BCU Bank's range of savings account products is quite notably designed to reward customers when they save more.

The bank has a savings account that rewards bonus interest rates to those who meet the deposit and transaction criteria, and one that features a tiered interest rate structure whose interest earnings increase the more the customer deposits into their account.

It also has a specialised savings account tailored to develop savings habits in children.

BCU Bank savings account rates are generally competitive when the bonus interest is factored in. Prospective customers should thus consider not only their individual savings goals and preferences but also whether they can fulfil the requirements (explained further below) for the interest bonus when choosing which savings account to open.

To fully utilise the features of the savings accounts - and access the bonus available in certain products - BCU recommends linking them to the Access Account, the bank's everyday transaction account, via the mobile app.

BCU has received positive reviews for its Internet banking and mobile app, which enable customers to conveniently manage their accounts (e.g., move funds in and out) online.

However, as with any products and services, customer experiences vary. Some have noted the bank's limited branch network compared to larger banks, which may affect those preferring to conduct their business in person.

Deposits up to $250,000 per account holder are protected by the federal government's Financial Claims Scheme.

Save while spending

The bank's savings accounts also come with an optional Pay&Save feature, which rounds up every purchase made using the linked transaction account and deposits the amount to the savings account.

For example, when you spend $5.50 for a morning coffee, it will be rounded up to the nearest $5, so $10, and $4.50 will be transferred to your BCU savings account.

Key Details and Features of BCU Bank Savings Accounts

These are correct at the time of writing and are subject to change.

Boss Saver

Boss Saver is BCU Bank's savings account that rewards customers with a bonus interest rate whenever they meet the eligibility criteria.

On top of the variable base rate, the account will earn a variable bonus rate when at least $500 is deposited from an external bank account (or a BCU one that's not in your name) into a linked Access Account, and at least five eligible card purchases using the same transaction account are made each month.

Interest is calculated daily and paid monthly on balances up to $100,000.

Bonus Saver

BCU Bank customers opening a Bonus Saver savings account will get a boosted interest rate in the first four months. It will then roll over to the standard variable rate after the introductory period ends.

Interest is calculated daily and paid at the end of the month, making it suitable for depositors seeking an initial short-term higher return without having to jump through hoops.

iSaver

BCU Bank's iSaver is an online savings account with a tiered variable interest rate, paying a higher rate on bigger deposits. No minimum balance is required to open an account. However, at least $1,000 is required to start earning. Interest is calculated daily and credited monthly.

Funds in iSaver are accessible at-call and can be managed on the go via the BCU Bank app or Internet banking.

Scoot Super Saver

Scoot Super Saver is BCU Bank's savings account exclusively available for children aged 0 to 12. It features a tiered interest rate structure, which pays the standard rate on balances under $50,000; the exceeding amount earns a lower rate.

It has no minimum balance or opening amount required.

Parents and guardians can manage the account on behalf of their kids using the BCU Bank app or Internet banking.

How to Open a Savings Account with BCU Bank

If you're an existing BCU Bank customer, you can open a savings account with the bank by simply logging in to the bank's digital platforms, i.e., website or mobile app. Go to 'Open account' in the main menu and fill out all necessary details.

To be eligible, you must:

• Be over 18 years old

• An Australian citizen or a permanent resident

New customers, on the other hand, must physically present a current ID (passport or driver's licence) as well as a document showing their Australian residential address at any BCU Bank branch to open a savings account.

Similarly, customers opening a Scoot Super Saver Account for their kids must do so in-branch. Online and over-the-phone applications are not available, as the bank requires seeing the original documents in person.

Documents required to open a Scoot Super Saver include the following:

• Birth certificate of the child

• Australian passport in the child's name

• Proof of identification of the parent or legal guardian

A birth certificate is required to link the child to the parent or guardian. If a birth certificate isn't available, legal guardianship documents can be used instead.

While not required, depositors are recommended to provide their tax file number (TFN) when applying to avoid being taxed at the highest rate on their interest earnings.