Newcastle Permanent Everyday Account

You'll pay no account keeping fees if you're under 25, or when you meet the monthly deposit condition.

The Newcastle Permanent Everyday Account is a transaction account designed for day-to-day spending, or to use as an offset account against your Newcastle Permanent home loan. The monthly account keeping fee can be waived if you're under 25 or if you deposit $1,800 a month.

Special offer: New customers will get a $30 cash bonus when you open a new Everyday Account and make two transactions by 30 June 2021.

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Shirley Liu

Last Updated Jan 5, 2021

$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
International ATM Fee	$5
International transaction fee	3%
Monthly deposit required to waive account fee	$1,800
Contactless Payments	N/A

Joint account availability	Yes
Minimum opening deposit	N/A

Pros

No account keeping fees if you're under 25
Can choose the colour of your debit card
Can use the account to offset a Newcastle Permanent home loan

Cons

A $4 monthly fee applies unless you deposit $1,800 a month
international transaction fee applies
$5 overseas ATM withdrawal fee

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. It's also waived if you're under 25 or if you've got a home loan with the Newcastle Permanent. 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'll pay no account keeping fees and 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 account keeping fee for this account is $4, which is waived each month you deposit at least $1,800 into the account. It's also waived if you're under 25 or if you've got a Newcastle Permanent home loan.

Access thousands of ATMs for free

You can make unlimited free ATM withdrawals at Newcastle Permanent ATMs. You can also make free ATM withdrawals at all ATMs owned by CommBank, westpac, ANZ or NAB.

No minimum monthly balance

There are no minimum balance requirements to maintain. However, if you're over 25 there is a monthly deposit requirement of $1,800 in order to get the account keeping fee waived.

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 ways to withdraw your money or making payments allowed with this account. These include; ATM, EFTPOS, branch counter transactions, Internet banking, phone and mobile banking, BPAY, Pay Anyone 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 in stores and online. You also get to choose the colour of your debit card.

Use the account to offset your loan

If you also have 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

Accessing the online application for the Everyday Account can be done by clicking "Go to Site". It should take only ten minutes to complete. 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 (or 16 with parent's consent).
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 license or passport can be used to help confirm your identity.

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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