In this guide

  • Our verdict
  • Details
    • Key details
  • Key features
  • How to apply
  • Your reviews
  • Ask a question
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Newcastle Permanent Smart Saver Youth Account (under 25s)

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Newcastle Permanent Smart Saver Youth Account
Maximum variable rate
5.00% p.a.
Base interest rate
5%p.a.
Minimum deposit
$10

Our verdict

You can earn an ongoing variable rate of 5% p.a. when you grow your balance by $10 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 $10 per month to earn interest, which is much lower than other youth accounts that require you to deposit up to $2000 a month.

However while it’s more flexible, the ongoing rate of 5% p.a. is lower than other youth savings accounts in the market.

Pros

  • Only need to grow your balance by $10 a month if you're under 25
  • Can make 2 withdrawals a month and still earn interest
  • No fees

Cons

  • Interest rate is lower than others in the market

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 Youth Account
Maximum Variable Rate 5.00% p.a.
Standard Variable Rate 5.00% 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 at least $10 during the month (not including any interest earned)
  • Make no more than 2 withdrawals during the month

This interest rate is available on balances up to $50,000.

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

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Ask a question

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Alison Finder

Editor

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

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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?


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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.


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Alfred

April 26, 2023

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


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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.


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