The Gold Term Deposit is an investment account designed specifically for those with larger amounts of savings that they want to keep in a secured account. You choose the term, and your money earns a fixed rate of interest, giving you the opportunity to plan your future financial goals. Set your terms for just a few weeks, it there is something big just over your investment horizon, or for years if you are looking for a safe haven for your future retirement.
What are the features of the Newcastle Permanent Gold Term Deposit?
The features of a term deposit are designed to accelerate the growth of your savings by using fixed terms and higher interest rates. Check how other banks structure their term deposit accounts against the features you find with Newcastle Permanent:
- Minimum deposit amount. The Gold Term Deposit is specifically for investments of $200,000 or more.
- Interest rates. Interest rates are fixed for the Gold Term Deposit, and increase when you choose longer terms.
- Interest payments. You can choose to have the interest paid to you monthly, quarterly, half yearly, annually or at maturity only. If you choose a one-time payment at maturity, the interest rate will be slightly lower. Maturity payments can be made into the term deposit account or your nominated account, while all others will be paid into your eligible nominated account.
- Terms. With the Gold Term Deposit you have the option of investing from 21 days up to five years. At maturity interest payments are only available for term deposits of 385 days or less, while more frequent payments start at 76 days and can be as long as five years.
- Monthly account keeping fees. Newcastle Permanent does not charge you any account keeping fees with the Gold Term Deposit.
- Accessibility. Withdrawals and deposits can only be made at a branch although you can view your account through online banking.
- Early withdrawal. If you ask to withdraw all or a part of your investment before the maturity date, Newcastle Permanent will reduce the interest rate paid to you.
- Reaching maturity. You have seven days immediately following your maturity date to make withdrawals or additional deposits into your term deposit before new terms begin. Doing so entitles Newcastle Permanent to reduce the interest rate payable on your investment.
- Terms 21 to 385 days and yearly investment terms for up to 5 years
- Competitive interest rate
- Monthly, quarterly or half yearly interest options depending on the term selected
- High minimum investment amount
How do I apply for the Newcastle Permanent Gold Term Deposit?
If the Gold Term Deposit is what you are looking for to increase your savings, you can start your online application now by applying online. Certain eligibility requirements have been set forth by Newcastle Permanent that you should check before getting started. These apply to individual account holders as well as both parties if opening a joint account:
- Minimum age. You must be 18 years of age before you can benefit from a Gold Term Deposit.
- Residency requirements. Only permanent Australian residents with a residential address in Australia can apply.
- Depository requirements. The initial deposit must be at least $200,000. If you are looking for an account that allows you to invest less, Newcastle Permanent also has available regular term deposit accounts.
Filling out the online application should take only ten minutes, and will be made easier if you have the following documentation readily available:
- Tax file number. Providing the financial institution with your tax file number (TFN) or applicable exemption codes is not mandatory, but it will ensure that the withholding tax on your interest earnings is at the correct rate.
- Identification. Newcastle Permanent is required by law to verify the identity of all applicants before an account can be issued in their name. This can be done using your passport, driver’s licence or Medicare card information.
Once your application has been submitted online you will receive an automatic confirmation email outlining the details of your application. You will then need to sign and return an application form before the account can be activated. If you are not already a member of Newcastle Permanent, you will have to visit a branch or Bank@Post to have your identity verified in person first.