Newcastle Permanent Special Monthly Interest
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.
Account keeping fee
ATM withdrawal fee
Overseas ATM withdrawal fee
Overseas transaction fee
of transaction value
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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.
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.
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.
Certain withdrawal limits apply depending on the transaction method.
How to apply
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.
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.