Bankwest Qantas Transaction Account

$6.00$0 monthly account fee if you deposit min. $2,000 per month

Bankwest, Commonwealth

Debit Mastercard

Bankwest Qantas Transaction Account Review

Rates and fees information correct as at 24 April 2018.

Review published: 7 April 2014

What's hot:

  • Earn Qantas Points on your account balance 365 days a year

  • Winner of Mozo Experts Choice Award 2018

  • No monthly account fees when you deposit $2,000 each month

What's not:

  • Minimal interest but you’ll earn Qantas Points on your daily balance

Mozo snapshot:

Bankwest has shaken up the bank account market yet again, this time with Australia’s first transaction account that earns you 5 Qantas Points per eligible purchase and 0.4 points per $100 on your account balance each day. And as long as you deposit at least $2000 or more each month, you'll pay no monthly account keeping fee. All this innovation and value has lead to the Bankwest Qantas Transaction Account receiving a 2018 Mozo Experts Choice Award for Exceptional Everyday Account.


Key features:

The Bankwest Qantas Transaction Account lets you access your funds with a Debit MasterCard so you can use it everywhere MasterCard is accepted in Australia and around the globe. You’ll also have free access to the largest bank ATM network in Australia through being able to use your card at any Commonwealth Bank or Bankwest ATM.

There are two ways you can earn Qantas Points with the account. You will earn 5 Qantas Points on eligible purchases. What’s an eligible purchase you ask? It covers most regular purchases that you would make on your card such as groceries, petrol, clothing, restaurants etc but it does exclude foreign exchange purchases, BPay payments, cash-out transactions and any gambling or gaming transactions.

You will also earn Qantas Points on your account balance daily. The rate of accrual for this is 0.4 Qantas Points for every whole amount of $100 making up your daily balance. On a balance of $3000 this means you’ll earn around 12 Qantas Points a day.

If you have your salary direct deposited into the account you won’t have to pay an account fee (as long as you deposit at least $2000 a month), otherwise the fee is $6 a month. Like most transaction bank accounts the account doesn’t pay much interest (0.01% p.a.) but at least with this account you will be earning Qantas points on every dollar that’s in your account daily.

You’ll have to be a member of Qantas Frequent Flyer member as all Qantas Points will be direct credited to your Qantas Frequent Flyer account and if you’re not already a member the good news is the $89.50 joining fee will be waived if you join at qantas.com/joinffbankwest!

You can use the card internationally and there are no overseas ATM fees charged by Bankwest with the card, but overseas ATM withdrawals and purchases will attract a 2.95% foreign transaction fee.

Who it's good for:

The Bankwest Qantas Transaction Account is great for anyone looking to get more out of their everyday banking and can deposit at least $2000 a month so they can avoid paying account fees.


Any catches?

While this is the first transaction account that rewards you with Qantas Points for your day-to-day spending, just be aware that there is a flat earning rate of 5 points per eligible purchase. This means that a $15 lunch at the local cafe will earn you the same number of Qantas Points as those $250 leather boots from Myer.


How are Bankwest bank accounts rated by the Mozo community?

Product Type Overall Rating Price Features Service Convenience Trust
8.2

Based on 400
Bankwest bank accounts reviews

7.5 7.2 8.2 8.0 8.1

Read Bankwest bank account reviews by the Mozo community

Latest reviews of Bankwest Qantas Transaction Account

Bankwest

Bankwest Qantas Transaction Account bank account review

Overall rating   10 / 10

Excellent

Like that you earn Qantas points.

Full review

Like that you earn Qantas points.

    Price   10 / 10

    Features   10 / 10

    Customer service   10 / 10

    Convenience   10 / 10

    Trust   10 / 10

Less

Lana (QLD), reviewed about 2 years ago

Bankwest

Bankwest Qantas Transaction Account bank account review

Overall rating   10 / 10

Great staff are key to Bankwest

Great local team who really listen.

Full review

Great local team who really listen.

    Price   7 / 10

    Features   7 / 10

    Customer service   10 / 10

    Convenience   10 / 10

    Trust   10 / 10

Less

Melanie (WA), reviewed over 2 years ago

Bankwest

Bankwest Qantas Transaction Account bank account review

Overall rating   1 / 10

Worst bank ever

Worst bank to bank with- smart ATMs aren't so smart when they lose your money and bank can't help you , as they have incompetent staff, then get told it can take a month and a half to get my money back if I ever see it again... Almost $1000.

Full review

Worst bank to bank with- smart ATMs aren't so smart when they lose your money and bank can't help you , as they have incompetent staff, then get told it can take a month and a half to get my money back if I ever see it again... Almost $1000.

    Price   5 / 10

    Features   0 / 10

    Customer service   0 / 10

    Convenience   0 / 10

    Trust   0 / 10

Less

Matt (VIC), reviewed over 2 years ago

Bankwest

Bankwest Qantas Transaction Account bank account review

Overall rating   9 / 10

I'm happy with Bankwest

Great bank account, I collect frequent flyer points with this account, so an added bonus.

Full review

Great bank account, I collect frequent flyer points with this account, so an added bonus.

    Price   8 / 10

    Features   9 / 10

    Customer service   9 / 10

    Convenience   9 / 10

    Trust   9 / 10

Less

Heather (WA), reviewed almost 3 years ago

Bankwest

Bankwest Qantas Transaction Account bank account review

Overall rating   10 / 10

Great

Best ever. The dishonour fee is $10 for those who get them every so often.

Full review

Best ever. The dishonour fee is $10 for those who get them every so often.

    Price   10 / 10

    Features   10 / 10

    Customer service   10 / 10

    Convenience   10 / 10

    Trust   10 / 10

Less

Amy (WA), reviewed almost 3 years ago

Mozo may receive a payment from financial providers listed on the site. Customer reviews are in no way affected by any commercial relationships Mozo has with providers. Reviewers may receive a voucher from Mozo in exchange for their review. Vouchers are given to all reviewers who meet our review guidelines regardless of the sentiment of their reviews.

Rates

  • Balances from $0: 0.01% p.a.

  • none

  • n/a

Fees

  • $6.00

  • $0 monthly account fee if you deposit min. $2,000 per month

  • Unlimited free domestic transactions from network ATMs, EFTPOS, cheque, counter withdrawals, phone, internet and Debit MasterCard purchases

  • $0.00

  • Bankwest, Commonwealth

  • $0.00

  • $0.00

  • $0.00

  • $0.00

  • $0.00

  • $0.00

  • $0.00

  • $0.00

  • 2.95%

  • $0.00 monthly

Other financial bits

  • $0.00

  • $0.00

Features

  • $1,000.00

  • no

  • yes

  • no

  • yes

  • yes

  • yes

  • yes

  • none

  • Earn 5 Qantas Points per eligible purchase and 0.4 Qantas Points per $100 on your account balance each day.

Atm card

  • none

  • none

  • none

Debit card

  • $0.00

  • $0.00

  • 2.95%

About Bankwest

Bankwest is the bank best known for Making Banking Easier, an initiative which aims to make banking a more positive experience. Originally from Western Australia, Bankwest has attracted thousands of customers around the country with its competitively priced products such as the Hero Saver. In late 2008 the bank was bought by the Commonwealth Bank, who have promised to retain the Bankwest brand. So if you like the sound of Making Banking Easier, check out Bankwest's range of personal banking products including savings accounts, bank accounts, credit cards, home loans and more.

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