Bankwest Qantas Transaction account [being withdrawn in 2025]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