In this guide

  • Our verdict
  • Details
    • Key details
  • Key features
  • How to apply
  • Your reviews
  • Ask a question
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Newcastle Permanent Online Savings Account

Newcastle Permanent Online Savings Account
Maximum variable rate
5.00% p.a.
Base interest rate
1%p.a.

Our verdict

You can earn up to 5% 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

In this guide

  • Our verdict
  • Details
    • Key details
  • Key features
  • How to apply
  • Your reviews
  • Ask a question

New account holders can earn up to 5% for the first three months of opening this account.

Details

Key details

Product Name Newcastle Permanent Online Savings Account
Maximum Variable Rate 5.00% p.a.
Standard Variable Rate 1.00% p.a.
Monthly Account Fee $0
Minimum Opening Deposit $0

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.

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.

Your reviews

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Ask a question

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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?


Avatar

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


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Andrew

February 10, 2023

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


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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


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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


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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


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