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.

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1.00% p.a.

Maximum variable rate


Base interest rate

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Product NameNewcastle Permanent Smart Saver Youth Account
Maximum Variable Rate1.00% p.a.
Standard Variable Rate1.00% p.a.
Monthly Account Fee$0

Review by

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.

Expert review

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.

Key features

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.

Launch savings calculator

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.

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