Bankwest is offering an easy 5,000 Qantas Frequent Flyer points for signing up to a Bankwest Qantas Transaction Account.
This bank account allows you to earn Qantas points on your account balance and debit card transactions, and comes with no fees if you deposit at least $2,000 per month.
The Bankwest Qantas Transaction account has long been popular with AFF members because you can earn 3 Qantas points for every eligible transaction made on the accompanying debit card, regardless of the amount, up to a limit of 50 transactions per day. (However, Bankwest has been known to close the accounts of people who try to “game the system” by making regular transactions worth only one cent.)
You’ll also earn 0.3 Qantas points for every $100 held in your account per day, up to a balance of $50,000. That works out to be 9 Qantas points per month for every $100 held in your account. The trade-off is that the regular interest rate on this account is only 0.01%.
Other Australian bank accounts that offer points on the account balance (in addition to regular interest) include the Qudos Bank Qantas Points Saver and BOQ Specialist Everyday Plus accounts.
Bankwest’s current sign-up bonus offer
If you haven’t had a Bankwest Qantas Transaction Account in your name in the last two years, and open a new account by 7 August 2022, you can earn an additional 5,000 bonus Qantas points.
To be eligible for the sign-up bonus, you would just need to make at least 10 eligible debit card transactions each month for the first three months after opening your bank account.
Here are the full offer terms & conditions, as per the Bankwest website:
Earn 5,000 Bonus Qantas Points promotion is only available to eligible new Bankwest Transaction account customers who have not held a Bankwest Qantas Transaction Account in the last 24 months and apply from 13 June 2022 until 7 August 2022. To be eligible for 5,000 Bonus Points you must complete 10 transactions using your Debit MasterCard each month for the first three months of the account being opened and have a valid Qantas Frequent Flyer membership number. 5,000 Bonus Qantas Points are transferred to your account within 60 days of becoming eligible and are subject to change. Your account must remain open for points to be transferred.
This account has no fees if you deposit at least $2,000 per month. This can include depositing $2,000, then transferring it back out to another bank account the next day. So if you’re eligible for this offer, it’s potentially an easy way to earn 5,000 Qantas points at no cost.
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