Newcastle Permanent’s Platinum Term Deposit is an investment account that allows you to earn a competitive rate of interest when you sign on for a fixed term, with the ability to keep part of the money on the side for when you need funds to be available at call. There are high minimum balance requirements to be met, making this a savings product best suited for serious investors.
What are the features of the Newcastle Permanent Platinum Term Deposit?
Term deposits provide a safe haven for investors, who still want to see a rate of return on their money even when it is not invested in other enterprises. In order to ensure that you are getting optimal benefits for your investment money, compare the features of the Newcastle Permanent Platinum Term Deposit with other investment accounts offered by Australian financial institutions:
- 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.
- Interest rate for at call funds. The money you have in the account that is available at call receives a variable interest rate so long as you have at least $500,000 on deposit between the term deposit and at call account, 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.
- Interest rates for your term deposit. The interest rates for the term deposit are fixed, and tiered to provide you with the highest rates of return for longer term lengths.
- Terms. You can choose to keep your investment in a term deposit for anywhere between 21 days up to 5 years.
- Interest payments. When interest payments are made for your term deposit depends on the terms that you choose. For terms of less than 75 days, you can only have your interest paid at maturity, while with longer terms you can choose monthly, quarterly, half yearly or maturity payments. Maturity payments will be added to your term deposit balance, while all others will be paid into a different account that you nominate.
- 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.
- Funds can be accessed anytime via online and phone banking
- There is $0 account keeping fee to pay each month
- There is a minimum of $200000
- Minimum investment of $500000
How do I apply for the Newcastle Permanent Platinum Term Deposit?
The application for the Newcastle Permanent Platinum Term Deposit can be found by clicking “Go to Site”. The 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. 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.
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.
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.