Newcastle Permanent Online Savings Account
Link this account to a Newcastle Permanent Everyday Account and earn up to 1% for the first three months.
The Newcastle Permanent Online Savings Account has no account keeping fees or transaction fees and no minimum balance requirement. You need to have an everyday account, home loan or credit facility with Newcastle Permanent in order to open this savings account.
New account holders can earn up to 1% for the first three months of opening this account.
Maximum variable rate
Base interest rate
Bonus interest rate
for 3 months
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This account is cost-effective, convenient and delivers competitive interest rates while still allowing you complete control over how you spend your money.
No monthly account keeping fees
You will not be charged any monthly account keeping fees with the Online Savings account.
No transaction fees
Zero transaction fees, no matter how you transfer money in or out of the account, except as many apply to international transfers or extra services.
No minimum balance requirements
There are no balance or deposit requirements for this online savings account.
What interest rate do I receive?
So long as you have a Newcastle Permanent Everyday Account, home loan or credit facility, you'll earn interest on your balance each month. New account holders will earn the maximum bonus interest rate of 1% for the first three months of opening the account. After this, you'll earn the standard rate of 0.05%.
How is my interest calculated?
The variable interest rate is calculated on the daily opening balance and paid into the account on the last day of each month.
How do I make deposits?
Free deposits can be made at a branch, using direct credit or with internet or phone banking. BPAY and automated internet banking transfers are not available.
How do I make withdrawals?
In order to withdraw from your online savings account you will have to transfer the amount using mobile, internet or phone banking into your nominated account.
You are allowed to have a joint account holder with this account, although all account holders will need either a Newcastle Permanent Everyday Savings account, home loan or credit facility for interest to be paid.
Set up multiple online savings accounts to help reach multiple savings goals and manage your finances more closely. Take a look at more Newcastle Permanent products.
How to applyIf the versatility and features of the Newcastle Permanent Online Savings Account are right for you, you can start an online application.
To save time, you should first check the following eligibility requirements:
- Minimum age. You and any joint applicant must be at least 18 years of age.
- Residency requirements. In order to apply for this account you must be an Australian resident with a residential address.
- Depository requirements. There are no minimum opening deposit requirements to meet, nor are you obligated to make a minimum monthly deposit in order to earn interest and avoid fees.
It should usually take about ten minutes to finish the online application. You, and any joint account holder, should also have the following documentation ready:
- Tax file number. By providing your tax file number (TFN) or exemption codes, you can avoid paying withholding tax on your interest earnings at the highest marginal rate.
- Identification. In addition to a driver's licence, passport, or Medicare card to prove your identity, you will also need to supply contact details like your physical address, phone number and email address.
- Account details. In order to open this savings account you will need to provide the account information for your Newcastle Permanent Everyday Account, home loan or line of credit as well as your member number.
What happens after I submit my application?
After submitting your application online you will receive an automatic confirmation email with the application details. Sign and return the application form and once activated, Newcastle Permanent will set up the account with internet and phone banking so that you are immediately able to begin making deposits.