Get obsessed with your savings! 4 account essentials for 2024
Not sure what features should be included in your savings account? No problem – we'll show you.
Sponsored by Newcastle Permanent. Open an Online Savings Account with Newcastle Permanent and eligible new account customers will receive a special introductory rate of 5.20%p.a. for the first 3 months. Eligibility criteria, T&Cs, fees & charges apply. General advice only - click for important info.
Whether you're saving for a house deposit, a car, a holiday, your wedding – or something else entirely – it's essential to have the right account features in place.
1. An interest rate that helps you grow your funds
Your interest rate isn't the only factor you need to consider in a savings account, but it is one of the most important.
After all, it has a big impact on how your savings grow in the coming months and years. So it's important to be obsessed with this aspect of it.
Many account providers will offer an introductory rate when you join.
For example, the Newcastle Permanent Online Savings Account is currently offering a special introductory rate of 5.20% p.a. for your first three months of saving.
Now, there are a few T&Cs; you can see the full list on Newcastle Permanent's website. But to give you a bit of an overview, you'll need to have an Everyday Account, Home Loan or a Credit Facility with Newcastle Permanent to qualify for bonus interest.
Keeping an eye out for these kinds of offers can be a great way to give your savings a boost straight away.
Start saving with Newcastle Permanent
2. No monthly fees
Fees can be a silent, lurking presence in a savings account, quietly chipping away at your savings over time. So whenever you sign up for a savings account, take a close look at any relevant fees.
The Newcastle Permanent Online Savings Account is one savings account that doesn't charge monthly or account-keeping fees.
Looking for a provider that offers this kind of approach to fees can help you grow your savings more rapidly, and avoid undercutting your nest egg.
3. No minimum monthly deposit
Many savings accounts won't give you a high interest rate – or any interest – if you don't deposit a certain amount each month.
This is usually referred to as a "minimum monthly deposit".
However, sometimes life gets in the way of our plans – and when it does, saving can become a bit tricky.
This can mean you're missing out on interest or even being penalised by your savings account.
So when you're picking out a savings account, it may be worth looking for one that doesn't require a minimum monthly deposit.
This can help avoid needless financial penalties, while still helping your savings grow over time. And then when you're able to start saving properly again, you can pick up where you left off.
One example is the Newcastle Permanent Online Savings Account, which doesn't require a minimum monthly deposit in order to earn interest.
4. 24/7 access
You never know when you'll need to check in on your savings – and in 2024, it's not good enough to have to wait for the local branch to open in the morning!
Having online access to your savings account means you can get an overview of your funds, whenever you need to.
The Newcastle Permanent Online Savings Account lets you access your savings account via the Newcastle Permanent app or through internet banking.
This gives you 24/7 access to your money – you're not just restricted to traditional office hours. This means you're able to make transfers, top up your savings, or otherwise make adjustments as required.
Ultimately, having the right features in place can help you stay more in control over your savings.
Learn more about saving with Newcastle Permanent
Sponsored by Newcastle Permanent. Open an Online Savings Account with Newcastle Permanent and eligible new account customers will receive a special introductory rate of 5.20%p.a. for the first 3 months. Eligibility criteria, T&Cs, fees & charges apply. General advice only - click for important info.
