Bankwest Qantas Transaction account [being withdrawn in 2025]

[MEL_Traveller]

And that's my Points Club Plus membership screwed as well....

There goes my points club total (minus the 'plus')

 

[EestiTiger]

I guess it was good while it lasted I was a bit annoyed at the last devaluation. Anyways!

 

[jc14]

And that's my Points Club Plus membership screwed as well....

Same here....

 

[Danger]

This is a real loss.

I wonder if it's possible to have multiple accounts open in the same name.

 

[Danger]

This is a real loss.

I wonder if it's possible to have multiple accounts open in the same name.

Damn. The Bankwest page says one account per person.

 

[MEL_Traveller]

Damn. The Bankwest page says one account per person.

Mom. Dad. Children. Granny. Gramps. That's 300K!

 

[serfty]

Mom. Dad. Children. Granny. Gramps. That's 300K!

Doesn't help in Qualifying for Points Club ...

 

[ChrisMars]

I just signup for an account last week! Now I am not really affected, as I didn't plan to have more then 20k on it at anytime.

I intuitively would think that large sums are better placed somewhere else, but I havent done the maths, so Ill ask: was that uncapped account really interesting, compared to placing money in a term deposit, or investing?

 

[MEL_Traveller]

I just signup for an account last week! Now I am not really affected, as I didn't plan to have more then 20k on it at anytime.

I intuitively would think that large sums are better placed somewhere else, but I havent done the maths, so Ill ask: was that uncapped account really interesting, compared to placing money in a term deposit, or investing?

Against investing in something like super, or a find that can return the same as super, Bankwest didn't come out in front.

Against terms deposits it faired better, although lately I've seen advertisements for La Trobe Financial offering term deposits for 4.5%. That would likely be a winner.

The nice thing about Bankwest was that there was no tax on the points. With fairly low term deposit rates lately converting Bankwest points to a business class airfare made sense. If we take a deposit of $250K in bankwest it would accrue around 270,000 points a year, enough for a return business class to Europe. The value of that depends if you measure against QF/EK paid fares (upto $8k), or against something like a CX/AY or JL/BA fares of $5500. (Prior to the devaluation in earning last year the same $250K on deposit would have returned 360,000 QFFF points, plenty for a oneworld J class award, which could have quite a high value).

 

[Danger]

Mom. Dad. Children. Granny. Gramps. That's 300K!

Ha. I trust all them with my money ... but not with my FF points.

 

[Happy Trails]

Double 'hmmm'... just checked the terms and conditions of the BW Qantas transaction account - clause 10 says they will give us at least 30 days' written notice of any changes. And right under that:

You agree that we may give you such notice in writing by publishing notice in a national newspaper, or on the Bankwest Qantas Rewards website located at Bankwest Personal Banking | Accounts, Credit Cards and Loans.​

​

So they don't have to write to us individually - just put it on their website. Job done

FWIW I've just now received an email notification of the change.

 

[Duffa]

FWIW I've just now received an email notification of the change.

Yep, same for me

 

[Duffa]

La Trobe Financial offering term deposits for 4.5%.

I looked for that - it seems to be a Term Investment, where you could still lose all your money!

 

[MEL_Traveller]

I looked for that - it seems to be a Term Investment, where you could still lose all your money!

Hmmm again! I didn't even look in to it - I just saw an ad and thought it was a term deposit. You are right though it's an 'investment' and you could lose some or all of your principal. (I didn't even see it came with its own QFFF points, but not worth it for me if the investment can go down.)

 

[c07c07y]

Not sure how much Qantas charge but surely they don't lose money from buying FF points from Qantas in lieu of investing our parked money in something else? So what is the difference to them if they have 30 accounts with $100,000 parked v 60 accounts with $50,000... Just wondering...

 

[mannej]

Received e-mail notification, albeit parked in my junk mail folder.

 

[Duffa]

Not sure how much Qantas charge but surely they don't lose money from buying FF points from Qantas in lieu of investing our parked money in something else? So what is the difference to them if they have 30 accounts with $100,000 parked v 60 accounts with $50,000... Just wondering...

Never thought of it that way. Neither did they probably; some junior manager just thought "Crikey, this blokes got xx million in this account and we are haemorrhaging points." Conversly, they may just be trying it on, to see how many people stay? I can confidently predict that will not be a single account left after Nov 1 with more than $50,000 in it.

 

[Big John]

Very sad to see this cap imposed.

Was a good place to park surplus cash in a low interest rate environment.

Will have to look at the Qudos offering soon.

 

[Danger]

I spoke with Bankwest yesterday and after a bit of back and forth I was able to convince them to pause the transfer of points to my Qantas account. I'm at a point in my QF membership year where it's much more beneficial for me to defer earning until my new membership year rolls over.

 

[Kangol]

A few days to go. Has anyone applied for the Qudos bank account?