Newcastle Permanent gives you a chance to keep your credit cards clean during the holidays by saving up your cash in the months before. The Christmas Club Account allows you to make deposits all year round, paying you interest on your balance. With accessibility to withdrawal only starting in November, you should have the cash you need to take care of all of your holiday shopping.
What are the features of the Newcastle Permanent Christmas Club Account?
The holidays are an expected yearly expense, and with a Christmas Club Account you can always be financially prepared for them. Before you start saving for Santa, compare the features of the Newcastle Permanent Christmas Club Account with other banks holiday savings products in order to choose the one that is going to give you the most benefit:
- Making deposits. You can set up direct credit for your account, or make transfers using internet and phone banking. Over the counter transactions are also allowed using your passbook.
- Interest payments. Interest is tiered, paying you a higher rate for balances over $2,000. It is calculated monthly on the lowest opening daily balance of the month and paid into the account three times a year; in June, the beginning of November and end of December.
- Monthly account keeping fees. There are no fees for maintaining this account.
- Transaction fees. You are not going to be charged for your transfers and deposit transactions.
- Terms. The money in the account is available at call during November and December. If you need to make a withdrawal before this time, you will have to close the account and the interest will be reduced by half. The interest at that rate will be calculated starting from the date of your last interest payment or the date you opened the account if interest has not yet been paid into it.
- Mobile banking. You are able to view your account and make transfers using the Newcastle Permanent app. This feature is available for any smartphone using an iPhone or Android operating system.
- Availability. The Christmas Club Account is meant for use by individuals only.
- There is $0 ongoing account fee each month
- No transaction fees
- Free internet and phone banking
How do I apply for the Newcastle Permanent Christmas Club Account?
If you like the idea of having cash on hand as soon as the holiday sales start, you can apply for this account by visiting a Newcastle Permanent branch or phoning them. Before you get started, make sure that you are able to meet the following eligibility requirements:
- Minimum age. Newcastle Permanent does not set forth any minimum age requirement for this account.
- Residency requirements. In order for your application to be considered you must be an Australian resident with a residential address.
- Depository requirements. A minimum opening deposit of one dollar is required in order for this account to be activated.
If you are able to meet those requirements your next step should be to gather the following documentation before heading to Newcastle Permanent to fill out the application:
- Tax file number. Your tax file number (TFN) or exemption codes will be asked for in order for the financial institution to apply the correct withholding tax to your interest earnings. Providing your TFN is not obligatory but if not given, Newcastle Permanent is required to then withhold taxes at the highest marginal rate.
- Identification. In order to verify your identity you will need to show your driver’s licence, passport or Medicare card.
Once your details have been confirmed by Newcastle Permanent your Christmas Club savings account will be established and you can begin making regular deposits in order to be financially ready for the inevitable holiday season.
We have a joint online savings account linked to everyday account, could you please confirm that we are both covered by the Government Guarantee for up to 250000 for the amount of savings we have in that account, which is currently total around 370,000? We ask this question as the Government Guarantee is only mentioned for protection of Term Deposits in your online blurb.
All Newcastle Permanent savings accounts are covered by the Government Guarantee for up to $250 000.