- Maximum rate: 1% p.a.
- Standard variable rate: 1% p.a.
- Monthly fees: $0
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The largest mutual bank in New South Wales, Newcastle Permanent has been a financial fixture in that region for over 110 years. By sticking with a customer owned model of banking, profits are reinvested back into the institution in order to provide their members with valuable savings accounts that encourage financial growth.
Awards that Newcastle Permanent has earned
- Building Society of the Year – Awarded in 2015 by Money Magazine
Who is Newcastle Permanent?
Newcastle Permanent provides customers with plenty of options to meet their savings needs. You will find online accounts, low and no fees and a number of accounts designed specifically for certain goals.
Compare what Newcastle Permanent has to offer against the savings accounts of larger banks to see if they are able to provide you with the best benefits for a secure home for your money.
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What transaction accounts are offered by Newcastle Permanent?
- Everyday Account. When you are able to make a minimum deposit of at least $1,800 monthly, or have a credit facility or home loan with Newcastle Permanent, you are charged no monthly fees. What you will get is easy access to your money with a Visa debit card that can be used for free at any Newcastle Permanent ATM or one of Westpac’s 3,000 ATMs around Australia.
- Special Monthly Interest Account. This is an everyday account designed for Australians aged 55 or older. Your balance is earning interest, and you decide whether you want to bank with the statement option or a passbook if your preference is banking over the counter.
What high interest savings accounts are offered by Newcastle Permanent?
- Online Savings Account. With an everyday account, home loan or credit facility with Newcastle Permanent, you can open a high interest earning online savings account and pay no monthly fees. There is no minimum deposit requirement or restrictions on withdrawals in order to receive the competitive rate.
What term deposits are offered by Newcastle Permanent?
- Term deposit. With an initial investment of $1,000, you can choose terms ranging from one month to one year and watch your money multiply at a competitive interest rate. Interest is paid when the term matures, but you can opt for monthly payments if you invest $20,000 for at least three months.
What are the pros and cons to banking with Newcastle Permanent?
- Flexibility. The various savings accounts offered provide you with the flexibility to choose one that is right for your financial goals.
- Online option. The online savings account provides you with a bonus rate and no fees just for taking advantage of other products from Newcastle Permanent.
- Accessibility. You have more accessibility to your money through the free use of Westpac’s ATM network.
- Bonus interest. In order to be eligible for bonus interest with the Rapid Saver, you have to be able to meet the conditions monthly.
- Region based. Newcastle Permanent is based in NSW, with all of their branches confined to that area.
How do I apply for Newcastle Permanent savings account?
You need to compare the accounts offered by Newcastle Permanent with others to make sure they suit your personal financial needs and your unique situation. If you decide one of the Newcastle Permanent accounts meets your needs, you can apply for a savings account from Newcastle Permanent online in 10 minutes.
- Details. You will need to provide your name, address, phone number and email address.
- Identity confirmation. You don’t have to be a current member to apply, but if you are not one you will need to verify your identity either at a local branch or Bank@Post Australia Post Office.
- Submission. Once the application has been submitted you will receive a confirmation email, with further details on proving your identity.
If you are an existing member of Newcastle Permanent, you should receive your account details in just a few days. If not, you will have to wait until the identity verification process is complete. Ensure that you have carefully compared their accounts with other financial institutions before going forward with your application.
More guides on Finder
Newcastle Permanent Smart Saver Youth Account (under 25s)
The Newcastle Permanent Smart Saver Youth Account has an ongoing bonus rate for customers under 25.
Newcastle Permanent Basic Access Account
The Newcastle Permanent Basic Access account has no monthly fees and may suit you if you don’t make many transactions.
Newcastle Permanent Smart Saver Account
Combining a competitive interest rate with easy access to your funds 24/7, the Newcastle Permanent Smart Saver Account can help you build a bigger savings balance.
Newcastle Permanent Special Monthly Interest
The Newcastle Permanent Special Monthly Interest Account is ideal for retirees who’d like to grow their wealth with accumulated interest.
Newcastle Permanent Everyday Account
Just by depositing your pay cheque, you can take advantage of a transaction account that charges you no fees for your transactions.
Newcastle Permanent Online Savings Account
Find a savings account with no fees, unlimited transactions and competitive interest rates all in one, with Newcastle Permanent's Online Savings Account.
Newcastle Permanent Term Deposit
Short term financial goals can easily be met with a term deposit that gives you a high rate of return even on smaller account balances.
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