The Newcastle Permanent Online Savings Account is an entirely fee free account, with no strings attached for the number of transactions you are allowed each month. Plus, if you have another banking product with Newcastle Permanent a competitive interest rate is applied to your balance. This is an inexpensive and convenient way to keep up with your savings goals, while still allowing you to have complete control over how you spend your money.
What are the features of the Newcastle Permanent Online Savings Account?
The introduction of online banking has allowed for greater diversity in accounts at a lower cost to the consumer. If you are considering this type of account to fill your savings needs, first compare the features that you get from Newcastle Permanent’s Online Savings Account with other financial institutions to ensure that your money is getting the most benefit:
- Monthly account keeping fees. You are not going to be charged any monthly account keeping fees from Newcastle Permanent.
- Transaction fees. No matter how you transfer money in and out of your account, you will not be charged a transaction fee.
- Minimum balance requirements. There are no balance or deposit requirements for this online savings account.
- Interest rate. So long as you have a Newcastle Permanent Everyday Account, home loan or credit facility, a competitive interest rate is applied to your balance each month.
- Interest calculation. The variable interest rate is calculated on the daily opening balance and paid into the account on the last day of each month. If all account holders do not have an Everyday account, home loan or credit facility with Newcastle Permanent no interest will be paid.
- Making deposits. Deposits can be made for free using direct credit, at a branch, or with transfers using internet, mobile or phone banking.
- Making 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.
- Joint account. You are allowed to have a joint account holder with this account, although both of you will need to be eligible for receiving interest on your balance.
- Multiple accounts. You are permitted to have more than one online saving accounts to help you in meeting multiple goals.
- There is a $0 minimum ongoing balance
- There is a $0 minimum opening balance
- Withdraw your accounts via internet or phone banking
- Multiple accounts are allowed
- There is a $0 account keeping fee
- You should have an eligible account to be able to open an Online Savings Account
How do I apply for the Newcastle Permanent Online Savings Account?
If the features of the Newcastle Permanent Online Savings Account are in line with what you expect from an online savings product, then click on “Go to Site” to begin filling out your secure application online. You should first check the following eligibility requirements to make sure that your application is going to be accepted:
- 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.
If you are able to meet the eligibility requirements it should take about ten minutes to complete your online application. Have the following documentation ready for both you and your joint account holder to help:
- 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.
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.