Bankwest Transaction account [General Discussion]

[Duffa]

If you have more than 50K in your Bankwest Qantas transaction account do you earn points up to 50K or no points at all?

I'm using this account at the moment to earn extra points to just make the Points Club...

I HAD been doing that but now that the interest rate on Ubank is going to 3.35% the Bankwest I'm leaving. Not even waiting to get to PC Plus - instead I'll buy some wine with a 10,000 bonus

 

[33kft]

I wonder if Bankwest are rethinking their significant devaluation on interest accruals given the recent RBA activity?

Probably not, given everything they've done with this account seems to run counter to any logic that I can identify.

 

[ChrisMars]

I wonder if Bankwest are rethinking their significant devaluation on interest accruals given the recent RBA activity?

Probably not, given everything they've done with this account seems to run counter to any logic that I can identify.

If enough people start to remove their funds, they might decide to make some positive changes...

 

[Rembrandt]

Has anyone received their 5K bonus points yet?

 

[serfty]

I wonder if Bankwest are rethinking their significant devaluation on interest accruals given the recent RBA activity?

Probably not, given everything they've done with this account seems to run counter to any logic that I can identify.

Remember, bankwest are now owned by CBA. Who knows what will happen.

 

[exceladdict]

Has anyone received their 5K bonus points yet?

Not in my monthly sweep this month - account opened in June and criteria met every month. Will follow up if they don't appear next month.

 

[exceladdict]

Not in my monthly sweep this month - account opened in June and criteria met every month. Will follow up if they don't appear next month.

Not in this month's sweep either, have just enquired with Bankwest and they said "60 days from being eligible" - has anyone else had any luck?

 

[N860CR]

Mine have gone in. Interestingly, it was all in one big dump as my qantas number wasn’t being accepted previously (turns out is was still linked to my old profile; the naughty one from years ago).

Remembered my password, changed it and all has come good. I don’t quite get it as I actually only did 5 transactions for one month (forgot it was 10 for the promo)

For what it’s worth, I did get this text a few days ago;

 

[Duffa]

Is anyone still using this account for points, at the $50,000 monthly ceiling?

 

[ChrisMars]

Is anyone still using this account for points, at the $50,000 monthly ceiling?

I stopped, but not because of the ceiling, because of poor return compared to current interest rates of online savings accounts.

 

[MEL_Traveller]

I stopped, but not because of the ceiling, because of poor return compared to current interest rates of online savings accounts.

Yes! I just realised the same today.

Back in May the interest through other banks was negligible, and pints made sense.

As of about a month or so ago the cash return via interest is far outstripping any qf points.

The only benefit to collecting points rather than interest is not having to pay tax.

 

[Danger]

Is anyone still using this account for points, at the $50,000 monthly ceiling?

I am, yes.

 

[oz_mark]

Back in May the interest through other banks was negligible, and pints made sense.

.

There are those that would argue that pints always make sense

 

[Duffa]

Interesting
Here is my take on the issue.
If I switched my hypothetical million in cash from Bankwest to Ubank, this year I will earn 3.6% interest PRE-TAX (assuming no further interest rate rises which would make an even better value proposition)
So this time next year I will have $36,000*0.65 assuming a 35% tax rate = $23,400 in the bank
Leaving my money with Bankwest (let's pretend I have 20 accounts in different names with 50k in each) I'd earn 1,095,000 points.
The 318,000 points needed for an award J rtn to Europe, assuming I can find one, would be equivalent to $6,795 in interest from Ubank. Then I need to add taxes which vary from $300 JAL to $3000 Emirates. Best case scenario my points flight costs me more than $7,000.

But the real kicker.....
Just 6 months ago I was more than happy to leave my "million dollars" in the bank earning 1.095 million points - enough for 3.4 J rtns to Europe. At that time I would never have dreamt of paying even $4,000 for a fare to London. Yesterday I looked at booking two flights to CDG for $6,000 a pop. I get points and perks and won't get bumped. I get free insurance with my card - no worrying about terms and conditions.
And I have $2,000 left over on the equivalent investment from April.

Please tell me where I am going wrong here??
And DON'T say cash is the worst value investment - I know that. I should have put it in the All-Ords where it would now be worth $891,000

 

[MEL_Traveller]

In the above scenario you’d use ur $23000 to buy aeroplan miles, which give you business class to Europe for around AUD4000 return. No fuel surcharges, tax only.

that would be ~6 return business class tickets on the likes of Etihad.

 

[Duffa]

In the above scenario you’d use ur $23000 to buy aeroplan miles, which give you business class to Europe for around AUD4000 return. No fuel surcharges, tax only.

that would be ~6 return business class tickets on the likes of Etihad.

That's why I LOVE this forum - thanks M_T!

 

[ramamba]

I stopped, but not because of the ceiling, because of poor return compared to current interest rates of online savings accounts.

Do they stop charging their monthly fees if the account is zeroed out but not closed?

 

[ChrisMars]

Do they stop charging their monthly fees if the account is zeroed out but not closed?

I think there is a minimum monthly deposit to get the fee waived. I got my salary paid to my bankest account since a while, I just keep it that way for the moment. Got notification when salary lands, then I move the funds to ubank. The only anoying bit here is that transfers above 1k might take up to 3 days, while smaler transfers are instant via osko. Seems like a bankwest decision, i.e. no issue transfering large amounts from other banks.

 

[exceladdict]

I think there is a minimum monthly deposit to get the fee waived. I got my salary paid to my bankest account since a while, I just keep it that way for the moment. Got notification when salary lands, then I move the funds to ubank. The only anoying bit here is that transfers above 1k might take up to 3 days, while smaler transfers are instant via osko. Seems like a bankwest decision, i.e. no issue transfering large amounts from other banks.

In my experience transfers still go through overnight. Do other banks still have an osko 1k limit?

 

[tomlee1986]

Is anyone still using this account for points, at the $50,000 monthly ceiling?

I am as well...