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Bankwest Qantas Transaction Account

Advertiser disclosure
Account fee
$6.00
Payment options
Apple Pay, Google Pay, PayID
Interest rate
0.01% p.a.

Mozo editorial review Bankwest Qantas Transaction Account - last updated: 22 September 2021

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What's hot
  • 2021 Mozo Experts Choice Award winner
  • Digital wallet options (Apple Pay and Google Pay)
  • Earn Qantas Points on an account balance up to $50,000
What's not
  • $5 monthly account fee (waived if you deposit at least $2,000/month)
Mozo snapshot

Bankwest has shaken up the bank account market yet again, this time with Australia’s first transaction account that lets users earns Qantas Points for the debit card purchases they make and the account balances up to $50,000. The account also has a number of new age payment options including Apple Pay and Google Pay, plus it even received a 2021 Mozo Experts Choice Award for in the Exceptional Everyday Account category.


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Key features

The Bankwest Qantas Transaction Account lets you access your funds with a Debit Mastercard, which means you can use it everywhere Mastercard is accepted in Australia and around the globe. You’ll also have access to the largest bank ATM network in Australia, with free withdrawals available from Commonwealth Bank or Bankwest ATMs.

Speaking of ways to pay, customers can leave their wallets at home by tapping their smartphones via either Apple Pay or Google Pay. 

There is a $6 monthly fee attached to the account, but this will be waived as long as you deposit at least $2000/month (say, your monthly salary). If you do fancy taking your card abroad there's a 2.95% foreign exchange commission fee to watch out for, though you won't have to worry about being charged any overseas ATM withdrawal fees by Bankwest!

Let's get down to the Qantas Points on offer though because there are two ways to earn points: 

  • Purchases: You can earn 3 Qantas Points per 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 and restaurants. But it excludes foreign exchange purchases, BPAY payments and any gambling transactions.
  • Account balance: You will also earn Qantas Points on your account balance up to $50,000. The rate of accrual is 0.3 Qantas Points for every whole amount of $100 in your daily balance. On a balance of $3,000 this means you’ll earn around 9 Qantas Points a day. Balances over $50,000 do not earn Qantas Points.

Just remember that you'll have to be a Qantas Frequent Flyer member to earn points, as all Qantas Points will be credited to your Qantas Frequent Flyer account. The good news is that the $99.50 membership fee will be waived if you join via Bankwest. 

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Who is it good for

The Bankwest Qantas Transaction Account could be great for anyone looking to earn Qantas Points through everyday banking and spending, though you'll need to deposit at least $2,000 a month to avoid the monthly account fee.


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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 3 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 $150 leather shoes from Myer. It should be noted that balances over $50,000 will not earn Qantas Points.


Details

Rates and fees information correct as at 24 October 2021. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates

Balances from $0: 0.01% p.a.

n/a

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 and Debit MasterCard purchases

$0.00

Bankwest, Commonwealth

$0.00

$0.00

$0.00

$0.00

$0.25

$0.25

$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 3 Qantas Points per eligible purchase and 0.3 Qantas Points per $100 on your account balance each day. 5 points for every overseas ATM cash withdrawal. From 1 November 2021 balances over $50,000 will no longer earn Qantas Points.

Atm card

none

none

none

Debit card

$0.00

$0.00

2.95%

Payment options

Apple Pay, Google Pay, PayID

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