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Our verdict

Kickstart your savings and enjoy quick and easy access to your funds with a Smart Saver Account from Newcastle Permanent.

This savings account offers a higher bonus interest rate if you're under 25. The conditions you need to meet to earn interest are easier than some others in the market, however, the interest rate is also lower.

Pros

No account-keeping fees
Internet and mobile banking access

Cons

Available to Australian residents

Earned interest on your balance and get a a Visa debit card for easy access to your funds. This account balances savings power with the convenience of being able to make withdrawals when you need cash. As long as you deposit at least $150 each month and make no more than two withdrawals, you can access the account. Plus, you'll earn even more interest if you're under 25.

Details

Key details

Product Name	Newcastle Permanent Smart Saver Account
Maximum Variable Rate	4.50% p.a.
Standard Variable Rate	4.50% p.a.
Monthly Account Fee	$0
Minimum Opening Deposit	$0

Key features

Receive 4.5% p.a. if you meet the conditions below

The Smart Saver Account pays an interest rate of 4.5% in every month that you increase your balance by $150 into your account and make no more than 2 withdrawals.

Special conditions for people under the age of 25

There's also a special Smart Saver Account for people under 25 years of age that offers a higher interest rate and less strict deposit requirements in order to access bonus interest. Smart Saver Account holders who are under 25 only need to deposit at least $10 per month and make no more than two withdrawals if they want to earn bonus interest.

Interest calculated daily

Interest on your Newcastle Permanent Smart Saver Account is calculated daily and credited to your account on the last day of each month.

No account-keeping fees

There are no ongoing service or account-keeping fees attached to the Smart Saver.

Visa debit card

When you open a Newcastle Permanent Smart Saver Account you will receive a Visa debit card. You can use this card to access the funds in your account anywhere in the world where Visa is accepted.

Withdrawals allowed

Unlike some savings accounts that do not allow you to make any withdrawals if you want to earn bonus interest, the Smart Saver Account allows up to two withdrawals per month without affecting your interest-earning capability. This is very convenient if you ever need urgent access to the funds in your account.

Internet and mobile banking access

You can deposit and withdraw funds from your Newcastle Permanent Smart Saver Account 24 /7 via Internet and mobile banking. You can also set up automatic transfers from your transaction account so that you are regularly contributing to your savings account. Compare other Newcastle Permanent products.

Launch savings calculator

How to apply

If you'd like to open a Newcastle Permanent Smart Saver Account, click on one of the "Apply now" links on this page. You will be securely redirected to the Newcastle Permanent website and an online application form. However, before starting the form, make sure you meet the following eligibility criteria.

Eligibility

Minimum age. You must be at least years of age to open a Smart Saver Account.
Residency requirements. The account is only available to permanent Australian residents.

Depository requirements. In order to earn maximum interest, you will need to deposit at least $150 per month (or $10 per month for people under 25 years of age) and not make any withdrawals.

Documentation needed

Tax File Number. Providing your Tax File Number is not mandatory but will ensure that Newcastle Permanent doesn't withhold tax on the interest earned in your account.
Identification. Acceptable forms of ID include your driver's licence or passport.
Other info required. You will also need to provide your name, email address, residential address and Australian mobile number.

What happens after I submit my application?

Once your application has been submitted and approved, your account will be opened and you will be sent a Visa debit card as soon as possible so you can begin accessing your account.

The Newcastle Permanent Smart Saver Account offers a number of benefits suitable for anyone looking for a flexible high-interest savings account. Compare it with other high-interest savings accounts at finder.com.au to ensure that you find the right account to help you reach your financial goals.

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Alison Finder

Editor

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Peta

August 20, 2023

Wanting to open a high interest account for my mother. She does not have a passport or drivers liscence. What else would you accept

Alison Banney Finder

August 23, 2023

Hi Peta, you’ve reached Finder not Newcastle Permanent. Please get in touch with the bank directly to speak about your application.

Werner

August 20, 2023

My kids are 9 and 7. Can I open savings accounts for them or are they too young? They would only get access to the account at around age 14 or so.

Alison Banney Finder

August 23, 2023

Hi, this account has a Youth option for customers under 25. Parents/guardians can be given authority to operate the account until the child turns 14 and can request sole access.

Anne

November 13, 2017

I would like to open an account for my child (age 14). I would like a (the under 25)savings account, where half his pocket money goes, (that he does not have access to at the moment) and a fee free account with a card for the other half. Is this possible?

Arnold

November 13, 2017

Hi Anne,

Thanks for your inquiry

As stated above, There’s is a special Smart Saver Account for people under 25 years of age that offers less strict deposit requirements in order to access bonus interest. You’ll also enjoy no account keeping fees and an interest rate of 2.60% in every month that you increase your balance by $150 into your account and make no more than 2 withdrawals.

Hope this information helps

Cheers,

Arnold

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Newcastle Permanent Smart Saver Account