Newcastle Permanent Online Savings Account

Link this account to a Newcastle Permanent Everyday Account and earn up to 0.5% 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 0.5% for the first three months of opening this account.

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Shirley Liu

Last Updated Jan 5, 2021

0.50% p.a.

Maximum variable rate

0.05%p.a.

Base interest rate

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Product Name	Newcastle Permanent Online Savings Account
Maximum Variable Rate	0.50% p.a.
Standard Variable Rate	0.05% p.a.
Monthly Account Fee	$0
Minimum Opening Deposit	$0

Pros

$0 minimum balance requirement
$0 minimum opening balance
$0 account keeping fee
Unlimited free internet and phone banking
Multiple accounts are allowed

Cons

An everyday account, home loan, or credit facility is required to earn interest

Review by

Shirley Liu

shirley@finder.com.au

Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs.

Expert review

This account is cost-effective, convenient and delivers competitive interest rates while still allowing you complete control over how you spend your money.

Key features

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 0.5% 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.

Joint 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.

Multiple accounts

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.

Launch savings calculator

How to apply

If the versatility and features of the Newcastle Permanent Online Savings Account are right for you, you can start an online application.

Eligibility

To save time, you should first check the following eligibility requirements:

Minimum age. You and any joint applicant must be at least 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 needed

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.

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2 Comments

Christine
March 9, 2017

With the Newcastle Permanent online savings account, if the standard variable is 1.5% how do I qualify for the 1.5% bonus interest each month

Reply
- finder Customer Care
  
  Dee
  March 9, 2017
  
  Hi Christine,
  
  Thanks for your question.
  
  The bonus rate is only available to new Online Savings Account holders who have not held an Online Savings Account during the last 6 months. The bonus rate of 1.50% p.a. applies for 3 months after account opening, on top of the standard variable interest rate. Also, to get this rate, you must have an Everyday Account, a Home Loan or a Credit Facility with Newcastle at the time interest is applied.
  
  Cheers,
  Anndy
  
  Reply

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