Newcastle Permanent Smart Saver Youth Account (under 25s)
- Maximum variable rate
- 5.00% p.a.
- Base interest rate
- 5%p.a.
- Minimum deposit
- $10
Our verdict
You can earn an ongoing variable rate of 5% p.a. when you grow your balance by $10 and make no more than 2 withdrawals each month.
This savings account is more flexible than some others in the market as you’re able to make 2 withdrawals per month while still earning interest. You also only need to grow your balance by $10 per month to earn interest, which is much lower than other youth accounts that require you to deposit up to $2000 a month.
However while it’s more flexible, the ongoing rate of 5% p.a. is lower than other youth savings accounts in the market.
Pros
-
Only need to grow your balance by $10 a month if you're under 25
-
Can make 2 withdrawals a month and still earn interest
-
No fees
Cons
-
Interest rate is lower than others in the market
Details
Key details
| Product Name | Newcastle Permanent Smart Saver Youth Account |
| Maximum Variable Rate | 5.00% p.a. |
| Standard Variable Rate | 5.00% p.a. |
| Monthly Account Fee | $0 |
Your reviews
Alison Finder
Editor
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Alison Banney Finder
September 21, 2023
Hi Nikola, please get in touch with Newcastle Permanent directly to discuss your application and what’s needed in terms of tax. You can reach them on 13 19 87.
Alfred
April 26, 2023
0with the kids saving accounts if you don’t withdraw 2 times a month does this reduce the interest rate.
Alison Banney Finder
April 28, 2023
Hi Alfred, no you are not required to make any withdrawals at all if you don’t need to. Making no withdrawals will not impact your interest rate. However, if you make more than 2 withdrawals during the month you won’t be eligible for the bonus rate.
Nikola
September 08, 2023
If opening the smart saver youth acc for a child under 14 they won’t have a tax file no… but if one is needed do we use the parent’s TFN?