For anyone looking to safeguard their savings against dropping interest rates, the bcu Standard Term Deposit could be a good bet. It offers interest rates of between 0.15% p.a. and 0.50% p.a. on balances of $1,000 to $999,999.
You’ll have a lot of choices when it comes to the bcu Standard Term Deposit, with terms ranging from 1 month to 3 years.
To give an example, if you lock away your savings for 36 months, you’ll be looking at their current highest interest rate of 0.50% p.a. Interest is calculated daily and paid out at maturity, but there's also the option to have interest paid monthly at a slightly lower rate.
Remember, if you do choose the monthly option (or quarterly or six-monthly for longer terms), you'll need to have the interest paid into a bcu savings or loan account as you go. If you want to send your savings off to another bank once they've matured, that won't be a problem or come at a fee.
Since higher interest rates are garnered by terms which are 12 months or longer, the bcu Standard Term Deposit might be appreciated by people who are happy locking away a sum for a longer time, and don't anticipate a need to draw on it in emergencies.
The account automatically rolls over at the end of the term, so if you’re not planning on renewing, be sure to let bcu know before it reaches the maturity date.
| 0.15% p.a. ($1,000 to $999,999) | |
| 0.15% p.a. ($1,000 to $999,999) | |
| 0.35% p.a. ($1,000 to $999,999) | |
| 0.30% p.a. ($1,000 to $999,999) | |
| 0.30% p.a. ($1,000 to $999,999) | |
| 0.35% p.a. ($1,000 to $999,999) | |
| 0.30% p.a. ($1,000 to $999,999) | |
| 0.30% p.a. ($1,000 to $999,999) | |
| 0.35% p.a. ($1,000 to $999,999) | |
| 0.30% p.a. ($1,000 to $999,999) | |
| 0.30% p.a. ($1,000 to $999,999) | |
| 0.35% p.a. ($1,000 to $999,999) | |
| 0.40% p.a. ($1,000 to $999,999) | |
| 0.50% p.a. ($1,000 to $999,999) |
| $1,000.00 | |
| $999,999.00 |
| Yes | |
| Yes | |
| none | |
| none |
Different interest rates apply to different amounts or different interest payment frequencies.
