Account Closure Interest Remediation

You are receiving a payment because interest was not correctly paid when your account was closed. We are now correcting this and ensuring you receive any amounts owed plus additional interest on the original amount owed.  

No, not all closed accounts were impacted. Those that were impacted have been identified and contacted to enable us to begin making payments.

Yes, we have implemented new processes and system changes to ensure the correct amount of interest is paid where an account is closed.

The communication you received from us will outline how and when your payment will be made, or let you know that we are waiting on payment instructions for you.

If you still hold an eligible account with us in the same name as the impacted closed account, the amount you are owed will be credited directly to that account.

To provide payment instructions, you can call us on 13 19 87.

If you no longer hold an account with us, you can call us on 13 19 87 or visit your local branch to provide alternate bank account details. We’ll use these details to make the payment to you. If we don’t hear from you by 17 October 2025 a cheque will be sent to the address we have on file.

You can either:

• Call us on 13 19 87, or
• Visit your local branch and speak with a team member.

Your payment amount includes the unpaid interest that was accrued during the month that your deposit account was closed. We have also added an extra interest amount on top of the accrued unpaid interest, calculated at the Reserve Bank of Australia cash rate plus 6% per annum.

No. If the impacted closed account was in your name only, and your only current account with us is a joint account, we will not automatically credit the payment. You will need to provide payment instructions by calling us on 13 19 87, or we will issue a cheque.

We are processing payments as soon as possible. If you hold an eligible Newcastle Permanent account, you can expect to receive your payment by 22 May 2026. Otherwise, we will process your payment promptly once we receive your payment instructions.

The payment will be classified as interest. We encourage you talk to your financial and/or tax advisor to discuss whether this refund may have any tax implications or affect any government benefits or subsidies you may currently be receiving.

You can call us on 13 19 87 or visit your local branch for more information.

For details on how to share your feedback, please visit our Compliments and Complaints page.