New account holders can earn up to 5.2% for the first three months of opening this account.
Newcastle Permanent Online Savings Account
- Maximum variable rate
- 5.20% p.a.
- Base interest rate
- 1%p.a.
Our verdict
You can earn up to 5.2% p.a. with no conditions to meet, however it's only for the first 3 months.
This account offers new customers a decent bonus rate for the first 3 months without having to make any monthly deposits or limit your withdrawals. However, after the 3-month intro period it'll drop down to the variable base rate of 1% p.a. which is very low in today's market.
It could suit you if you're looking for an account that still earns a bit of interest without having to meet any ongoing conditions.
Pros
-
$0 minimum balance requirement
-
$0 minimum opening balance
-
Multiple accounts are allowed
-
Decent bonus rate for the first 3 months
-
No conditions to meet to earn interest
Cons
-
An everyday account, home loan, or credit facility is required to earn interest
-
Bonus rate is only available for 3 months
-
Low ongoing variable base rate
Details
Key details
| Product Name | Newcastle Permanent Online Savings Account |
| Maximum Variable Rate | 5.20% p.a. |
| Standard Variable Rate | 1.00% p.a. |
| Monthly Account Fee | $0 |
| Minimum Opening Deposit | $0 |
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Alison Finder
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Alison Banney Finder
March 14, 2023
Hi Sue,
The introductory bonus rate is available for the first 3 months for new Online Savings Account holders who have not held an Online Savings Account during the last 6 months. If you haven’t held an account in the last 6 months, then yes you’re eligible.
Thanks,
Alison
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Andrew
February 10, 2023
What is the maximum balance yo can receive 4.5% interest and does this account have the government guarantee?
Alison Banney Finder
February 22, 2023
Hi Andrew,
The bonus rate applies to your entire balance – there is no maximum balance limit. And yes, your deposit up to $250k with Newcastle Permanent in covered by the bank government guarantee scheme.
Thanks,
Alison
Christine
March 09, 2017
With the Newcastle Permanent online savings account, if the standard variable is 1.5% how do I qualify for the 1.5% bonus interest each month
Anndy Lou Finder
March 09, 2017
Hi Christine,
Thanks for your question.
The bonus rate is only available to new Online Savings Account holders who have not held an Online Savings Account during the last 6 months. The bonus rate of 1.50% p.a. applies for 3 months after account opening, on top of the standard variable interest rate. Also, to get this rate, you must have an Everyday Account, a Home Loan or a Credit Facility with Newcastle at the time interest is applied.
Cheers,
Anndy
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Sue
March 10, 2023
Can I open an account for the 4.5% interest rate though I am a newbie and have had no transactions before?