In this guide

  • Our verdict
  • Details
    • Key details
  • Key features
  • How to apply
  • Your reviews
  • Ask a question
Finder makes money from featured partners, but editorial opinions are our own.

Newcastle Permanent Smart Saver Youth Account (under 25s)

  • Alison Banney's headshot
Newcastle Permanent Smart Saver Account - Under 25s
Maximum variable rate
5.00% p.a.
Base interest rate
0.05%p.a.

Our verdict

Under 25s can earn an ongoing variable rate of 5% p.a. when you grow your balance and make no more than 2 withdrawals each month.

This savings account is more flexible than some others in the market as you’re able to make 2 withdrawals per month while still earning interest. You also only need to grow your balance by any amount (not including interest) per month to earn the bonus rate, which is much lower than other youth accounts that require you to deposit a certain amount each month.

The rate is also quite competitive compared to most savings accounts.

Pros

  • Only need to grow your balance each by any amount to earn bonus interest
  • Can make 2 withdrawals a month and still earn interest
  • No fees

Cons

  • Base rate is very low if you don't meet the bonus conditions

In this guide

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

Details

Key details

Product Name Newcastle Permanent Smart Saver Account - Under 25s
Maximum Variable Rate 5.00% p.a.
Standard Variable Rate 0.05% p.a.
Monthly Account Fee $0

Key features

Ongoing variable rate of 5% p.a.

This account offers an ongoing rate of up to 5% p.a. for customers under 25. To earn this interest rate you need to:

  • Grow your balance by any amount during the month (not including any interest earned).
  • Make no more than 2 withdrawals during the month.

Launch savings calculator


How to apply

You can apply online in less than 10 minutes. When applying for the Newcastle Permanent Smart Saver Youth Account, make sure you meet the eligibility criteria and have your ID handy.

Eligibility

  • Minimum age. You can apply for this account online from age 14. If you’re under 14 a parent or legal guardian can open the account with you.
  • Residency. You must have an Australian residential address.

Your reviews

No reviews yet. Write a review

Ask a question

Ask a question
Avatar

Alison Finder

Editor

Hi there, looking for more information? Ask us a question.

Error label

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked
Accept and continue

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms Of Service and Finder Group Privacy & Cookies Policy.

This site is protected by reCAPTCHA and the Privacy Policy and Terms of Service apply.

Avatar

Nikola

September 08, 2023

If opening the smart saver youth acc for a child under 14 they won’t have a tax file no… but if one is needed do we use the parent’s TFN?


Avatar

Alison Banney Finder

September 21, 2023

Hi Nikola, please get in touch with Newcastle Permanent directly to discuss your application and what’s needed in terms of tax. You can reach them on 13 19 87.


Avatar

Alfred

April 26, 2023

0with the kids saving accounts if you don’t withdraw 2 times a month does this reduce the interest rate.


Avatar

Alison Banney Finder

April 28, 2023

Hi Alfred, no you are not required to make any withdrawals at all if you don’t need to. Making no withdrawals will not impact your interest rate. However, if you make more than 2 withdrawals during the month you won’t be eligible for the bonus rate.


Go to site