Bonus banking goodies

Applying for a new bank account, credit card or home loan isn’t much fun. There, we said it. The bad news is that this hasn’t changed.

The GOOD news is that if you’re willing to complete a bit of paperwork, then you can score some pretty awesome freebies for your trouble. Bonus flights with a new credit card, bonus cash with a fee-free savings account or cash back on a new home loan are just some of the goodies on offer.

  • The bonus: 60,000 bonus awards points. That will get you 5 Melb-Syd flights, or halfway to London. By far the best bonus points offer on the market
  • The fees: at $299 p.a. for the Qantas version of this card, it ain’t cheap, but the freebies easily cover this for the first year
  • The long-term: as always, if you’re a big spender platinum cards carry significant rewards but there may be better cards out there for you – try our rewards revealer 500 to find which card gives you the best rewards value.
  • A note: There are a bunch of ways to use the free points – flight upgrades, vouchers, appliances, etc – so make sure to research your decision so you don’t fall into any value-traps

  • The bonus: $50 deposited into your account. Simple.
  • The fees: none. This high interest savings account has no fees, although to get the $50 you need to transfer $1,000 into the account
  • The long-term: once you spend your fiddy, you’ll be left with a decent (free) savings account. An unbeatable 6.51% for 4 months; a much less exciting 5.35% thereafter.
  • A note: Applying online for the Virgin Saver is really quite painless (just remember to schedule that $1,000 transfer during your application to score the $50 bonus)

  • The bonus: $500 cash back
  • The fees: If you are switching home loans, none. If it’s a new loan, you’ll be hit with a $600 upfront fee – not so good.
  • The long-term: $500 is not much up against your home loan but it will help pay any exit fees from a switch. With a low rate of 6.99% it’s a very strong home loan. Well worth considering.
  • A note: VTCU is currently the top rated banking provider on Mozo. Scoring an amazing 8.9 out of 10.