Newcastle Permanent Term Deposit Review, Rates & Information

Product details

The flexibility of the Newcastle Permanent Term Deposit allows you to customise the account to meet your savings goals. Various options for term lengths, and high interest earnings on smaller deposit amounts can give you the opportunity to grow your money in a short amount of time. For higher deposits you can set up monthly interest payments, augmenting your monthly income while keeping your financial future securely held in an account.

Product Name: Newcastle Permanent Term Deposit

3 month interest rate: 2.00%

4 month interest rate: 2.00%

6 month interest rate: 2.00%

9 month interest rate: 2.00%

12 month interest rate: 2.00%

Min Deposit: $1,000

Joint Application: Yes

Minimum Age Requirement: 18

Covered by Government Guarantee: Yes (Up to $250,000 per person, per institution)

What are the features of the Newcastle Permanent Term Deposit?

The features of a term deposit are essential to the growth of your savings. Before choosing an account compare these features you get with Newcastle Permanent against other Australian financial institutions to make sure that you find an account that fits in with your saving style:

Minimum investment amount. With Newcastle Permanent you are able to open a term deposit with as little as $1,000.
Term length. You can choose from terms ranging from one month to one year.
Monthly account keeping fees. You will not be charged any fees for maintaining your term deposit.
Interest rates. With this term deposit, your interest rate is fixed for the entire length and you earn at a higher rate when you choose longer terms and make larger investments.
Interest payments. The interest on a term deposit with Newcastle Permanent is calculated daily, and in many cases you are able to choose when to receive your payments. The highest rates are offered when you choose a one-time payment at maturity, but you can also choose monthly payments with terms of one year or deposits of $20,000 or more. Maturity payments may be made into the term deposit account or other eligible account, while monthly payments can only be made into an eligible account that you have nominated.
Early withdrawal. If you choose to withdraw your money before the agreed upon maturity date, you will be subject to a reduction in the interest rate.
Account operation. You will be issued a passbook with your term deposit where all transactions will be recorded.
Term maturity. You will be notified of your impending maturity date, at which time you will need to let Newcastle Permanent know if you plan on making a reinvestment of your money, a partial withdrawal or a full withdrawal. You have up to seven days after the maturity date to make adjustments to your term deposit account.

Pros

You can apply for an account via online
There is $0 annual or monthly account keeping fee

Cons

Minimum investment of $0

How do I apply for the Newcastle Permanent Term Deposit?

If the options provided by the Newcastle Permanent Term Deposit fit in with your short term financial goals, you can fill out an online application in under ten minutes by clicking on “Go to Site”. Before getting started on the application for your term deposit, verify that you are eligible to apply:

Minimum age. Term deposit account holders must be at least 18 years of age.
Residency requirements. You and any joint account holders must be permanent Australian residents with an Australian residential address.
Depository requirements. In order to activate your term deposit you will need to make a minimum deposit of $1,000.

In addition to meeting the eligibility requirements you should also ensure that you have access to the following documentation to ensure that your application is filled in correctly:

Tax file number. While not obligatory, by providing your tax file number (TFN) Newcastle Permanent will be able to correctly calculate the amount of withholding tax to apply to your interest earnings.
Identification. Identification documents such as your driver’s licence, passport or Medicare card will contain information that can help to verify your identity. If you are new to Newcastle Permanent you could be asked to visit a branch or Bank@Post in order to complete your identification verification.

After the submission of your online application you should receive a confirmation email from Newcastle Permanent outlining your application details. You will then need to sign and return the application form and transfer the funds into the term deposit in order to activate it.