Bankwest Qantas Transaction Account

Bankwest Qantas Transaction Account

Maximum Variable Rate

0.01

Account Keeping Fee

6
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More info

New or existing Qantas frequent flyer members can add points to their Qantas account everyday of the year.

  • Earn Qantas Points on your account balance 365 days a year
  • Access to Australia's largest ATM network
  • $0 monthly account fees if you deposit $2,000 each month
  • Free Qantas Frequent Flyer membership

Product details

Earn Qantas Points for the money sitting in your account and for the purchases you make on the account – you earn Qantas points on practically everything with the Bankwest Qantas transaction account. Don't worry if you're not a Qantas frequent flyer members – if you sign up through Bankwest, it's free.

You can earn Qantas point for free – just deposit at least $2,000 in the account per month and the monthly fee will be $0.

Product Name
Bankwest Qantas Transaction Account
Monthly Account Fee
$6
Debit Card Access
Mastercard
ATM Withdrawal Fee
$0
Interest Rate p.a.
0.01%
Details
No monthly fees when you deposit at least $2,000 into your account each month. Free access to Bankwest and CommBank ATMs in Australia. No overseas ATM withdrawal fees (charged by Bankwest) though third party fees may apply.
Joint Application
Yes

What are the features of the Bankwest Qantas Transaction Account?

This is an account to consider if you travel often, but there are also other features to the account to take into consideration.

Earning Qantas Points

5 Qantas points for eligible purchases

Every time you use your Debit MasterCard to make an eligible purchase, 5 Qantas points are added to your Qantas Frequent Flyer account.

Ineligible purchases include (but are not limited to): cheques, BPAY payments, cash-out transactions at merchants, interest charges, bank fees and charges, foreign exchange purchases, government charges, etc.

5 Qantas points for overseas ATM withdrawals

Withdrawals made from overseas ATMs will earn you 5 Qantas points. Note that foreign transactions may apply.

12 Qantas points per month per $100 in your bank account

For every $100 you have in your account, you will earn 12 Qantas points for that month. For example, if you have a balance of $600 at the end of the month, you'll receive 72 Qantas points.

What are some of the things I can redeem my Qantas Points for?

  • One way, return or multi destination flight rewards (you can also choose the Qantas points plus pay) option
  • Upgrading your flight reward seat to a premium cabin
  • Purchase a renew a Qantas Club membership

Free Qantas membership saving you up to $89.50

If you are not already participating in the Qantas Frequent Flyer program, Bankwest will provide you with a membership for free. If you already have a membership account, you can link it to your account during the application process.

$0 Monthly account fee if you deposit $2,000 that month

If you are able to make monthly deposits totalling $2,000, there is no monthly fee. If that obligation is not met by the last business day of the month, a $6 fee will be charged to the account on the first business day of the following month.

Linked Debit MasterCard

For easy access to your money, the account comes with a Debit MasterCard that can be used wherever MasterCard is accepted. The purchase price is drawn straight from your account, rather than you having to pay interest charges on a credit card purchase.

Upgrade to a Platinum Debit Mastercard

Deposit at least $4,000 per month to maintain your Platinum status. You'll get a 24/7 Platinum concierge service as well as Worldwide Purchase Security Protection and Extended Warranty. To find out more about the benefits, click on "Go to Site".

Free ATM withdrawals using the Bankwest ATM network

You get free access to all Bankwest and CommBank ATMs – the largest ATM network in Australia.

Using your debit card overseas to withdraw money

Bankwest will not charge you an overseas ATM withdrawal fee, but you may be charged by the ATM operator.

2.95% Foreign transaction fee

Bankwest will charge you 2.95% of the transaction amount for any transaction that takes place in a currency other than AUD. You may come across this when online shopping or shopping overseas.

In-branch transactions

Electronic, cheque and withdrawals made inside of a Bankwest branch are free of charge.

24/7 Access to your accounts

You have complete access to your money around the clock using online, mobile and phone banking.

Earn up to 0.01% interest on your everyday balance

You are paid interest monthly on the first business day of each month at a rate of 0.01%. of the calculated daily balance. You can also link this account with a Bankwest savings account to earn more interest.

Joint accounts

You may not hold more than one of these accounts at the same time. For accounts opening with you and your partner, the Qantas Points can be split equally between account owners.

Pros
  • Earn Qantas Points on eligible purchases and your daily account balance
  • No monthly account keeping fee when you deposit at least $2,000 into your account each month
  • Pay no overseas ATM withdrawal fees charged by Bankwest
  • Access to Australia's biggest ATM network: CommBank and Bankwest
  • Free Qantas frequent flyer membership
  • Optional Platinum debit MasterCard
  • 24/7 Access to your funds
Cons
  • You must deposit at least $2,000 into your account each month for no monthly account fees

How do I apply for the Bankwest Qantas Transaction Account?

If after comparing this everyday account you find it has all the features you want, you can continue to the secure application page by clicking ‘go to site’.

Eligibility to apply online

Make a quick note of the following eligibility requirements first to ensure that your application will be accepted:

  • Your age. Qantas Transaction account holders must be at least 18 years of age.
  • Your residency. You must have a valid Australian residential address and be residing in Australia at the time of application.
  • Your accounts. If you already have a Bankwest Qantas transaction account, even as a joint account, you may not apply for another one.

Documentation to apply online

Once you are ready to continue to the application, gather the following documentation to make filling it out easier:

  • Your identification documents. You will be required to provide proof of your identity using a photograph id such as a driver’s licence or passport.
  • Your account information. If you have existing accounts with Bankwest you may need to disclose those account numbers.
  • Your Qantas account information. You must be a member of the Qantas Frequent Flyer program to open this transaction account. If you are not already, Bankwest has made arrangements for you to become a member for free.

What happens after I've submitted my application?

Completing the application online should take approximately five minutes, and once submitted you will receive an email from Bankwest confirming receipt. If all the necessary information is there, the account will be opened almost immediately and a debit MasterCard should reach you by mail within seven to ten business days.

If you are not already a Bankwest customer, you might be asked to complete an identity check online, or at one of their branches.

I have seen this account recommended as a good debit card for travelling. I am travelling for a year next year and need a card that has minimal fees for ATMs in overseas locations. I cannot seem to find information on this website as to whether this account charges overseas ATM fees or conversion fees. Would you be able to let me know if it does?

The overseas fee is listed under the heading ‘What fees and charges are payable on this account?’ above, but includes is a charge on foreign transactions. You might want to take a look at this page and this page to learn more about your travel money options for your trip.

Can periodic transfers earn points to other banks?

Payments from the account made without your card (e.g. payments to another bank account) are not eligible for points.

What do they mean by eligible purchases?

Eligible purchases exclude: cheques, BPAY, cash out transactions, interest charges, bank fees and charges, foreign exchange, government charges, business expenses, etc. For a full list, please refer to the Product Disclosure Statement available.

Is it correct that there is no Internet Banking with this account? I was sold on moving to Bank West until I saw this. Please confirm.

This account gives you 24/7 access to your funds through online, mobile and phone banking.

If I spend $1,000 using this card at a grocery store does that mean I earn 5000 points? and if so are the amount of points earned capped?

You earn 5 Qantas Points per eligible purchase completed with the linked debit MasterCard (at the time of writing), please note its not per dollar spent.

If I open an account they wish to add my partner later: Is that possible? What information would I need to provide? And how much does the extra card cost?

You can add your partner to your account later but keep in mind they wouldn’t be classified as a joint account holder, and therefore wouldn’t be able to close the account. You would be able to get them an extra debit card, which doesn’t come with an extra charge, and you’d need them to go into a Bankwest branch and supply their driver’s licence for identification if they’re not already a Bankwest member.

For the $2,000 deposit every month, if I withdraw the money out after it’s been deposited, would the account fee of $6 be charged?

No the fee won’t be charged if you withdraw the money. The fee is waived as long as you deposit at least $2,000 per month.

In regards to the 5 Qantas points per eligible transaction is there a limit on the value of the transaction? Could you do 100 $1 transactions and receive 500 points?

There’s no limit on the value of the transactions. You could do 100 $1 transactions and receive 500 points. However, there are some transactions that are excluded (like foreign exchange, etc.). Please check the PDS for more details.

Hello, I would like to open a Qantas transaction account for my husband and I, we would both like our own cards but can we have it so all the points will accumulate onto the one frequent flyer account?

Unfortunately you can only have one name on a Qantas frequent flyer membership; you could both sign up for an account and get a membership each, and then use the family transfer. However, this would act as a single account rather than a joint account.

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2 Responses to Bankwest Qantas Transaction Account

  1. Default Gravatar
    | October 23, 2015

    Hi there,

    Can you tell me if there is a limit to the number of points BW will pay on the balance. ie – If I deposited $1m, would I be entitles to 120,000 FFP each month in line with the advertised 12 points per $100 of AC balance?

    Thanks,

    Dan

    • Staff
      Shirley | October 23, 2015

      Hi Dan,

      Thanks for your question.

      There’s no limit to the number of points BW will pay on the balance.

      Please note Qantas Points accrue daily and whole Qantas Points are credited on the first business day of the next month. You receive 0.4 Qantas Points for every whole amount of $100 making up the daily balance at the end of each day.

      Cheers,
      Shirley

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