Best rate (up to 1 year)
0.40% p.a.1 year
Minimum deposit
$1,000.00
Interest paid to another bank?
yes

Mozo editorial review Newcastle Permanent Term Deposit

Last updated: 8 February 2021.

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What's hot
  • Earn 0.40% on an 1 year term
  • Option to have interest paid to another bank
What's not
  • Automatic rollover
Mozo snapshot

If you’re serious about saving and need a place to stash your cash, then look no further than the Newcastle Permanent Term Deposit. Whether you’re looking to lock away for savings for five months or five years, this term deposit is filled with a range of options that can suit your savings goals. And for added flexibility, you'll even be able to have your interest paid to another bank! 


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Key features

On the hunt for a term deposit that’s fuss-free and flexible? Then the Newcastle Permanent Term Deposit could be just what you’re looking for. This product features terms from as short as one month to as long as five years, so you’re bound to find a term that’s right for you. 

You’ll be able to earn up to 0.40% in interest on an 1 year term, or if you’re thinking of investing your funds for a little longer, you could earn 0.45% on a two year term. There are no fees to worry about and you’ll have the ability to have your interest paid to another bank via a direct credit. 

To open a term deposit with Newcastle Permanent, you’ll only need a $1,000 deposit, plus there’s no maximum deposit limit either, so you’ll be able to invest as much as you’d like.  

Just keep in mind that this term deposit does come with automatic rollover, so you will need to decide what you’d like to do with your funds before the term reaches maturity. If you are thinking of rolling over your term, just be sure your rate is still competitive by comparing other term deposit options. 


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Who is it good for

With a range of terms and interest rates, the Newcastle Permanent Term Deposit could be a great pick for savers looking to invest their funds with a customer-owned bank. 


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Any catches

The Newcastle Permanent Term Deposit features an automatic rollover, which means once your investment reaches its maturity date, it will automatically be rolled over onto a new term. So unless you want to continue with your investment, you’ll need to withdraw the funds beforehand. Also, just keep in mind that if you withdraw your funds early, your interest rate will drop to 0.10% p.a.


Details

Rates and fees information correct as at 12 May 2021. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • 0.10% p.a. ($1,000+)

  • 0.10% p.a. ($1,000+)

  • 0.20% p.a. ($1,000+)

  • 0.20% p.a. ($1,000+)

  • 0.20% p.a. ($1,000+)

  • 0.30% p.a. ($1,000+)

  • 0.30% p.a. ($1,000+)

  • 0.30% p.a. ($1,000+)

  • 0.30% p.a. ($1,000+)

  • 0.35% p.a. ($1,000+)

  • 0.35% p.a. ($1,000+)

  • 0.40% p.a. ($1,000+)

  • 0.45% p.a. ($1,000+)

  • 0.45% p.a. ($1,000+)

  • 0.45% p.a. ($1,000+)

  • 0.45% p.a. ($1,000+)

Other financial bits
  • $1,000.00

  • none

Features
  • yes

  • yes

  • none

  • none

Different interest rates apply to different amounts or different interest payment frequencies.

Customer Reviews

How are Newcastle Permanent term deposits rated by the Mozo community?

Overall
8.8/10
Price
8.4/10
Features
7.6/10
Customer service
8.7/10
Convenience
9.1/10
Trust
8.9/10

Latest review of Newcastle Permanent Term Deposit

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About Newcastle Permanent

Newcastle Permanent is an independent, mutual retail financial services provider which offers a genuine alternative to traditional banks. It has comprehensive range of retail banking products and services such as savings accounts, bank accounts, home loans, personal loans, credit cards, and insurance. Newcastle permanent also provides meaningful support for the communities it serves.

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