential with our term deposit goal calculator.
Interest rates
| Term | Interest paid | Interest rate |
|---|---|---|
| 6 months | Fortnightly | 3.95% p.a. |
|
12 months
|
Fortnightly | 3.15% p.a. |
| 24 months | Fortnightly | 3.40% p.a. |
| 36 months | Fortnightly | 3.30% p.a. |
| 3 months | Monthly | 4.25% p.a. |
| 6 months | Monthly | 4.00% p.a. |
| 12 months | Monthly | 3.20% p.a. |
| 24 months | Monthly | 3.45% p.a. |
| 36 months | Monthly | 3.35% p.a. |
Ready to open a term deposit?
Existing customers
If you already bank with us, you're halfway there! However, not all term deposit products can be opened online. Please call or message us and one of our friendly team will be happy to assist you with opening a term deposit.
Alternatively, you can pop into your local branch and one of the team will be able to help!
New customers
If you don't already bank with us, you can first 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.
Once your funds have landed in your account, you can call or message us and one of our friendly team will be able to help you open a term deposit.
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
If you're a new customer you’ll need to be at least 18 years old and have a current Australian drivers licence or passport to open your account online.
You will also need to be:
- an individual (not a business or association)
- an Australian resident with a current Australian residential address.
Handy hint: Have your tax file number ready. If you earn more interest than the limit set by the ATO, you 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.
Existing customers
If you already bank with us, you're halfway there! However, not all term deposit products can be opened online. Please call or message us and one of our friendly team will be happy to assist you with opening a term deposit.
Alternatively, you can pop into your local branch and one of the team will be able to help!
New customers
If you don't already bank with us, you can first 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.
Once your funds have landed in your account, you can call or message us and one of our friendly team will be able to help you open a term deposit.
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
If you're a new customer you’ll need to be at least 18 years old and have a current Australian drivers licence or passport to open your account online.
You will also need to be:
- an individual (not a business or association)
- an Australian resident with a current Australian residential address.
Handy hint: Have your tax file number ready. If you earn more interest than the limit set by the ATO, you 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.
Find your local branch
You’ll find us from Maroochydore to Port Macquarie – drop in and say hi!
Get answers online
Check out our how-to guides, search our FAQs, and find support services.
Got a question about term deposits?
A term deposit offers you a fixed rate of interest for a set period of time (the term) – a sure-fire way to watch your savings grow, as you can't touch it. You usually can't add further money to the account during the term and by locking your money away you'll know exactly how much you'll have at the end of your term.
Savings accounts offer you the freedom to add to your savings when it suits you and access your money when you need it. Interest rates on savings accounts are variable and can change at any time and some accounts will pay bonus interest too.
You can close your term deposit account early at any time, but doing so will likely affect the amount of interest you receive.
Further information is available in our Term Deposit Account Terms & Conditions.
At the time of opening your term deposit account, you set instructions for what you want us to do with your deposit and interest when it matures.
When your term deposit is due to mature you can explore your options to:
- add some funds to your term deposit,
- transfer funds to another nominated account,
- renew your term deposit for a new term,
- change your interest payment instructions, or
- a combination of these options.
You can also choose to leave your money – and the interest you've earned – in the same term deposit (it’s what we call a rollover).
Your instructions can be provided any time up to your term deposit maturity date, or within the seven-day grace period following the account maturity.
View the Term Deposit Account Terms & Conditions for more information about rollovers.
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.
- View terms and conditions
- View Target Market Determination (TMD)
- View Financial Services Guide (FSG)
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.