Our verdict

You can earn up to 4.7% p.a. with no conditions to meet, however it's only for the first 3 months.

This account offers new customers a decent bonus rate for the first 3 months without having to make any monthly deposits or limit your withdrawals. However, after the 3-month intro period it'll drop down to the variable base rate of 1% p.a. which is very low in today's market.

It could suit you if you're looking for an account that still earns a bit of interest without having to meet any ongoing conditions.

Pros

$0 minimum balance requirement
$0 minimum opening balance
Multiple accounts are allowed
Decent bonus rate for the first 3 months
No conditions to meet to earn interest

Cons

An everyday account, home loan, or credit facility is required to earn interest
Bonus rate is only available for 3 months
Low ongoing variable base rate

New account holders can earn up to 4.7% for the first three months of opening this account.

Details

Key details

Product Name	Newcastle Permanent Online Savings Account
Maximum Variable Rate	4.70% p.a.
Standard Variable Rate	1.00% p.a.
Monthly Account Fee	$0
Minimum Opening Deposit	$0
Minimum Age	14

Key features

No monthly account keeping fees

You will not be charged any monthly account keeping fees with the Online Savings account.

No transaction fees

Zero transaction fees, no matter how you transfer money in or out of the account, except as many apply to international transfers or extra services.

No minimum balance requirements

There are no balance or deposit requirements for this online savings account.

What interest rate do I receive?

So long as you have a Newcastle Permanent Everyday Account, home loan or credit facility, you'll earn interest on your balance each month. New account holders will earn the maximum bonus interest rate of 4.7% for the first three months of opening the account. After this, you'll earn the standard rate of 1%.

How is my interest calculated?

The variable interest rate is calculated on the daily opening balance and paid into the account on the last day of each month.

How do I make deposits?

Free deposits can be made at a branch, using direct credit or with internet or phone banking. BPAY and automated internet banking transfers are not available.

How do I make withdrawals?

In order to withdraw from your online savings account you will have to transfer the amount using mobile, internet or phone banking into your nominated account.

Joint account

You are allowed to have a joint account holder with this account, although all account holders will need either a Newcastle Permanent Everyday Savings account, home loan or credit facility for interest to be paid.

Multiple accounts

Set up multiple online savings accounts to help reach multiple savings goals and manage your finances more closely. Take a look at more Newcastle Permanent products.

Launch savings calculator

How to apply

You can open this account online by completing the application form on the bank's website.

Eligibility

To save time, you should first check the following eligibility requirements:

Minimum age. No age limits to savings accounts. However if a child is under 14 years of age, then a parent or guardian need to open the account.
Residency requirements. You must be an Australian resident with a residential address.

Depository requirements. There are no minimum opening deposit requirements to meet, nor are you obligated to make a minimum monthly deposit in order to earn interest and avoid fees.

Documentation needed

It should usually take about ten minutes to finish the online application. You, and any joint account holder, should also have the following documentation ready:

Tax file number. By providing your tax file number (TFN) or exemption codes, you can avoid paying withholding tax on your interest earnings at the highest marginal rate.
Identification. In addition to a driver's licence, passport, or Medicare card to prove your identity, you will also need to supply contact details like your physical address, phone number and email address.
Account details. In order to open this savings account you will need to provide the account information for your Newcastle Permanent Everyday Account, home loan or line of credit as well as your member number.

What happens after I submit my application?

After submitting your application online you will receive an automatic confirmation email with the application details. Sign and return the application form and once activated, Newcastle Permanent will set up the account with internet and phone banking so that you are immediately able to begin making deposits.

Compare other savings accounts

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Product	Finder Score	Maximum Variable Rate p.a.	Base interest rate	Intro/Ongoing	Government Guarantee	Monthly Max Rate Conditions
Finder score 8.1 Great Rabobank High Interest Savings Account	Finder score 8.1 Great	Maximum Variable Rate p.a. 5.15%	Standard Variable Rate p.a. 3.70%	Intro/Ongoing 4 months	Government Guarantee	Monthly Max Rate Conditions Balances up to $250,000	Earn a high interest rate of 5.15% for the first 4 months and then 3.7% thereafter, with $0 account keeping fees and no monthly balance requirements.	Go to site More info Compare product selectionCompare	loading
Finder score 9.1 Excellent Suncorp Bank Growth Saver Account	Finder score 9.1 Excellent	Maximum Variable Rate p.a. 4.55%	Standard Variable Rate p.a. 0.15%	Intro/Ongoing Ongoing	Government Guarantee	Monthly Max Rate Conditions Grow balance by $200 each month (excl. interest) Only 1 withdrawal No balance limit on earning interest	Get a solid interest rate on your entire balance, with minimal conditions in order to get the max rate. This account doesn’t offer card access but you can make 1 withdrawal per month & grow your net balance by $200 (excl. interest) to earn the max rate.	Go to site More info Compare product selectionCompare	loading
Finder score 9.4 Excellent Ubank Save Account Finder AwardExclusive	Finder score 9.4 Excellent	Maximum Variable Rate p.a. 5.00%	Standard Variable Rate p.a. 0.00%	Intro/Ongoing 4 months	Government Guarantee	Monthly Max Rate Conditions Deposit $500 Savings up to $1,000,000	5% p.a. welcome bonus rate for new customers for the first 4 months, then an ongoing bonus rate of 4.6% p.a. when monthly deposit condition is met. Use code FINDER20 to score $20 after 5 card purchases in your first 30 days. See terms link on the app store.	Go to site More info Compare product selectionCompare	loading
Finder score 9.1 Excellent AMP Bank GO Save	Finder score 9.1 Excellent	Maximum Variable Rate p.a. 4.50%	Standard Variable Rate p.a. 4.50%	Intro/Ongoing Ongoing	Government Guarantee	Monthly Max Rate Conditions Balances $0 - $250,000	Go to site More info Compare product selectionCompare	loading
Finder score 9.1 Excellent Macquarie Savings Account	Finder score 9.1 Excellent	Maximum Variable Rate p.a. 4.85%	Standard Variable Rate p.a. 4.50%	Intro/Ongoing 4 months	Government Guarantee	Monthly Max Rate Conditions Balances up to $250,000	Earn a welcome variable rate of 4.85% p.a. for the first 4 months on balances up to $250k, then 4.5% p.a. ongoing variable rate on balances up to $1m. There are no monthly requirements to earn interest.	Go to site More info Compare product selectionCompare	loading
Finder score 8 Great Newcastle Permanent Smart Saver Account	Finder score 8 Great	Maximum Variable Rate p.a. 4.00%	Standard Variable Rate p.a. 0.05%	Intro/Ongoing Ongoing	Government Guarantee	Monthly Max Rate Conditions Grow balance No more than 2 withdrawals	Go to site More info Compare product selectionCompare	loading
Finder score 9.2 Excellent St.George Incentive Saver	Finder score 9.2 Excellent	Maximum Variable Rate p.a. 4.65%	Standard Variable Rate p.a. 0.40%	Intro/Ongoing Ongoing	Government Guarantee	Monthly Max Rate Conditions Grow balance $50 ($0.01 if under 21) Balance up to $249,999.99	Go to site More info Compare product selectionCompare	loading
Finder score 9.7 Excellent ING Savings Maximiser Most Loved	Finder score 9.7 Excellent	Maximum Variable Rate p.a. 5.00%	Standard Variable Rate p.a. 0.05%	Intro/Ongoing Ongoing	Government Guarantee	Monthly Max Rate Conditions Deposit $1,000 5 transactions Grow your balance Balances up to $100,000	Go to site More info Compare product selectionCompare	loading
Finder score 9.6 Excellent Westpac Life (18-29 year olds only)	Finder score 9.6 Excellent	Maximum Variable Rate p.a. 5.00%	Standard Variable Rate p.a. 0.40%	Intro/Ongoing Ongoing	Government Guarantee	Monthly Max Rate Conditions Make a deposit Grow your balance 5 debit card purchases Balances up to $30,000	Go to site More info Compare product selectionCompare	loading

Showing 9 of 9 results

How the Finder Score helps you find a better savings account

The Finder Score is a simple score out of 10. The higher a savings account's score, the better we think it is for the average customer.

We score each savings account in our database of hundreds based on a data-driven methodology with 2 main criteria: Does the account offer a high interest rate? And is it easy for savers to actually earn that rate?

Read the full Finder Score breakdown

Finder writers are subject matter experts and use primary sources, in-depth research and interviews with other experts to ensure you're getting accurate, up-to-date information. Articles are fact checked in line with our editorial guidelines.
1. Newcastle Permanent Online Savings Account information page
2. Newcastle Permanent Online Savings Account TMD

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Alison Finder

Editorial Manager, Money

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Sue

March 10, 2023

Can I open an account for the 4.5% interest rate though I am a newbie and have had no transactions before?

Alison Banney Finder

March 14, 2023

Hi Sue,

The introductory bonus rate is available for the first 3 months for new Online Savings Account holders who have not held an Online Savings Account during the last 6 months. If you haven’t held an account in the last 6 months, then yes you’re eligible.

Thanks,

Alison

Show more Show less

Andrew

February 10, 2023

What is the maximum balance yo can receive 4.5% interest and does this account have the government guarantee?

Alison Banney Finder

February 22, 2023

Hi Andrew,

The bonus rate applies to your entire balance – there is no maximum balance limit. And yes, your deposit up to $250k with Newcastle Permanent in covered by the bank government guarantee scheme.

Thanks,

Alison

Christine

March 09, 2017

With the Newcastle Permanent online savings account, if the standard variable is 1.5% how do I qualify for the 1.5% bonus interest each month

Anndy Lou Finder

March 09, 2017

Hi Christine,

Thanks for your question.

The bonus rate is only available to new Online Savings Account holders who have not held an Online Savings Account during the last 6 months. The bonus rate of 1.50% p.a. applies for 3 months after account opening, on top of the standard variable interest rate. Also, to get this rate, you must have an Everyday Account, a Home Loan or a Credit Facility with Newcastle at the time interest is applied.

Cheers,

Anndy

Show more Show less

Alison is an editor at Finder and a personal finance journalist with over 10 years of experience, having contributed to major financial institutions and publications such as Westpac, Money Magazine, and Yahoo Finance. She is frequently quoted in media outlets like SmartCompany and SBS, offering expert insights on superannuation and money management. Alison holds a Bachelor of Communications in Public Relations and Journalism from the University of Newcastle, and has earned three ASIC RG146 certifications in superannuation, securities and managed investments and general financial advice, ensuring her expertise is fully aligned with ASIC standards. See full profile

Newcastle Permanent Online Savings Account

Pros

Cons

Key features

No monthly account keeping fees

No transaction fees

No minimum balance requirements

What interest rate do I receive?

How is my interest calculated?

How do I make deposits?

How do I make withdrawals?

Joint account

Multiple accounts

How to apply

Eligibility

Documentation needed

What happens after I submit my application?

Compare other savings accounts

How the Finder Score helps you find a better savings account

Sources

Your reviews

Important information about this website

Advertiser disclosure

How we make money

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