NEWCASTLE PERMANENT
NON-BANK MONEY MINDER OF THE YEAR
History is repeating for Newcastle Permanent Building Society, which also took out the top gong for this award in 2021.
The non-bank sector is delivering valuable money-minding options for consumers, and with its “customer is an owner” philosophy, it’s hard to go wrong with credit unions and building societies.
So, what puts Newcastle Permanent on the top of the leaderboard? Plenty – and it all starts with a generous selection of transaction accounts.
The Everyday account provides unlimited everyday transactions and pay-in-an-instant options through mobile payments, online banking or a Visa debit card. A $4 monthly account-keeping fee applies, although this is waived for under-25s, or if you deposit $1800 each month, or if you have a home loan or a credit facility with Newcastle Permanent.
To avoid monthly fees altogether, Newcastle Permanent’s Access account may be suitable for those who want a secondary account or who only make occasional transactions. Four free everyday transactions can be made each month.
Retirees, pensioners and over-55s can enjoy flexible banking with Newcastle Permanent’s Special Monthly Interest account. Your money is at-call, with no monthly account-keeping fees and at least six free everyday transactions each month. As an added sweetener, the account pays interest of up to 0.35%, so all of your money can be put to work earning a return.
When it comes to ATM access, Newcastle Permanent has a big presence in the Hunter Valley in NSW. However, account holders elsewhere can use ATMs belonging to any of the big four banks for free.
To get more bang for your spare bucks, Newcastle Permanent’s Smart Saver pays interest of 0.35%, though only if you grow the balance of your account by $150 each calendar month and limit withdrawals to a maximum of two per calendar month. Or head to the online savings account to earn bonus interest for the first three months, which can take your total return to 0.35%.
If you have cash that won’t be needed in the short term, Newcastle Permanent offers multiple term deposit options with terms ranging from 21 days to five years. Interest can be paid monthly, quarterly, half-yearly, annually or at maturity. The minimum deposit is $1000, so you don’t need a lot to get started.
Following the Reserve Bank’s June cash rate hike, Newcastle Permanent announced it will increase rates on a number of term deposits, including a special rate of 2.25%pa on new 12-month term deposits effective from June 14, 2022.
“I hope that this will provide some relief to our loyal savers who have experienced a lower level of return on their funds in recent years,” says Newcastle Permanent CEO Bernadette Inglis.