Newcastle Permanent Term Deposit Rates

If you’re looking for a way to invest money for a set period at a fixed interest rate, then you might be interested to learn more about Newcastle Permanent’s term deposits.

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What terms are available on Newcastle Permanent term deposits?

According to Newcastle Permanent, it offers term deposits with terms (the length of time your money is deposited) typically ranging from a minimum of one month to a maximum of five years across its standard, gold and platinum term deposit products.

You can use Canstar’s term deposit calculator to help you work out what term length might be suitable. One factor to consider is that longer terms typically come with higher interest rates, but you may have to wait longer to access the maximum interest rate that can come with reaching the maturity date.

When deciding on a term deposit, it’s a good idea to carefully consider the length of the investment term, as some products may charge a fee and require a certain notice period if you need to access your money early.

When is interest paid on Newcastle Permanent term deposits?

Depending on the product chosen, Newcastle Permanent’s term deposits offer customers the choice of receiving interest payments at the following frequencies, although not all of its products will offer each of these options:

  1. Monthly
  2. Quarterly
  3. Semi-annually
  4. Annually
  5. At maturity

It’s worth remembering that the option you select may have an impact on the rate of interest you earn. Canstar’s term deposit calculator can help you decide how you can maximise the interest paid on your term deposit.

Does Newcastle Permanent have a notice period and charge an early withdrawal fee for withdrawals?

At the time of writing, Newcastle Permanent does not require you to provide notice if you need to access your money early.

Newcastle Permanent does not charge an early withdrawal fee, but they do charge an interest rate adjustment if you withdraw your money before the end of the term.

Newcastle Permanent’s website and Product Disclosure Statement provide more information on any interest adjustments or other early withdrawal penalties that may apply.

Does Newcastle Permanent charge any other fees for term deposits?

At the time of writing, while no account keeping fees are listed, certain other fees including a ‘Special Clearance on Cheque’ fee are mentioned by Newcastle Permanent in relation to its term deposits. 

For current information on fees and how they apply, please check the Product Disclosure Statement or contact Newcastle Permanent.

How to apply for a Newcastle Permanent term deposit

Before applying for a Newcastle Permanent term deposit, aim to first compare it against other term deposits on the market to ensure it is the right one for you.

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If applying, consider Newcastle Permanent’s eligibility criteria (below) and what you might need to have on hand, such as:

  • Your TFN (Tax File Number)
  • Proof of ID, such as your driver’s license or passport
  • Personal details, including your residential address, contact information and potentially information on your current job

If you’re applying for a term deposit on behalf of a business, self-managed super fund or other type of entity or organisation, you may need to supply different documents to those listed above. The terms and conditions that apply to your term deposit might be slightly different.

To see if you can apply online for a Newcastle Permanent term deposit, just check to see if ‘apply online’ is ticked in Canstar’s term deposit tables and visit Newcastle Permanent’s website.

Eligibility criteria

According to Newcastle Permanent, when applying for a term deposit, you will need to meet the following eligibility criteria:

  • You must be at least 18 years old
  • You must be an Australian resident
  • You must be investing a minimum deposit of $1,000
  • You must be willing to invest for a time frame within the minimum and maximum terms specified (see above).

What happens to a Newcastle Permanent term deposit when it reaches maturity?

According to Newcastle Permanent, when a term deposit reaches the end of its term, you have seven days to withdraw your money. However, if you haven’t provided advice as to what you would like to do with the money, it will be reinvested at the same term and potentially with an updated interest rate.

About Newcastle Permanent

Newcastle Permanent is a customer-owned banking institution and has been since it was founded as a building society in 1903. With 59 branches across regional NSW and more than 320,000 customers, Newcastle Permanent is one of the largest building societies in Australia.

Written by: Maddie Clarey | Last updated: November 8, 2018