In this guide

  • Our verdict
  • Details
    • Key details
  • Key features
  • How to apply
  • Compare other savings accounts
  • Your reviews
  • Ask a question
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Newcastle Permanent Online Savings Account

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Updated
Fact checked
Newcastle Permanent Online Savings Account
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Maximum variable rate
5.00% p.a.
Base interest rate
1%p.a.

Our verdict

You can earn up to 5% p.a. with no conditions to meet, however it's only for the first 3 months.

This account offers new customers a decent bonus rate for the first 3 months without having to make any monthly deposits or limit your withdrawals. However, after the 3-month intro period it'll drop down to the variable base rate of 1% p.a. which is very low in today's market.

It could suit you if you're looking for an account that still earns a bit of interest without having to meet any ongoing conditions.

Pros

  • $0 minimum balance requirement
  • $0 minimum opening balance
  • Multiple accounts are allowed
  • Decent bonus rate for the first 3 months
  • No conditions to meet to earn interest

Cons

  • An everyday account, home loan, or credit facility is required to earn interest
  • Bonus rate is only available for 3 months
  • Low ongoing variable base rate

In this guide

  • Our verdict
  • Details
    • Key details
  • Key features
  • How to apply
  • Compare other savings accounts
  • Your reviews
  • Ask a question

New account holders can earn up to 5% for the first three months of opening this account.

Details

Key details

Product Name Newcastle Permanent Online Savings Account
Maximum Variable Rate 5.00% p.a.
Standard Variable Rate 1.00% p.a.
Monthly Account Fee $0
Minimum Opening Deposit $0

Savings Bank Customer Satisfaction Highly Commended:

Newcastle Permanent

Newcastle Permanent took third place in our savings banking category this year, with 89% of the users that we surveyed saying they'd recommend the bank to a friend. Its customer satisfaction rating was 4.33 out of 5. Find more about Finder Banking Satisfaction Awards 2023.

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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.

Launch savings calculator

How to apply

You can open this account online by completing the application form on the bank's website.

Eligibility

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

  • Minimum age. No age limits to savings accounts. However if a child is under 14 years of age, then a parent or guardian need to open the account.
  • Residency requirements. You must be an Australian resident with a residential address.
Go to siteMore info

Compare other savings accounts

1 - 14 of 184
Updated regularly
Name Maximum Variable Rate p.a. Standard Variable Rate p.a. Intro Period Government Guarantee Monthly Max Rate Conditions
AMP Saver Account
Maximum Variable Rate p.a.
5.40%
Standard Variable Rate p.a.
1.20%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $1000 in previous month
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Bank of Queensland Future Saver Account - 14 to 35 years
Finder Award
Maximum Variable Rate p.a.
5.50%
Standard Variable Rate p.a.
0.05%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $1,000
  • 5 eligible transactions
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Macquarie Savings Account
Maximum Variable Rate p.a.
5.35%
Standard Variable Rate p.a.
4.75%
Intro Period
4 months
Government Guarantee
Monthly Max Rate Conditions
  • N/A
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Westpac Life (18-29 year olds only)
Maximum Variable Rate p.a.
5.20%
Standard Variable Rate p.a.
2.00%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Grow your balance
  • 5 debit card purchases
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Bendigo Bank Reward Saver
Maximum Variable Rate p.a.
5.25%
Standard Variable Rate p.a.
0.30%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Grow your balance
  • Requires Bendigo transaction account
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ING Savings Maximiser
Finder Award
Maximum Variable Rate p.a.
5.50%
Standard Variable Rate p.a.
0.55%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $1,000
  • 5 transactions
  • Grow your balance
Go to siteView details
ING Savings Accelerator ($150,000 - $500,000)
Maximum Variable Rate p.a.
5.20%
Standard Variable Rate p.a.
4.70%
Intro Period
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Welcome rate applies up to $500K
Go to siteView details
Rabobank High Interest Savings Account
Maximum Variable Rate p.a.
5.75%
Standard Variable Rate p.a.
4.40%
Intro Period
4 months
Government Guarantee
Monthly Max Rate Conditions
  • N/A
Go to siteView details
Newcastle Permanent Online Savings Account
Maximum Variable Rate p.a.
5.00%
Standard Variable Rate p.a.
1.00%
Intro Period
3 months
Government Guarantee
Monthly Max Rate Conditions
  • N/A
Go to siteView details
Bank of Queensland Simple Saver Account
Maximum Variable Rate p.a.
4.85%
Standard Variable Rate p.a.
4.85%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • N/A
Go to siteView details
St.George Maxi Saver
Maximum Variable Rate p.a.
5.35%
Standard Variable Rate p.a.
1.10%
Intro Period
3 months
Government Guarantee
Monthly Max Rate Conditions
  • N/A
Go to siteView details
 Max Variable Rate includes 0.35% p.a. for 3 months for new customers who apply online
First Option Bank Savings+Bonus Account
Maximum Variable Rate p.a.
5.00%
Standard Variable Rate p.a.
2.00%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $100
  • No withdrawals
Go to siteView details
IMB Reward Saver Account
Maximum Variable Rate p.a.
5.25%
Standard Variable Rate p.a.
0.00%
Intro Period
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $50
  • No withdrawals
Go to siteView details
MyState Bank Bonus Saver Account
Maximum Variable Rate p.a.
5.00%
Standard Variable Rate p.a.
0.05%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $20
  • 5 debit card purchases
Go to siteView details
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  1. Newcastle Permanent Online Savings Account information page
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Alison Finder

Editor

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Sue

March 10, 2023

Can I open an account for the 4.5% interest rate though I am a newbie and have had no transactions before?


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Alison Banney Finder

March 14, 2023

Hi Sue,

The introductory bonus rate is available for the first 3 months for new Online Savings Account holders who have not held an Online Savings Account during the last 6 months. If you haven’t held an account in the last 6 months, then yes you’re eligible.

Thanks,

Alison


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Andrew

February 10, 2023

What is the maximum balance yo can receive 4.5% interest and does this account have the government guarantee?


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Alison Banney Finder

February 22, 2023

Hi Andrew,


The bonus rate applies to your entire balance – there is no maximum balance limit. And yes, your deposit up to $250k with Newcastle Permanent in covered by the bank government guarantee scheme.


Thanks,

Alison


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Christine

March 09, 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


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Anndy Lou Finder

March 09, 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


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Alison Banney

Editor

Alison Banney is the money editorial manager at Finder. She covers all areas of personal finance, and her areas of expertise are superannuation, banking and saving. She has written about finance for 10 years, having previously worked at Westpac and written for several other major banks and super funds. See full profile

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