The Newcastle Permanent Everyday Account

Last updated: Jan 5, 2021

Deposit your salary into your everyday banking account and pay no fees for the entire month

Take advantage of world wide access to your account with a Visa debit card that draws money straight from its balance. The Newcastle Permanent Everyday Account gives you an inexpensive way to keep up with your daily spending, just for meeting the deposit requirement each month. If you have varied needs when it comes to using your everyday funds, this Everyday Account could help you to meet them.

$1,800

Fee Free Deposit

Account keeping fee

ATM withdrawal fee

Overseas ATM withdrawal fee

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Details

Product Name	Newcastle Permanent Everyday Account
Monthly account fee	$4
Card access	Visa
ATM Withdrawal Fee	$0
Internatonal ATM Fee	$5
International transaction fee	3%
Monthly deposit required to waive account fee	$1,800

Minimum Age	18
Joint account availability	Yes
Minimum opening deposit	$1

Pros

Monthly account keeping fee is waived if at least $1,800 of balance is deposited
There is $0 minimum deposit

Cons

A $4 monthly fee applies for deposits below $1,800
international transaction fees apply
$5 overseas ATM withdrawal fee

Expert review

Review by

Shirley Liu

shirley@finder.com.au

Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs.

Expert review

This everyday transactions account has a monthly fee of $4 which will be waived each month you deposit $1,800 or more. So if you can’t meet this monthly deposit condition, you might want to consider a bank account with no monthly fee instead.

This account could be suited to customers with a Newcastle Permanent home loan, as you can use this as an offset account against your loan. If you like to bank in branches, keep in mind that most of Newcastle Permanent’s bank branches are within the Newcastle region.

Key features

Monthly account keeping fees

The monthly maintenance fee for this account is $4, which is waived each month you deposit at least $1,800 into the account.

Transaction fees

You are allowed unlimited free Newcastle Permanent transactions and ATM transaction using the Westpac group network provided you deposit at least $1,800 into the account for the month.

Minimum monthly balance

There are no minimum balance requirements to maintain.

Making deposits

You can deposit money into the account using direct credit or deposit, over the counter at a branch, or account transfers using mobile, internet and phone banking.

Withdrawing money

There are several methods for withdrawing your funds or making payments allowed with this account. These include; ATM, EFTPOS, branch counter transactions, transfers using internet, personal cheque facility, phone and mobile banking, BPAY, Pay Any One and direct debits.

Visa debit card

You are given the option of a cashcard or Visa debit card. With your transaction account linked to a Visa debit card, you can make withdrawals and purchases wherever Visa is typically accepted.

ATM access

If you are able to meet the minimum deposit requirement for the month, you can use your Visa debit card for unlimited and free access to your account using ATMs in the Westpac group. If the minimum is not met you will be charged one dollar for each transaction.

Loan offset

If you also hold a home loan with Newcastle Permanent, you may use the balance for this account for a partial or 100% loan offset depending on the type of home loan you have.

Foreign currency conversion

For transactions that require the currency to be converted to the Australian dollar you will be charged 2% of the transaction total.

Account limits

There are limits to how much Newcastle Permanent will allow to be withdrawn from the account daily, depending on the method used. For branch, ATM and EFTPOS cash withdrawals that limit is set to $1,000. When making online transfers the limit is $2,000 combined for all accounts in your name. For Visa debit card purchases you are limited to spending $10,000 daily, and if you choose a cashcard you will be limited to $3,000.

How to apply

Eligibility

There is no need to become a member first before applying for the account. There is other eligibility criteria you will need to meet that includes:

Minimum age. Applicants must be at least 18 years of age.
Residency requirements. Only Australian permanent residents or citizens are eligible for this account.

Depository requirements. No opening balance requirement is necessary, but in order to take advantage of fee free banking you will need to deposit at least $1,800 into the account each month.

Documentation needed

In order to make filling out the application easier, it will be helpful to have the following documentation available:

Tax file number. Providing your tax file number (TFN) or exemption code is not mandatory but it will be used to determine the right withholding tax to apply to any of your interest earnings.
Identification. Information from your driver's licence or passport can be used to help confirm your identity. If you are new to Newcastle Permanent you will need to complete this step at a branch or Bank@Post office.

What happens after I submit my application?

After submitting your application you will receive an automatic confirmation email. You will then be asked to sign and return the application form so that your new account can be activated and debit card mailed to your address.

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2 Comments

Wal
August 30, 2018

Is there a limit on the amount of an eftpos transaction, for buying a car for example?

finder Customer Care

Joshua
August 30, 2018

Hi Wal,

Thanks for getting in touch with finder. I hope all is well with you. :)

Yes, there’s a limit to EFTPOS usage. It’s set to $1,000. The same is true for branch and ATM withdrawals.

I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

Have a wonderful day!

Cheers,
Joshua

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The Newcastle Permanent Everyday Account