Important informationNewcastle Permanent Rapid Saver Passbook Account is no longer available for new applications. Although the bank account cannot be applied for, the information on this page has been kept for the benefit of existing customers and for those who are interested. If you would like to compare other NAB savings accounts, please go through our Newcastle Permanent Savings Accounts Page.
The Rapid Saver Passbook Account offers a way to put your money to work, without locking it into a term. Just for making one monthly deposit each month without any withdrawals your balance is augmented by a competitive interest rate that helps to make sure you reach your goals sooner. With passbook access you can keep track of your savings habits and watch as your money grows.
What are the features of the Newcastle Permanent Rapid Saver Passbook Account?
A high interest savings account is a great way to passively add to your existing funds. Different banks and financial institutions will have different features with their accounts which you should compare against what Newcastle Permanent is offering you:
- Monthly account keeping fees. You will pay no account keeping fees for keeping your savings in the Rapid Saver Passbook Account.
- Terms. Make at least one deposit each month without any withdrawals and receive a competitive rate of interest on your balance.
- Interest rates. With the passbook account you earn a variable interest rate on your entire balance. This rate is increased when you link the account to a Newcastle Permanent Premium Plus Package.
- Interest calculation. The interest is calculated on a daily basis and paid into the account once a month provided that you meet the one deposit requirement with no withdrawals. The interest payment will not count as a deposit, and if the requirement is not meant you will not earn any interest for that month.
- Accessing your account. In addition to over the counter transactions using your passbook, you may also use direct credit and debit, internet and mobile banking, phone banking, BPAY, and Transfer money to make transactions.
- Transaction fees. You are limited to six free transactions a month before charges are applied. If you are making automatic transfers to your Newcastle Permanent loan or maintain a higher balance you can increase the number of free transactions.
- Minimum balance requirement. There is no minimum balance that you must meet in order to keep the account active.
- Availability. The Rapid Saver Passbook Account is available to individuals for personal use.
- Withdrawal limits. You can make up to $1,000 in withdrawals daily at a Newcastle Permanent branch. Internet transfers are limited to $2,000 daily.
- Withdrawal fees. Once you have surpassed the monthly limit on free transactions you will be charged $1.75 for each withdrawal made at a branch. You are not charged for deposits or any electronic transactions even after your transaction limit has been reached.
- $0 ongoing account fee to pay per month
- $0 minimum ongoing balance
- Free access of your money via internet and phone banking
- There is a $1 minimum opening balance
- There is a minimum of free transactions
- Higher balance should be maintained before you can avail of additional free transactions
How do I apply for the Newcastle Permanent Rapid Saver Passbook Account?
If you feel that you can meet the terms to earn interest than you can start filling out an online application for the Rapid Saver Passbook Account by clicking “Go to Site” now. It should take about ten minutes to fill out the application, but before starting make sure that you can meet the eligibility requirements set forth by Newcastle Permanent:
- Minimum age. Applicants must be at least 18 years of age to be considered for this account.
- Residency requirements. You and any joint applicant must be permanent residents of Australia.
- Depository requirements. There are no requirements for how much money you initially invest in the Rapid Saver Passbook Account, but keep in mind that you must make at least one deposit monthly in order to qualify for interest earnings.
In order to expedite the filling out of your application, have the following documentation readily available to assist you:
- Tax file number. As this is an interest earning account, providing your tax file number (TFN) or exemption code will ensure that the withholding tax on those earnings is at the correct amount for your circumstances.
- Identification. A driver’s licence, passport or Medicare card will contain information that will assist Newcastle Permanent in verifying your identity.
Newcastle Permanent will send you an automatic confirmation email after they have received your application, providing you with your account details. If you are not already a member of Newcastle Permanent they will ask that you visit a branch or Bank@Post in order to complete verifying your identity. Once approved, your account will be activated and you will automatically be set up for internet and phone banking.