Newcastle Permanent Smart Saver Youth Account (under 25s)
- Maximum variable rate
- 5.00% p.a.
- Base interest rate
- 0.05%p.a.
Our verdict
Under 25s can earn an ongoing variable rate of 5% p.a. when you grow your balance and make no more than 2 withdrawals each month.
This savings account is more flexible than some others in the market as you’re able to make 2 withdrawals per month while still earning interest. You also only need to grow your balance by any amount (not including interest) per month to earn the bonus rate, which is much lower than other youth accounts that require you to deposit a certain amount each month.
The rate is also quite competitive compared to most savings accounts.
Pros
-
Only need to grow your balance each by any amount to earn bonus interest
-
Can make 2 withdrawals a month and still earn interest
-
No fees
Cons
-
Base rate is very low if you don't meet the bonus conditions
Details
Key details
| Product Name | Newcastle Permanent Smart Saver Account - Under 25s |
| Maximum Variable Rate | 5.00% p.a. |
| Standard Variable Rate | 0.05% p.a. |
| Monthly Account Fee | $0 |
Your reviews
Alison Finder
Editor
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Alison Banney Finder
September 21, 2023
Hi Nikola, please get in touch with Newcastle Permanent directly to discuss your application and what’s needed in terms of tax. You can reach them on 13 19 87.
Alfred
April 26, 2023
0with the kids saving accounts if you don’t withdraw 2 times a month does this reduce the interest rate.
Alison Banney Finder
April 28, 2023
Hi Alfred, no you are not required to make any withdrawals at all if you don’t need to. Making no withdrawals will not impact your interest rate. However, if you make more than 2 withdrawals during the month you won’t be eligible for the bonus rate.
Nikola
September 08, 2023
If opening the smart saver youth acc for a child under 14 they won’t have a tax file no… but if one is needed do we use the parent’s TFN?