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.
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.
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.
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.
Balances from $0: 0.01% p.a.
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n/a
$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
$0.00
$0.00
$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.
none
none
none
$0.00
$0.00
2.95%
Apple Pay, Google Pay, PayID, Payment Ring
Pros: easy to deal with. Great customer service. Good incentives and account options. Cons: only one branch in Adelaide.
Read full reviewPros: easy to deal with. Great customer service. Good incentives and account options. Cons: only one branch in Adelaide.
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 reviewI love my Qantas Transaction Account. It is free over a certain threshold and the Qantas points are accumulating, ready for your next trip!
Excellent everyday bank.
Read full reviewExcellent everyday bank.
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 reviewI 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.
Great bank, just needs more FNQ branches.
Read full reviewGreat bank, just needs more FNQ branches.
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.
MyState Bank
Glide Account
$0.00
Apple Pay, Google Pay, PayID, Samsung Pay, FitBit Pay, Garmin
0% p.a.
NAB
Classic Banking Account (with Standard Visa Debit Card)
$0.00
Apple Pay, Google Pay, PayID, Samsung Pay
0.01% p.a.
NAB
Classic Banking Account (with Standard Visa Debit Card)
$0.00
NAB
Visa Debit or
EFTPOS