Education Savings Account

The cost of a good education is becoming more expensive every year. Educating a child through primary school and secondary school, then possible further studies such as TAFE and university, can mean costs grow sky high.

Our Education Savings Account can help you begin a savings plan to make these costs easier to manage. It offers a high rate of interest, paid each month, when you make at least one deposit and no withdrawals during the month.

Anyone can open an Education Savings Account. Parents, guardians, grandparents, uncles, aunts, godparents and even you can open one for yourself if you are considering further education.

Benefits

No ongoing account keeping fees.
Unlimited free deposits.
Free Internet and phone banking.
No minimum ongoing balance.
High rate of Interest.*
Interest calculated daily and paid monthly.*
at call access.

*When you make at least one deposit and no withdrawals during the month.

Product Features

Money available at call	Yes
Transaction record	Passbook
Interest	Education Savings Interest is calculated daily and paid monthly (providing you make at least one deposit and no withdrawals during the month).
Minimum opening balance	$1
Access and transactions	- Direct credit - Direct debit - Internet banking - Phone banking - BPAY^® - Pay Any One - Over the counter
Transaction fees	Yes. There is a minimum six free transactions. Additional free transactions are available if you have an automatic transfer to your eligible Newcastle Permanent Loan or you maintain a higher balance in your account.
Ongoing account keeping fees	Nil