Newcastle Permanent Platinum Term Deposit

Newcastle Permanent Platinum Term Deposit

Min. Opening Deposit

500,000

Account Keeping Fee

0.00

Get a professional term deposit account for investments of more than $500,000

  • Highly competitive interest rates
  • Fixed terms from 21 days to 5 years
  • No account keeping fees
  • Combined access and fixed deposit investment accounts

Product details

Newcastle Permanent’s Platinum Term Deposit account includes both a fixed and an at-call account. Earn interest on combined account balances, while still getting flexible terms and retaining access to your funds if needed.

With a $500,000 combined minimum, this account combines functionality and returns for serious investors.

Product Name
Newcastle Permanent Platinum Term Deposit
1 month interest rate
2.00%
3 month interest rate
2.50%
4 month interest rate
2.00%
6 month interest rate
2.60%
9 month interest rate
2.00%
12 month interest rate
2.60%
Min Deposit
$500,000
Joint Application
Yes
Minimum Age Requirement
18
Covered by Government Guarantee
Yes (Up to $250,000 per person, per institution)

What are the features of the Newcastle Permanent Platinum Term Deposit?

The Newcastle Permanent Platinum Term Deposit account is a highly flexible combined fixed and at-call investment account with competitive interest rates and a range of added functionality. Divide funds between the two, or put it all in the one that works for you. Compare the features of the Newcastle Permanent Platinum Term Deposit with other investment accounts to see if it's the right choice for you:

Total investment minimum deposit amount

The combined total for the account cannot be less than $500,000.

Term deposit minimum investment

The amount that you invest into the term deposit must be $200,000 or more.

Access to funds as needed

With Platinum at Call, withdraw your full account balance at any time as needed, and earn interest on balances of $500,000 and over.

Interest rate for at call funds

Retain an account balance of over $200,000 in your at-call account, and $500,000 in total, to receive higher at-call interest rates. The money you have in the at-call account receives a variable interest rate so long as you have at least $500,000 between the two account components, with no less than $200,000 of that money in a fixed rate term deposit.

Interest payments for the at call account

Interest is calculate on the daily closing balance of the account and paid into it on the last day of each calendar month. Earn a competitive interest rate when closing at-call accounts if your total balance is $500,000 or more. Compare other Newcastle Permanent products here.

Interest rates for your term deposit

Earn fixed, tiered interest of 2.00% p.a. to 2.60% p.a.

Term lengths

You can choose to keep your investment in a term deposit for anywhere between 21 days up to 5 years.

Tiered interest rates

On the fixed term deposit component, with terms of less than 76 days you can only have your interest paid at maturity, while you are able to choose monthly or at maturity for terms of up to 345 days. Terms of 346 to 385 days let you choose monthly, quarterly, half yearly or at maturity interest. Maturity payments will be added to your term deposit balance, while all others will be paid into a different account that you nominate.

Regular interest payments

With the fixed term deposit component, interest can be paid monthly, quarterly, half yearly or annually on terms of 1 to 5 years.

$0 Monthly account keeping fees

No fees are charged to your account for its monthly maintenance.

Accessibility

With the at call portion of your account you can make unlimited free transactions using automatic transfers, internet and phone banking, branch withdrawals and BPAY.

Launch term deposit calculator

Pros

  • Funds can be accessed anytime via online and phone banking
  • There is $0 account keeping fee to pay each month

Cons

  • A minimum balance of $200,000 is needed to earn interest on the at-call segment
  • Total minimum investment of $500000 required

How do I apply for the Newcastle Permanent Platinum Term Deposit?

A downloadable form is available for both business and personal accounts and should be filled in and then submitted in person at your local Newcastle Permanent branch.

Eligibility to apply online

There are certain eligibility requirements you will need to meet in order for your application to be processed:

  • Minimum age. In order to be eligible for the Platinum Term Deposit you must be at least 18 years of age.
  • Residency requirements. Australian residents are eligible for this account. If you are a US citizen or resident of the US for tax purposes you will need to provide your taxpayer identification number.
  • Depository requirements. You will need to be able to deposit at least $500,000 in order to activate the account, with at least $200,000 invested into the term deposit.

Documentation for your online application

When applying for this account you are also going to need to have available the following documentation in order to ensure that the information provided is correct:

  • Tax file number. Although not obligatory, your tax file number (TFN) or exemption code makes sure that the withholding tax on your interest earnings is at the correct amount.
  • Identification. A primary identification document that includes both your photo and current address is needed in order to verify your identity. If this is not available you will need to supply a secondary form of identification that contains your current residential address.

What happens after I submit the online application?

Your account will be activated upon the deposit of your funds, and you will then have the ability to add funds to your at call deposit and make withdrawals, while your term deposit grows at a steady rate.

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