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Bankwest Qantas Transaction Account

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

Mozo editorial review Bankwest Qantas Transaction Account

Last updated: 1 April 2020.

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What's hot
  • Earn Qantas Points on your account balance 365 days a year
  • Winner of a 2020 Mozo Experts Choice Award
  • $0 monthly account fee if you deposit min. $2,000 per 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 3 Qantas Points per eligible purchase and 0.3 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 lead to the Bankwest Qantas Transaction Account receiving a 2020 Mozo Experts Choice Award for best Exceptional Everyday Account.


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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 3 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 0.3 Qantas Points for every whole amount of $100 making up your daily balance. On a balance of $3000 this means you’ll earn around 9 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 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 $99.50 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.

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Who is it 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.


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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.


Details

Rates and fees information correct as at 21 January 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, 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 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.

Atm card
  • none

  • none

  • none

Debit card
  • $0.00

  • $0.00

  • 2.95%

Payment options

Apple Pay, Google Pay, PayID, Payment Ring

Customer Reviews

How are Bankwest bank accounts rated by the Mozo community?

Overall
8.0/10
Price
7.4/10
Features
6.9/10
Customer service
7.9/10
Convenience
7.9/10
Trust
7.9/10

Latest reviews of Bankwest Qantas Transaction Account

  • Overall 10/10
    Great bank.

    Pros: easy to deal with. Great customer service. Good incentives and account options. Cons: only one branch in Adelaide.

    Read full review

    Pros: easy to deal with. Great customer service. Good incentives and account options. Cons: only one branch in Adelaide.

    Price
    -1/10
    Features
    10/10
    Customer service
    10/10
    Convenience
    8/10
    Trust
    10/10
    Less
    Wendy, South Australia reviewed 10 days ago
  • Overall 10/10
    Great card with good rewards.

    I love my Qantas Transaction Account. It is free over a certain threshold and the Qantas points are accumulating, ready for your next trip!

    Read full review

    I love my Qantas Transaction Account. It is free over a certain threshold and the Qantas points are accumulating, ready for your next trip!

    Price
    10/10
    Features
    10/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Oceane, Australian Capital Territory reviewed about 1 month ago
  • Overall 9/10
    Easy banking

    Excellent everyday bank.

    Read full review

    Excellent everyday bank.

    Price
    10/10
    Features
    10/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Tomas, New South Wales reviewed 7 months ago
  • Overall 9/10
    Qantas-Bankwest account.

    I have managed to link up my reward points to my everyday spending and it is indeed a benefit. I received half of a total flight in Qantas points due to this amazing account.

    Read full review

    I have managed to link up my reward points to my everyday spending and it is indeed a benefit. I received half of a total flight in Qantas points due to this amazing account.

    Price
    7/10
    Features
    6/10
    Customer service
    3/10
    Convenience
    7/10
    Trust
    7/10
    Less
    Lucy, Victoria reviewed about 1 year ago
  • Overall 8/10
    Awesome bank.

    Great bank, just needs more FNQ branches.

    Read full review

    Great bank, just needs more FNQ branches.

    Price
    9/10
    Features
    10/10
    Customer service
    8/10
    Convenience
    5/10
    Trust
    10/10
    Less
    Selina, Queensland reviewed about 1 year ago
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About Bankwest

Bankwest is all about making your finances simple. 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, which has promised to retain the Bankwest brand. So if you like the sound of simple banking, check out Bankwest's range of personal banking products including savings accounts, bank accounts, credit cards, home loans and more.

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