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Summary

Designed specifically for over-55s, retirees and pensioners, this account offers free everyday banking and presents a flexible alternative as a statement or passbook option.

Newcastle Permanent offers its mature customers this Special Monthly Interest Account that allows retirees to accumulate interest on their pensions. Customers also have free access to funds via online banking, transactions conducted on the telephone and mobile-phone banking. Customers can choose to set up a flexible or statement account, the latter including worldwide access with a Visa debit card.

Pros

No monthly account keeping fee
Free Internet, mobile and phone banking
Linked Visa debit card

Cons

A minimum of six free 'Everyday Transactions' each month

Details

Key details

Product Name	Newcastle Permanent Special Monthly Interest Account
Monthly account fee	$0
Card access	Visa
Own network ATM fee	$0
International ATM Fee	$5 + 3%
International transaction fee	3%
Monthly deposit required to waive account fee	N/A
Contactless Payments	Apple Pay, Google Pay

Eligibility

Minimum Age	55
Joint account availability	Yes
Minimum opening deposit	N/A
Residency status	Permanent Australian residents with an Australian address

Key features

No monthly fees

Customers incur zero account-keeping and automatic-transfer fees. However, fees are payable for other services provided by the bank, so check the product schedule to avoid incurring unnecessary charges.

24/7 convenient access

With the Statement option, you can access your money via Visa debit card, cash card, personal cheques, internet and mobile-phone banking, automatic transfers, ATM withdrawals, EFTPOS transactions and in-branch transactions.

Upgrades available

You can upgrade from the Passbook option to the Statement account to benefit from a wider range of features.

Interest rate structure

The amount you earn in interest every month is paid directly into your account. Interest rates are subject to fluctuation. The credit interest is paid into the account on the last day of every month.

Transaction limit

Starting on the first of the month and ending on the last day of the month, customers have a maximum of six free everyday transactions. Those who hold additional Newcastle Permanent accounts or certain home loan products can benefit from a higher number of free transactions.

Withdrawal limit

Certain withdrawal limits apply depending on the transaction method.

How to apply

Eligibility

If you're eligible and you'd like to apply for this account, here's how to get the process started. You have to meet the following criteria.

Age. Access to this account requires that you be 55 years old or older. You have to prove that you are receiving a government pension or that you're a member of the Association of Independent Retirees.
Identification. You will be asked to produce positive identification, which can include a national identity card or passport.

Residency. Only permanent Australian residents can apply.

Other information

You will be asked to provide personal information like contact details, a tax file number and an Australian mobile phone number.

If you're filling in your application in stages, you have the option of saving the form and retrieving it later. The Newcastle Permanent hotline is also available for queries before, during and after the application process. Remember that the Statement and Passbook options offer different benefits, mostly concerning the kind of access you have to your money.

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Newcastle Permanent Special Monthly Interest

Pros

Cons

Key features

No monthly fees

24/7 convenient access

Upgrades available

Interest rate structure

Transaction limit

Withdrawal limit

How to apply

Eligibility

Other information

Compare other transaction accounts

Sources

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