bcu Term Deposits

Explore bcu's term deposit offers and interest rates to help you compare your options with Savvy.

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, updated on September 11th, 2023       

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bcu started life as a support group for banana growers in NSW in the early 1970s. Originally named the Nambucca Banana Growers’ Federation Members Credit Union, it permitted its first loans to be repaid at the rate of 20c per box of bananas sold at the local market. 

Since those humble beginnings, bcu has merged and grown and is now a division of Police and Nurses Limited, offering a range of retail and banking financial products, including Farm Management Deposits and term deposits. 

Find out what bcu has to offer in terms of interest rates and terms right here with Savvy. Compare bcu to other financial institutions so you’re able to make the very best investment decision for your hard-earned cash.  

*Please note that Savvy does not represent bcu for its term deposit products. 

bcu term deposits explained

What term deposits does bcu offer?

The term deposits offered by bcu range from standard deposits to income term deposits and special deposits for those aged over 55. Terms range from one month to three years. 

Term length Interest rate
1 to 2 months
1.35% p.a.
3 months
1.75% p.a.
4 to 5 months
1.35% p.a.
6 months
2.50% p.a.
7 to 11 months
1.55% p.a.
12 months
3.05% p.a.
24 months
3.30% p.a.
36 months
3.50% p.a.

(Effective 14 September 2022)

These quoted rates are for Standard Term Deposits with interest paid at maturity (one to 12 months) or annually (24 and 36 months). 

Minimum and maximum deposit limits 

The minimum you’ll need for a bcu term deposit is $1,000, while the maximum amount you’ll be able to invest is $1 million, although larger investments are accepted by special arrangement. 

Term deposits for over 55s 

There are also deposits offered which are aimed at those over 55 years of age. For term deposits with interest paid monthly, you’ll receive a higher rate than on a Regular Income Term Deposit with monthly interest. A fortnightly interest payment option is also available for this age group, which is marginally lower than monthly. The rates available for term deposits with monthly interest payments are the same as those for regular deposits with interest paid annually or at maturity. 

Regular Income Term Deposits 

Unlike the standard term deposits on offer, a regular income term deposit has interest paid monthly, quarterly or half-yearly to provide a regular additional income for those with reasonable sums to lock away. Interest rates are slightly below standard advertised interest rates. 

Farm Management Deposits 

Farm management deposits are also provided by bcu, one of just a handful of financial institutions offering this business deposit option to primary producers.  These deposits are authorised by the ATO as a way for farmers to even out their business income over good and bad harvest years. Income tax on a farm management deposit is only payable when the funds are withdrawn at maturity. Deposits are available up to a maximum of $800,000 and are only available for primary producers who qualify for this scheme according to specific ATO criteria. 

How do I open a bcu term deposit?

Term deposits with bcu can be opened by existing customers using the quick apply feature on the website or via the bcu Connect app.  All that’s required is your regular customer login details.   

If you’re new to bcu, you can open a term deposit by going onto their website, providing your name and email address and requesting a call back to assist you in opening an account.

What are the requirements for opening bcu term deposit?

The requirements for opening a bcu term deposit account are: 

  • You must be aged 18 years or above 
  • You must be an Australian citizen or a permanent resident 
  • Must have an Australian residential address 
  • You’ll need to provide your passport, driver’s licence and Medicare card 

The pros and cons of bcu term deposits


Competitive interest rates 

The interest rates offered by bcu are very generous and are up there with the highest interest rates currently available in Australia. 

 Interest can be paid to another account 

Unlike some other credit unions, bcu allows you to have your interest paid to another financial institution. 

 Farm Management Deposits available 

As this credit union has its roots in the agricultural community of NSW, Farm Management Deposits are offered to eligible primary producers. 


Limited term lengths available

Unlike other institutions which offer term deposits up to five years in length, you'll only be able to deposit your savings for a maximum of three years with bcu.

No compounding benefit available

It isn't possible to benefit from your interest compounding with a bcu term deposit, as all interest has to be paid into another bank account

Early withdrawal at bcu’s discretion

If you do need to withdraw the funds in your term deposit early, there’s no guarantee this will be accepted, as early withdrawals are at bcu’s discretion. 

More of your frequently asked questions about term deposits

What is a term deposit?

Although many people are familiar with the phrase ‘term deposit,’ not everyone knows what a term deposit is. A term deposit is an agreement between you and your bank or financial institution to lock away a set amount of money for a set period (known as the ‘term’ of the deposit) in return for a fixed rate of interest. As the interest rate and length of the deposit are fixed, you’ll be able to calculate in advance how much money your savings will earn during the life of the term deposit. When your chosen term is over, you can choose to either withdraw your funds and the interest earned or roll them over into another term deposit. 

What are the advantages of a term deposit?

The advantages of a term deposit are that you’ll have certainty. You’ll be certain exactly how much interest your savings will earn over a pre-defined period, as the interest rate paid on a term deposit is fixed for the duration of the term. As your savings are locked away for that term, the temptation to dip into your savings is taken away. You can be certain that your savings will be intact at the end of your term, and know exactly how much interest they have earned. 

What is the maximum length of term deposit that I can take out?

Financial institutions in Australia offer term deposits up to a maximum of five years in length. Prior to 2007, ten-year term deposits were routinely offered to customers wanting to lock away their savings for an extended period. Following the Global Financial Crisis, these ten-year terms were withdrawn. 

How can I work out how much interest I’ll earn on my term deposit?

You can use Savvy’s term deposit calculator to help you work out exactly how much interest your savings will earn over a set period. Just enter in the amount you wish to deposit, the term of the deposit and the interest rate offered, and the calculator will show you how much interest your savings will earn.

More term deposit reviews

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