Bankwest Qantas Transaction account [being withdrawn in 2025]

[MEL_Traveller]

I gave them feedback when they made changes to the normal account (unaffected by these changes). They said they’d pass them on. I didn’t hear back

 

[jc14]

Only joined in October last year and was good while it lasted, but guess that goes my main way of requalifying for PC+....

Are most people here who had the BOQ account going to reopen a Bankwest or Qudos account?

 

[YuyuMar13]

Only joined in October last year and was good while it lasted, but guess that goes my main way of requalifying for PC+....

Are most people here who had the BOQ account going to reopen a Bankwest or Qudos account?

I already have the Bankwest account up to maximum allowed deposit to earn points. I opened a Qudos account the night I received the BOQ email.

 

[Duffa]

I already have the Bankwest account up to maximum allowed deposit to earn points. I opened a Qudos account the night I received the BOQ email.

But Qudos, whilst better than the new BOQ, is still pretty miserable.
Anyway my kids are out of the BOQ as of today - what a dud now!!

 

[exceladdict]

Just saw that the Bankwest account currently has a 5k promotion, thought I'd pop it here rather than start a new thread:

Earn 5,000 Bonus Qantas Points promotion is only available to eligible new Bankwest Transaction account customers who have not held a Bankwest Qantas Transaction Account in the last 24 months and apply from 13 June 2022 until 7 August 2022. To be eligible for 5,000 Bonus Points you must complete 10 transactions using your Debit MasterCard each month for the first three months of the account being opened and have a valid Qantas Frequent Flyer membership number. 5,000 Bonus Qantas Points are transferred to your account within 60 days of becoming eligible and are subject to change. Your account must remain open for points to be transferred.

 

[Duffa]

Just saw that the Bankwest account currently has a 5k promotion, thought I'd pop it here rather than start a new thread:

Earn 5,000 Bonus Qantas Points promotion is only available to eligible new Bankwest Transaction account customers who have not held a Bankwest Qantas Transaction Account in the last 24 months and apply from 13 June 2022 until 7 August 2022. To be eligible for 5,000 Bonus Points you must complete 10 transactions using your Debit MasterCard each month for the first three months of the account being opened and have a valid Qantas Frequent Flyer membership number. 5,000 Bonus Qantas Points are transferred to your account within 60 days of becoming eligible and are subject to change. Your account must remain open for points to be transferred.

I suppose I could break up my weekly shop at woolies self serve and do 10 transactions each time, then remember to go back each month then keep it open for another 3 months until the points arrive. Yea, nah!
The opportunity cost of a J return to Europe is above $4,000 now that Macquarie are paying $1.5% interest on your cash. It's still not close to revenue fares but for that sort of money I'd much rather follow Goldmember and his amazing price searches!
Or MattG - CDG-MEL for $3,500 return

 

[NoName]

Do those of us who had our accounts closed on 2016 count as “new customers”?

I tried to open another account with them (may have been a credit card) back in 2019 and was told no but “maybe” I might have more luck after 5 years which would have been 2021. Perhaps I might give this one a go again.

 

[exceladdict]

Do those of us who had our accounts closed on 2016 count as “new customers”?

I tried to open another account with them (may have been a credit card) back in 2019 and was told no but “maybe” I might have more luck after 5 years which would have been 2021. Perhaps I might give this one a go again.

The Qantas website seems to suggest all current transaction account holders are ineligible; the [edit: bankwest] website leans more towards only current qantas transaction account holders. I've messaged to check.

 

[burmans]

Do those of us who had our accounts closed on 2016 count as “new customers”?

I tried to open another account with them (may have been a credit card) back in 2019 and was told no but “maybe” I might have more luck after 5 years which would have been 2021. Perhaps I might give this one a go again.

If they say no you should ask what information they hold on you (as required by the Privacy Act). Would be very interesting to find out this!

 

[exceladdict]

The Qantas website seems to suggest all current transaction account holders are ineligible; the [edit: bankwest] website leans more towards only current qantas transaction account holders. I've messaged to check.

Just heard back from BW via their asynchronous messaging (which I think is brilliant btw. So much better than phone calls!)

Hey exceladdict! Thanks for getting in touch, I really appreciate your patience.

You'll be eligible for the bonus points if Bankwest Qantas Transaction Account in the last 24 months and apply from 13 June 2022 until 7 August 2022.

Please keep in mind you must complete 10 transactions using your Debit MasterCard each month for the first three months of the account being opened and have a valid Qantas Frequent Flyer membership number. 5,000 Bonus Qantas Points are transferred to your account within 60 days of becoming eligible and are subject to change. Your account must remain open for points to be transferred.

So it sounds promising. Probably will be 6 months before I report back but here goes!

 

[Ade]

I had a look at the offer. Definitely doable. Not a customer of BW ever, so would be easy to jump on this offer.

An interesting point I noted is that for every $100 in your account (upto $50,000), you are eligible for 0.3 QF points. Assuming someone had $50,000 they are willing to keep in this transaction account, such persons can receive up to 150 QF points each day, totalling 4500 QF points/month and 54000 QF points/year.

Another interesting point is the 3 QF points/$ on eligible spend. Not bad for a debit card, IMHO.

 

[jpp42]

An interesting point I noted is that for every $100 in your account (upto $50,000), you are eligible for 0.3 QF points. Assuming someone had $50,000 they are willing to keep in this transaction account, such persons can receive up to 150 QF points each day, totalling 4500 QF points/month and 54000 QF points/year

Has anyone done the numbers on how this compares to a high interest savings account? $50,000 in savings right now should earn around 1.9% APY or $950 in interest, which I suspect is not a great deal for 54,000 points depending on how much you value them?

 

[Ade]

Has anyone done the numbers on how this compares to a high interest savings account? $50,000 in savings right now should earn around 1.9% APY or $950 in interest, which I suspect is not a great deal for 54,000 points depending on how much you value them?

AGree, depends how one values 54,000 points. I see it as a one way upgrade from Saver Y to J.

Also worth noting that one might need to withdraw or deposit money into this account. So this might vary the total, actual points earned at the end of the 12 month period.

 

[ChrisMars]

Has anyone done the numbers on how this compares to a high interest savings account? $50,000 in savings right now should earn around 1.9% APY or $950 in interest, which I suspect is not a great deal for 54,000 points depending on how much you value them?

Dont forget to factor in income tax on a normal savings account. With that in mind, and if on high tax bracket, I think bankwest qantas account is not too bad, but not great neither. With a bit of luck they will increase their qantas earn points with the rba increase (O am dreaming).

 

[MEL_Traveller]

Dont forget to factor in income tax on a normal savings account. With that in mind, and if on high tax bracket, I think bankwest qantas account is not too bad, but not great neither. With a bit of luck they will increase their qantas earn points with the rba increase (O am dreaming).

I had a look at the offer. Definitely doable. Not a customer of BW ever, so would be easy to jump on this offer.

An interesting point I noted is that for every $100 in your account (upto $50,000), you are eligible for 0.3 QF points. Assuming someone had $50,000 they are willing to keep in this transaction account, such persons can receive up to 150 QF points each day, totalling 4500 QF points/month and 54000 QF points/year.

Another interesting point is the 3 QF points/$ on eligible spend. Not bad for a debit card, IMHO.

Note that is 3 points TOTAL per transaction… if the transaction is $1 you get three points, but if the transaction is $100 you also only get 3 points!

Agree with ChrisMars… income tax is the issue on interest. QFFF points are tax free. I find value in the points vs interest.

Has anyone done the numbers on how this compares to a high interest savings account? $50,000 in savings right now should earn around 1.9% APY or $950 in interest, which I suspect is not a great deal for 54,000 points depending on how much you value them?

It was much better previously… the points earn was not capped. It made it worthwhile vs the very low interest rates at the time. Now the points aren’t huge, so i parked some money in Qudos as well. Between the two there’s enough for a one way business class ticket to Asia each year. The interest wouldn’t cover that.

 

[tuan_nobel]

Does anyone knows if the $2000 month deposit for the BW offer can be from another bankwest account? say from mrs bankwest account into my bankwest account?

 

[Ade]

Note that is 3 points TOTAL per transaction… if the transaction is $1 you get three points, but if the transaction is $100 you also only get 3 points!

Whoa, nice pick up. I totally missed. Now, this makes the BW card not so great. Unless you can maintain thousands of $ in the account and get QF points for every $100. I certainly don't have that kinda money

 

[exceladdict]

Does anyone knows if the $2000 month deposit for the BW offer can be from another bankwest account? say from mrs bankwest account into my bankwest account?

I'm using another institution's account but the T&Cs don't seem to restrict it.

 

[goldenhorn]

Just saw that the Bankwest account currently has a 5k promotion, thought I'd pop it here rather than start a new thread:

Earn 5,000 Bonus Qantas Points promotion is only available to eligible new Bankwest Transaction account customers who have not held a Bankwest Qantas Transaction Account in the last 24 months and apply from 13 June 2022 until 7 August 2022. To be eligible for 5,000 Bonus Points you must complete 10 transactions using your Debit MasterCard each month for the first three months of the account being opened and have a valid Qantas Frequent Flyer membership number. 5,000 Bonus Qantas Points are transferred to your account within 60 days of becoming eligible and are subject to change. Your account must remain open for points to be transferred.

Applied for a new account. In the process, I remembered I had an old BankWest account that had some money in it and had been closed by BW 3 years ago due to inactivity. So once I remembered that I called and got them to transfer the funds to me, so thanks for the prompt!

 

[N860CR]

For those of us who were on the naughty list, it does appear we have been pardoned.