The Newcastle Permanent Everyday Account Review & Information

Product details

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.

Product Name: Newcastle Permanent Everyday Account

Monthly Account Fee: $4

Debit Card Access: Visa

ATM Withdrawal Fee: $0

Interest Rate p.a.: 0.01%

Details: Unlimited free Newcastle Permanent transactions including Westpac Group ATMs Australia wide.

Joint Application: Yes

Fee Free Deposit p.m.: $1,800

Overseas ATM Withdrawal Fee: $5

Overseas Eftpos Fee: $5

Phone Banking: Yes

Fees: $4

Internet Banking: Yes

What are the features of the Newcastle Permanent Everyday Account?

Your everyday account is your financial hub, giving you access to your money and allowing you to keep up with your monthly expenses. When considering which bank provides you with features that fit in with your spending style, compare the features of Newcastle Permanent’s Everyday Account with those you find at other financial institutions:

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.

Pros

Monthly account keeping fee is waived if at least $1800 of balance is deposited
There is $0 minimum deposit

Cons

A $4 monthly fee applies for deposits below $1800

How do I apply for the Newcastle Permanent Everyday Account?

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.
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.

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.

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.