How to spend your Qantas refund wisely
Following pressure from the Australian Competition and Consumer Commission’s Covid-19 Taskforce (ACCC), Qantas made the decision late last week to refund passengers whose flights had been cancelled due to travel restrictions.
So, if you are one of the many Qantas customers who previously received credit for your cancelled flight, then you may now be entitled to a refund instead. The question is what are you going to do with it once you get it?
We’ve come up with a list of both fun and frugal ways to use your refund.
1. Soak in the scenery in your state or territory
You may not be able to jet off overseas anytime soon, but that doesn’t mean you can’t explore your own backyard a little.
Why not take your refund and head off on a scenic tour around your local area. Australia has such a vast, open landscape, there’s always something new to see. You could even head to regional areas previously affected by the bushfire crisis, to support local communities trying to get back on their feet.
2. Treat yourself
While you probably won’t want to blow your full refund on stuff, it might not be a bad idea to have a little splash. If you have the means and you want to treat yourself, why not have a meal out at your favourite restaurant with friends or family.
Or if there’s something you need or you want to buy a gift, you could use some of your refund to support small local Australian businesses. You could even use your money to support Indigenous owned businesses, some of which include Indigiearth, Haus of Dizzy and Kakadu Tiny Tots.
3. Make a tax deductible donation
If there’s a cause that you care deeply about and you have the means, you could donate some of your refund to a charity or Go Fund Me page.
The best bit is it’s almost tax time, meaning you can write off your donation against tax in just a few short weeks!
4. Put some aside for your bills
This one isn’t really as fun, but if Covid-19 has put a strain on your finances, then it might be a good idea to put some of your refund aside for your bills. You could even pay some money into your energy bill early, if your provider has that option. If not, you could simply move it into your savings account, so you’re less tempted to spend it.
5. Open a savings account
If your refund is fairly sizeable and you don’t have anything pressing to spend it on right now, you could put it into a savings account. While you’re at it, you could even review your current account to see if the interest rate you’re receiving at the moment is actually competitive.
Head to Mozo’s compare savings accounts page to see where you could be stashing your cash.
6. Park your refund in a term deposit
Lastly, if you have some long-term goals that you’re working towards, you could think about locking your refund away in a term deposit.
With Tourism Minister Simon Birmingham suggesting that Australia’s borders will remain closed until 2021, most of us probably won’t be going too far afield in the next six months. The good news is that that’s just enough time to stash some money away in a term deposit and make a little bit of interest.
Keen to see what term deposit rates are on offer right now? Check out the 1-year term deposits below or head to Mozo’s compare term deposits page for more options.
Compare 1-year term deposits - last updated 24 April 2024
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Mozo experts choice awards won:
- Term Deposit - 2024
Term Deposit
4.75% p.a.
1 year$1,000
Yes up to $250,000
Enjoy a competitive fixed interest with the choice of 1 month to 5 year terms. Start with as little as $1,000. Interest paid monthly, quarterly, half yearly or yearly. Receive a 0.10% loyalty bonus when you automatically reinvest your Term Deposit before maturity. (Terms and Conditions apply)
CompareCompareTerm Deposit
Enjoy a competitive fixed interest with the choice of 1 month to 5 year terms. Start with as little as $1,000. Interest paid monthly, quarterly, half yearly or yearly. Receive a 0.10% loyalty bonus when you automatically reinvest your Term Deposit before maturity. (Terms and Conditions apply)
- interest rate
- 4.75% p.a.
- Minimum deposit
- $1,000.00
- Govt Deposit Guarantee
- Yes up to $250,000
- Minimum deposit
- $1,000.00
- Maximum deposit
- $2,000,000.00
- Can interest be paid to another bank?
- no
- Automatic rollover
- yes
Read our Mozo Review to learn more about the Rabobank Term Deposit
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Term Deposit
4.75% p.a.
1 year$1,000
Yes up to $250,000
Enjoy the certainty of a fixed interest rate combined with the convenience of online banking to set up and manage your term deposit at maturity. You can start investing from as little as $1,000 or up to $5,000,000.
CompareCompareTerm Deposit
Enjoy the certainty of a fixed interest rate combined with the convenience of online banking to set up and manage your term deposit at maturity. You can start investing from as little as $1,000 or up to $5,000,000.
- interest rate
- 4.75% p.a.
- Minimum deposit
- $1,000.00
- Govt Deposit Guarantee
- Yes up to $250,000
- Minimum deposit
- $1,000.00
- Maximum deposit
- $10,000,000.00
- Can interest be paid to another bank?
- yes
- Automatic rollover
- yes
Read our Mozo Review to learn more about the Bankwest Term Deposit
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Term Deposit
5.00% p.a.
1 year$5,000
Yes up to $250,000
Secure a guaranteed rate of return with a Great Southern Bank Term Deposit. Pay $0 monthly account fees. Choose your own terms from one month to five years. Manage your term deposit conveniently online. protected by the Australian Government's guarantee on deposits.
CompareCompareTerm Deposit
Secure a guaranteed rate of return with a Great Southern Bank Term Deposit. Pay $0 monthly account fees. Choose your own terms from one month to five years. Manage your term deposit conveniently online. protected by the Australian Government's guarantee on deposits.
- interest rate
- 5.00% p.a.
- Minimum deposit
- $5,000.00
- Govt Deposit Guarantee
- Yes up to $250,000
- Minimum deposit
- $5,000.00
- Maximum deposit
- $1,000,000.00
- Can interest be paid to another bank?
- yes
- Automatic rollover
- yes
Read our Mozo Review to learn more about the Great Southern Bank Term Deposit
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Online Term Deposit
4.80% p.a.
1 year$5,000
Yes up to $250,000
No set-up or account keeping fees. Deposits up to $250,000 per customer are guaranteed by the Australian Government. Mozo Experts Choice winner for Term Deposit 2022.
CompareCompareOnline Term Deposit
No set-up or account keeping fees. Deposits up to $250,000 per customer are guaranteed by the Australian Government. Mozo Experts Choice winner for Term Deposit 2022.
- interest rate
- 4.80% p.a.
- Minimum deposit
- $5,000.00
- Govt Deposit Guarantee
- Yes up to $250,000
- Minimum deposit
- $5,000.00
- Maximum deposit
- $5,000,000.00
- Can interest be paid to another bank?
- yes
- Automatic rollover
- yes
Read our Mozo Review to learn more about the MyState Bank Online Term Deposit
Your selected term deposits
Your selected term deposits
Your selected term deposits
Your selected term deposits
* Different interest rates apply to different amounts or different interest payment frequencies.
^See information about the Mozo Experts Choice Term Deposit Awards
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