Although no longer available for new account holders, the Newcastle Permanent Money Management Account is a versatile way to build your savings without having to pay any fees. It features a variety of methods for making deposits and withdrawals, while paying you interest on your balance.
Newcastle Permanent Money Management account is no longer available for new applications. The information provided and bank account cannot be applied for, however, the information on this page has been kept for the benefit of existing customers and for those who are interested.
If you would like to compare other savings accounts, please go through our comparison page.
What are the features of the Newcastle Permanent Money Management Account?
While you are no longer able to apply for the Money Management Account, it does have a number of features that you should look at closely when comparing this type of account between various banks:
- Monthly account keeping fees. No monthly account keeping fees are charged with this account.
- Transaction fees. Account holders are not charged any fees when making transactions.
- Availability. This account is designed as a personal banking account for individuals.
- Accessibility. Money is accessed using internet and phone banking, BPAY, through Newcastle Permanent branches and with electronic transfers, credits and debits.
- Automatic transfers. Automatic transfers and direct debits are only allowed with another account through Newcastle Permanent.
- Transfer minimum. With any transaction on then direct debit and BPAY there is a $500 minimum.
- Branch withdrawals. There is a $1,000 daily limit for withdrawals made inside of a Newcastle Permanent branch.
- Online transfers. The daily limit for personal internet transactions is $2,000.
- Interest rates. The account begins earning interest when the balance reaches $10,000 and is tiered to earn you more as the balance grows. These are variable rates, making them subject to change without notice at any time.
- Interest calculation. Interest is calculated on the daily balance and paid into the account on the last day of March, June, September and December.
How do I apply for the Newcastle Permanent Money Management Account?
New applications are no longer being accepted for the Newcastle Permanent Money Management Account but there are a number of other savings accounts, including a fee free online savings account, that are worth comparing against other financial institutions.