Newcastle Permanent Online Savings Account

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Newcastle Permanent Online Savings Account
3.2
Finder Score
Basic

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Maximum variable rate
5.00% p.a.
Base interest rate
1.00% p.a.

Our verdict

You can earn up to 5% 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

In this guide

  • Our verdict
  • Details
    • Key details
  • Key features
  • How to apply
  • Compare other savings accounts
  • Your reviews
  • Ask a question

New account holders can earn up to 5% for the first three months of opening this account.

Details

Key details

Product Name Newcastle Permanent Online Savings Account
Maximum Variable Rate 5.00% p.a.
Standard Variable Rate 1.00% p.a.
Monthly Account Fee $0
Minimum Opening Deposit $0
Minimum Age 14

Key features

No monthly account keeping fees

You will not be charged any monthly account keeping fees with the Online Savings account.

No transaction fees

Zero transaction fees, no matter how you transfer money in or out of the account, except as many apply to international transfers or extra services.

Launch savings calculator

How to apply

You can open this account online by completing the application form on the bank's website.

Eligibility

To save time, you should first check the following eligibility requirements:

  • Minimum age. No age limits to savings accounts. However if a child is under 14 years of age, then a parent or guardian need to open the account.
  • Residency requirements. You must be an Australian resident with a residential address.

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Earn a high interest rate of 5.45% for the first 4 months and then 4% thereafter, with $0 account keeping fees and no monthly balance requirements.
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Monthly Max Rate Conditions
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Bank of Queensland Simple Saver Account
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Maximum Variable Rate p.a.
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Standard Variable Rate p.a.
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Monthly Max Rate Conditions
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St.George Incentive Saver
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9.1 Excellent
Maximum Variable Rate p.a.
5.00%
Standard Variable Rate p.a.
0.40%
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Government Guarantee
Monthly Max Rate Conditions
  • Grow balance $50 ($0.01 if under 21)
  • Balance up to $249,999.99
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Macquarie Savings Account
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8.8 Great
Maximum Variable Rate p.a.
5.10%
Standard Variable Rate p.a.
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Intro/Ongoing
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Balances up to $250,000
Earn 5.1% p.a. for the first 4 months then 4.75% p.a. ongoing with no conditions to meet. Earn the ongoing rate on balances up to $1 million.
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ING Savings Maximiser
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Maximum Variable Rate p.a.
5.40%
Standard Variable Rate p.a.
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Monthly Max Rate Conditions
  • Deposit $1,000
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Newcastle Permanent Smart Saver Account
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Finder score
7.7 Great
Maximum Variable Rate p.a.
4.25%
Standard Variable Rate p.a.
0.05%
Intro/Ongoing
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Monthly Max Rate Conditions
  • Grow balance
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ING Savings Accelerator ($150,000 - $500,000)
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8.5 Great
Maximum Variable Rate p.a.
5.15%
Standard Variable Rate p.a.
4.45%
Intro/Ongoing
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Welcome rate applies up to $500K
Ideal for higher balances, savers can earn up to 5.15% for the first 4 months and up to 4.45% thereafter. There are no conditions and $0 account-keeping fees.
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Bank of Queensland Future Saver Account - 14 to 35 years
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Maximum Variable Rate p.a.
5.25%
Standard Variable Rate p.a.
0.05%
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Monthly Max Rate Conditions
  • Deposit $1,000
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BCU Bonus Saver
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Maximum Variable Rate p.a.
4.75%
Standard Variable Rate p.a.
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Government Guarantee
Monthly Max Rate Conditions
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IMB Reward Saver Kick Start
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Maximum Variable Rate p.a.
5.00%
Standard Variable Rate p.a.
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Ongoing
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Monthly Max Rate Conditions
  • Deposit $20+ each month
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First Option Bank Kids Bonus Saver
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Maximum Variable Rate p.a.
5.30%
Standard Variable Rate p.a.
0.05%
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Government Guarantee
Monthly Max Rate Conditions
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How the Finder Score helps you find a better savings account

The Finder Score is a simple score out of 10. The higher a savings account's score, the better we think it is for the average customer.

We score each savings account in our database of hundreds based on a data-driven methodology with 2 main criteria: Does the account offer a high interest rate? And is it easy for savers to actually earn that rate?

Read the full Finder Score breakdown

Sources
  1. Newcastle Permanent Online Savings Account information page
  2. Newcastle Permanent Online Savings Account TMD

Your reviews

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Ask a question

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Alison Finder

Editorial Manager, Money

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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?


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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?


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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


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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


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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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Avatar

Alison Banney

Editorial Manager, Money

Alison is an editor at Finder and a personal finance journalist with over 10 years of experience, having contributed to major financial institutions and publications such as Westpac, Money Magazine, and Yahoo Finance. She is frequently quoted in media outlets like SmartCompany and SBS, offering expert insights on superannuation and money management. Alison holds a Bachelor of Communications in Public Relations and Journalism from the University of Newcastle, and has earned three ASIC RG146 certifications in superannuation, securities and managed investments and general financial advice, ensuring her expertise is fully aligned with ASIC standards. See full profile

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