The Newcastle Permanent Online Savings Account can be used for both transactions and savings, entirely fee-free. Interest is only earned with eligible linked products, which can also be entirely avoided with a linked Everyday Account, but the account can be opened without linked products if you just want an everyday transaction account with no fees to pay.
This account is cost-effective, convenient and delivers competitive interest rates while still allowing you complete control over how you spend your money.
What are the features of the Newcastle Permanent Online Savings Account?
Online banking lets banks offer more value, and means the creation of accounts like these which offer combined benefits that you might not be able to find elsewhere. Compare the features of the Newcastle Permanent Online Savings Account with other options and find out whether it's the right account for you, with the features you've been looking for.
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, a competitive interest rate is applied to your balance each month. All Online Account holders are required to have an eligible linked product.
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.
- $0 minimum balance requirement
- $0 minimum opening balance
- $0 account keeping fee
- Unlimited free internet and phone banking
- Multiple accounts are allowed
- A home loan or credit facility is required to earn interest
How do I apply for the Newcastle Permanent Online Savings Account?
If the versatility and features of the Newcastle Permanent Online Savings Account are right for you, you can start an online application.
Eligibility to open an account online
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.
Documentation to apply online
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 the online 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.