Newcastle Permanent Smart Saver Youth Account (under 25s)
You can earn an ongoing variable rate of 1% p.a. when you grow your balance by $10 and make no more than 2 withdrawals each month.
This savings account offers an ongoing variable rate of 1% p.a. for customers aged under 25 when the monthly criteria is met. The account criteria is easy and flexible to meet; you just need to deposit $10 a month and make no more than 2 withdrawals per month.
Maximum variable rate
Base interest rate
Alison Banney is the banking and investments editor at Finder. She has written about finance for more than 8 years with her work featured on sites including Yahoo Finance, Money Magazine and Dynamic Business.
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 1% p.a. is lower than other youth savings accounts in the market.
Special offer: Open a new Smart Saver Account for your child under 14 years using the campaign code "kids20" by 30 June 2022 and receive a $20 cash bonus.
Ongoing variable rate of 1% p.a.
This account offers an ongoing rate of up to 1% p.a. for customers under 25. To earn this interest rate you need to:
- Grow your balance by at least $10 during the month (not including any interest earned)
- Make no more than 2 withdrawals during the month
This interest rate is available on balances up to $50,000.
Designed for young customers
This account is designed for customers aged under 25. You can open this account for your child under 14 if you’re their parent or legal guardian. The monthly conditions are designed to be easy and flexible for young savers.
Linked Everyday Account
You can link this account to a Newcastle Permanent Everyday Account, which allows you to transfer money in and out of your savings account and spend it in stores and online. The Everyday Account comes with a Visa Debit Card to access your money, while the Smart Saver Youth Account doesn’t.
No monthly account keeping fee
There’s no monthly account keeping fee with the Smart Saver Youth Account, however there is a $4 monthly fee with the linked Everyday Account. This fee is waived if you’re under 25 or, if you’re over 25, when you deposit $1,800 a month.
Protected by the Government bank guarantee scheme
Your deposit up to $250,000 in a Newcastle Permanent savings account or transaction account is protected by the Government’s bank guarantee scheme.
How to apply
You can apply online in less than 10 minutes. When applying for the Newcastle Permanent Smart Saver Youth Account, make sure you meet the eligibility criteria and have your ID handy.
- Minimum age. You can apply for this account online from age 14. If you’re under 14 a parent or legal guardian can open the account with you.
- Residency. You must have an Australian residential address.
- Identification. You must be able to verify your identity with either a driver's license, passport or proof of age card (or birth certificate for under 14s).
- Tax file number. This is needed in order to apply the correct tax rate to your interest.
- Personal details. You'll need to supply your personal details including your full name and contact details.