BOQ - Everyday Plus account - Earn QFF

[Ktan89]

Hey all, I just stumble upon this everyday saving/transactional account from BOQ. I think it's been around for a while but if my calculations are correct, it is better than the Bank West Transaction account now.

Everyday Plus Account | Earn Rewards Points | BOQ Specialist

Earn everyday rewards points with Qantas or Velocity just for your balance. Simple, rewarding banking that works for everyday expenses.

www.boqspecialist.com.au

Bankwest @ 0.3points per $100 in your account daily.
BOQ is 1point per $10 of daily average balance in your account, calculated at the end of each month

$10,000 in Bankwest for 30days will give you 900points for the month
$10,000 in BOQ for 30days will give you 1,000points for the month
Standard calculations without including any deposits or withdrawals.

What are your thoughts? I think I might make the switch.

 

[AIRwin]

And no fees...

 

[NoName]

No points for transactions? That was the main plus of the BW account for most people I think. I miss those days!

 

[Gold Member]

Just looking at the transaction from an EARN perspective (not points burn), is it worthwhile commercially? Well, if $10K was held in BOQ earning 10K QFF points in one year, then the opportunity cost is let’s say a uBank saver account earning 1.1% which would yield a little over $110.

That’s suggests you‘re paying BoQ $110 or 1.1cpp for those points. By itself that’s not a poor acquisition cost especially if you‘re talking large account balances. Of course another way to buy points points cheaply is via credit card sign ups, but that introduces time and effort dealing with banks let alone credit checks affecting your credit score. And further still, a neat little trick courtesy of PH/FH which allows you buy seemingly unlimited QFF points for about 1.1cpp (Sneaky Trick To Buy Qantas Points For Cheap Business & First Class Flights | Flight Hacks) until EOM.

Another consideration is your marginal tax rate that could eat up 48% of your $110 interest leaving you with only $55 in real terms, in which case you could argue your cost of acquisition has just halved to .5cpp.

As always, lots of things to think about. I might be over complicating this but this is how I think whenever I look at Airline point offers and the like.

 

[Prince of Persia]

Hey all, I just stumble upon this everyday saving/transactional account from BOQ. I think it's been around for a while but if my calculations are correct, it is better than the Bank West Transaction account now.

Hi - this has been around for a while now - and is applicable only for Doctors, Dentists and Vets. It's from BOQ Specialist which is specifically for medical professionals