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Summary

You could turn a small investment into something big with a term deposit from Newcastle Permanent.

The flexibility of the Newcastle Permanent Term Deposit allows you to customise the account to meet your savings goals. Various options for term lengths, and high interest earnings on smaller deposit amounts can give you the opportunity to grow your money in a short amount of time. For higher deposits you can set up monthly interest payments, augmenting your monthly income while keeping your financial future securely held in an account.

Pros

You can apply for an account via online
There is $0 annual or monthly account keeping fee

Cons

Minimum deposit of $1,000

Details

Key details

Product Name	Newcastle Permanent Term Deposit
3 month interest rate	3.50%
4 month interest rate	3.50%
6 month interest rate	4.60%
7 month interest rate	3.80%
9 month interest rate	4.00%
12 month interest rate	4.50%
24 month interest rate	4.00%
36 month interest rate	4.00%
48 month interest rate	4.00%
60 month interest rate	4.00%
Minimum Opening Deposit	$1,000
Minimum age requirement	14
Government guarantee	Yes

Eligibility

Minimum Age Requirement	14
Joint account availability	Yes
Min Deposit	$1,000
Available to children	Not available for children under 14 years of age

Key features

Minimum investment amount

With Newcastle Permanent you are able to open a term deposit with as little as $1,000.

Term length

You can choose from terms ranging from one month to one year.

Monthly account keeping fees

You will not be charged any fees for maintaining your term deposit.

Interest rates

With this term deposit, your interest rate is fixed for the entire length and you earn at a higher rate when you choose longer terms and make larger investments.

Interest payments

The interest on a term deposit with Newcastle Permanent is calculated daily, and in many cases you are able to choose when to receive your payments. The highest rates are offered when you choose a one-time payment at maturity, but you can also choose monthly payments with terms of one year or deposits of $20,000 or more. Maturity payments may be made into the term deposit account or other eligible account, while monthly payments can only be made into an eligible account that you have nominated.

Early withdrawal

If you choose to withdraw your money before the agreed upon maturity date, you will be subject to a reduction in the interest rate.

Account operation

You will be issued a passbook with your term deposit where all transactions will be recorded.

Term maturity

You will be notified of your impending maturity date, at which time you will need to let Newcastle Permanent know if you plan on making a reinvestment of your money, a partial withdrawal or a full withdrawal. You have up to seven days after the maturity date to make adjustments to your term deposit account.

How to apply

Eligibility

Before getting started on the application for your term deposit, verify that you are eligible to apply:

Minimum age. Term deposit account holders must be at least 14 years of age.
Residency requirements. You and any joint account holders must be permanent Australian residents with an Australian residential address.

Depository requirements. In order to activate your term deposit you will need to make a minimum deposit of $1,000.

Documentation needed

In addition to meeting the eligibility requirements you should also ensure that you have access to the following documentation to ensure that your application is filled in correctly:

Tax file number. While not obligatory, by providing your tax file number (TFN) Newcastle Permanent will be able to correctly calculate the amount of withholding tax to apply to your interest earnings.
Identification. Identification documents such as your driver's licence, passport or Medicare card will contain information that can help to verify your identity. If you are new to Newcastle Permanent you could be asked to visit a branch or Bank@Post in order to complete your identification verification.

What happens after I submit my application?

After the submission of your online application you should receive a confirmation email from Newcastle Permanent outlining your application details. You will then need to sign and return the application form and transfer the funds into the term deposit in order to activate it.

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Owen

November 21, 2023

what term deposit rates do you offer for businesses

Richard Whitten Finder

November 22, 2023

Hi Owen,

You’d need to find the rates on Newcastle Permanent’s website.

Robert

December 06, 2017

What interest can I receive on $450,000 for 12 months

Thanks

rta

Joanne Finder

December 06, 2017

Hi Robert,

Thank you for visiting Finder.

With the use of our term deposit calculator, it shows that for Newcastle your 450,000 in 12 months will earn interest if compounded monthly of approximately $9,082.96.

You may also be able to compare lenders from the same page by entering your initial deposit on the box provided plus the number of months. Once you click on calculate, the lenders will appear and the interest earned per lender will be displayed.

While your money is invested, the rates are fixed and not subject to change thus it is not difficult to determine the interest you will earn.

Cheers,

Joanne

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Newcastle Permanent Term Deposit

Pros

Cons

Key features

Minimum investment amount

Term length

Monthly account keeping fees

Interest rates

Interest payments

Early withdrawal

Account operation

Term maturity

How to apply

Eligibility

Documentation needed

What happens after I submit my application?

Sources

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