Saving money can be challenging so it’s important to find a savings account that helps you to reach your savings goals.

The right savings account can help you to grow your money and fits in in with your savings habits.

Here are some things to consider when choosing a savings account.

1. Fees and charges

When it comes to making the most of your money, it’s important to look for any fees associated with your savings account. Some accounts charge fees for withdrawals or have monthly account keeping fees.

If you plan on making regular withdrawals from your savings account, consider one that doesn’t penalise you for withdrawals, so you don’t pay a fee every time you want to move money around.

BCU Bank’s iSaver Account has no monthly account keeping fees and no minimum balance.

2. Interest rates

Interest rates can vary widely across savings accounts.

The higher the savings account interest rate is, the more money you can make on your funds.

However, higher interest rate accounts may have restrictions on how you can access your money or what you can do with it. For example, you may be limited to a set number of transactions each month, not be able to make any withdrawals at all, or need to maintain a minimum account balance to qualify for a bonus incentive. Consider whether you value a higher return on your money, or the convenience of being able to access it easily, anytime.

3. Accessibility of funds

Higher interest savings accounts often don’t offer card or ATM access, so consider how you’ll access your money when you need it. If you regularly need access your savings, consider setting up internet banking access to ensure you can transfer funds easily.

BCU members can manage their accounts in the BCU Bank app or via BCU iBank.

4. Savings offers and incentives

Many financial institutions offer incentives for moving your money over from another bank, or for opening a new type of account, such as promotional interest rates for a short period of time.

Make sure you understand what you’re signing up for. Some accounts may require a minimum balance to be eligible for the promotional interest. It’s also important to consider what you will do with your money after the promotional period ends.

Our savings accounts pair higher interest rates with the ease of knowing you have no monthly or ongoing fees, no minimum deposit, and you get 24/7 access to your funds. 

5. Term deposits

Term deposits offer a fixed interest rate that is generally higher than your standard savings account. Consider whether you’ll need short-term access to the funds - once the money is in a term deposit, it generally can’t be touched until the term is up without incurring an interest penalty.

Our standard term deposits offer competitive returns on investments from one month to three years on deposits as little as $1,000. Click the banner below to learn more about our 7-month term deposit or work out how much interest you could earn with our term deposit calculator.


Term Deposit: Interest is paid at maturity for terms under 12 months only. 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.

Bonus Saver: An introductory bonus variable rate will apply only for the first 4 months in addition to the standard variable rate from the opening date of the new Bonus Saver account. Bonus and standard rates are subject to change.

Important information

Banking and Credit products issued by Police & Nurses Limited (BCU) ABN 69 087 651 876 AFSL/Australian Credit Licence 240701. Any advice does not take into account your objectives, financial situation or needs. Read the relevant Product Terms and Condition, before acquiring this product in considering and deciding whether it is right for you. The Target Market Determination (TMD) for products is available on request. Lending criteria, terms & conditions, fees & charges apply.