Bankwest Qantas Transaction 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 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.

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.

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.