Bankwest Qantas Transaction account [being withdrawn in 2025]

[oz_mark]

This is my go-to card for foreign purchases because my understanding is that MasterCard has better FX rates than Visa.

Usually, but it is fairly marginal.
I may keep the card as a backup when overseas, given it looks as though the $2,000 per month dance can stop.

 

[clifford]

This is my go-to card for foreign purchases because my understanding is that MasterCard has better FX rates than Visa.

Yes, but what is it going to save you? 10c?

 

[Kangol]

Received this email today:
View attachment 446117

I also got this today, had no idea it was being discontinued.

I opened this account for the initial sign-up bonus and have been transferring money in to avoid fees and then straight out to other accounts with good interest earn automatically for a handful of points. Also liked the idea of another fee free txn account for overseas travel as back-up for Macquarie and the NAB Citibank replacement.

But I will now close this and also the Qudos account by end of June; as the points earn isn't worth the effort and much better savings rates to be had at Macquarie and Westpac with no minimum deposit and no penalty if a withdrawal is needed.

Savings account

A high interest online savings account with no monthly fees and no monthly deposit requirements. Access your money when you need it with flexible withdrawals and digital banking app.

www.macquarie.com.au

Is it this one you refer to: introductory welcome rate of 4.85% for 4 months, switching to an ongoing of 4.5% up to 1m?

 

[Aeryn]

Is it this one you refer to: introductory welcome rate of 4.85% for 4 months, switching to an ongoing of 4.5% up to 1m?

Yep.

Unfortunately rates decreased because of the recent interest rate cut, those with a mortgage may celebrate but us savers do not. It was over 5% for most of the last few years.

 

[tomlee1986]

I got the email as well

 

[clifford]

I'm thinking I may well ditch this account. It no longer seems to have anything going for it, that can't be bettered by free accounts elsewhere (eg Wise, Ubank, Macquarie, etc.). I'll retain my Bankwest (fee free) credit card though

 

[Greg32]

Yep I agree. I have had one of these accounts for almost 10 yrs. It was an easy way of making sure your Qantas points kept ticking over and never expired. Ah well, will have to look at something else now as I already have an Easy Transaction account and might look to close that too.

Hi, I’m in same position…I’m thinking of moving to qudos. What are peoples reports on this?.

 

[MEL_Traveller]

Hi, I’m in same position…I’m thinking of moving to qudos. What are peoples reports on this?.

I’ve liked qudos. Swag of QFFF points and high interest rates.

Yeah, I could get 1/2 a percent higher interest elsewhere, but you gotta pay tax on that, and the points more than make up for it.

Money in and out is easy on qudos.

 

[Greg32]

Yep I agree. I have had one of these accounts for almost 10 yrs. It was an easy way of making sure your Qantas points kept ticking over and never expired. Ah well, will have to look at something else now as I already have an Easy Transaction account and might look to close that too.

Hi, I’m in same position…I’m thinking of moving to quudos. What are peoples thoughts on them?

It seems that Bankwest is going to the dogs. They've also closed all their branches. I think I might close my transaction account with them, as it no longer offers anything that's not available from other banks, and there is also the monthly fee (which of course I avoid). On top of that, they are very selective as to which payments they won't block.

I can see ComBank's grubby hands all over this.

 

[Aeryn]

I joined Qudos for the sign-up bonus, its not a great points earner there after. And they are merging soon so who knows what other changes might arise.

I need to do a review this weekend and decide whether to close both BW and Qudos by eofy or just BW.

IMO Macquarie Banks is still the best online saver with no hurdles.

 

[MEL_Traveller]

I joined Qudos for the sign-up bonus, its not a great points earner there after. And they are merging soon so who knows what other changes might arise.

I need to do a review this weekend and decide whether to close both BW and Qudos by eofy or just BW.

IMO Macquarie Banks is still the best online saver with no hurdles.

Qudos is about the earn rate - well, about 40%. But you get a heap of interest. I like it as a nice mix of points and cash.

 

[Aeryn]

Qudos is about the earn rate - well, about 40%. But you get a heap of interest. I like it as a nice mix of points and cash.

Now that the interest rates have fallen the interest forgone for points is a less than it was a year ago.

At Qudos you earn 400 Qantas Points per annum for every $1000 of your balance, credited monthly and earn 3.75% interest. At Macquarie you get 4.85% for first 3 months; then 4.5% thereafter.

Say you start with $10k balance on 1st Jan and add $1k on first of the next month, no withdrawals.
On 31st Dec at:
Qudos you will have earned 6292 QFF points and $590.92 in interest.
Macquarie you will have earned 721.10 in interest.

So the points cost you $0.02 per point. This could be great or bad depending on how you value a point.

 

[MEL_Traveller]

Now that the interest rates have fallen the interest forgone for points is a less than it was a year ago.

At Qudos you earn 400 Qantas Points per annum for every $1000 of your balance, credited monthly and earn 3.75% interest. At Macquarie you get 4.85% for first 3 months; then 4.5% thereafter.

Say you start with $10k balance on 1st Jan and add $1k on first of the next month, no withdrawals.
On 31st Dec at:
Qudos you will have earned 6292 QFF points and $590.92 in interest.
Macquarie you will have earned 721.10 in interest.

So the points cost you $0.02 per point. This could be great or bad depending on how you value a point.

Agree!

There are tax implications which alter the cost of the point slightly.

But for me it works well as qudos is my primary source of bulk QF points… so having some available for when fares are really high is beneficial and outweighs the additional interest i could earn.

 

[Greg32]

Now that the interest rates have fallen the interest forgone for points is a less than it was a year ago.

At Qudos you earn 400 Qantas Points per annum for every $1000 of your balance, credited monthly and earn 3.75% interest. At Macquarie you get 4.85% for first 3 months; then 4.5% thereafter.

Say you start with $10k balance on 1st Jan and add $1k on first of the next month, no withdrawals.
On 31st Dec at:
Qudos you will have earned 6292 QFF points and $590.92 in interest.
Macquarie you will have earned 721.10 in interest.

So the points cost you $0.02 per point. This could be great or bad depending on how you value a point.

Thanks for that. A good way of looking at it. I guess for me it’s just about making sure my points disappear through an activity. I will have a look at Q.