Bankwest Qantas Transaction account [being withdrawn in 2025]

[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.

 

[BudgetFly]

Had a reminder from Bankwest that the Qantas transaction account stops earning points on Sep 1.

 

[tomlee1986]

Had a reminder from Bankwest that the Qantas transaction account stops earning points on Sep 1.

Thanks for that information- I will start moving $$ on that day then

 

[Rnwillia]

Had a reminder from Bankwest that the Qantas transaction account stops earning points on Sep 1.

Seems Bankwest is changing from one of the best service banks to one of the worst! I was with Bankwest for over 30 years until they closed all their branches at which time I closed all my accounts and moved to a bank with branches nearby so I could get the personal support that I expect from a financial institution. Now they are starting to. Shut down all the rewards that made them so attractive. I really can’t see how they can survive in this competitive world!

 

[oz_mark]

Seems Bankwest is changing from one of the best service banks to one of the worst! I was with Bankwest for over 30 years until they closed all their branches at which time I closed all my accounts and moved to a bank with branches nearby so I could get the personal support that I expect from a financial institution. Now they are starting to. Shut down all the rewards that made them so attractive. I really can’t see how they can survive in this competitive world!

They will become just a brand in the CommBank ecosystem.

 

[Youfah Mizzum]

Back in 2014/15/16 there was a little trick some people here used by doing small transactions to get 5 points per transaction.

I jumped on the bandwagon late in the gravy train, but in Aug 2016 my account (like all others) was closed.
I just tried today, 9 years later to open a Bankwest account and they basically said I'm ineligible. I 100% bet I have a black mark against my name. Anyone else tried to open another BW account and got the "P1ss off mate" message?

 

[burmans]

Back in 2014/15/16 there was a little trick some people here used by doing small transactions to get 5 points per transaction.

I jumped on the bandwagon late in the gravy train, but in Aug 2016 my account (like all others) was closed.
I just tried today, 9 years later to open a Bankwest account and they basically said I'm ineligible. I 100% bet I have a black mark against my name. Anyone else tried to open another BW account and got the "P1ss off mate" message?

Yes, I’ve had this and others. Australian privacy laws basically state you shouldn’t keep information about you except to operate an account. Clearly if you closed account 9 years ago they shouldn’t be holding anything so would be interesting to ask what info they hold (as this is also something they are required to provide under the privacy laws).

 

[33kft]

Anyone else tried to open another BW account and got the "P1ss off mate" message?

i haven't been able to find them with a quick search (the Bankwest thread is just too long to go back through) but I recall multiple people being rejected by Bankwest for other products with the reasoning given being due to an unsatisfactory previous banking relationship or something like that.

So yeah, they do seem to hold a grudge. Thankfully it is a bit player and pretty easy to avoid them

 

[Aeryn]

I just tried today, 9 years later to open a Bankwest account and they basically said I'm ineligible. I 100% bet I have a black mark against my name. Anyone else tried to open another BW account and got the "P1ss off mate" message?

Which type of account? The Bankwest Qantas Transaction account ceased being a thing on 31st Aug; anyone who had one was converted to a regular transaction account that doesn't earn points.

Pretty sure since they announced the plan to discontinue they removed the ability to apply for this account type, so rejection could be as simple as you applying for an invalid account type.

 

[Aeryn]

Im assuming there will be one last deposit of QFF points for the period up to 31st Aug. Im goin to consider the new AMP points earning account as a replacement for this one.