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Get benefits with a Reward Transaction Account

Get value out of your purchases by earning points towards merchandise, frequent flyer points and more. 

A reward transaction account lets you earn points, just for keeping a minimum balance. These points will add up fast and depending on the bank, can be used towards purchases, flights or even cash back. It’s like getting a special sale price on everything you buy. Other reward accounts let you earn cashback with your purchases, giving you more value for your spending. Let’s find out more about these accounts below.

ING DIRECT Orange Everyday Account

Reward Transaction Account Offer

ING DIRECT Orange Everyday Account offers of no monthly fee and a $75 cash bonus offer.

  • $0 account keeping fees
  • Use every ATM in Australia for free if you can deposit at least $1,000 per month
  • Link to your ING DIRECT Savings Maximiser and enjoy a competitive rate

    Compare rewards transaction accounts

    Rates last updated May 27th, 2017
    $
    Monthly Account Fee Debit Card Access ATM Withdrawal Fee Fee Free Deposit p.m. Details
    ING DIRECT Orange Everyday Account
    $75 cash bonus & Apple Pay available.
    Get a competitive ongoing variable rate when linked with an ING Direct Savings Maximiser.
    Visa $0 $1,000 $0 monthly account keeping fees. Unlimited free withdrawals at any ATM in Australia if you deposit $1,000 each month. Go to site More
    Bankwest Easy Transaction Account
    2% cash back offer for new customers (conditions apply).
    Open account by 30 June 2017 to earn 2% cash back on contactless purchases and pay no monthly fees until 31 August 2017.
    Mastercard $0 $2,000 $0 account keeping fees if you deposit at least $2,000 per month. Otherwise, a $6 monthly fee applies. Unlimited free withdrawals at CommBank, NAB, ANZ, Westpac, St.George, Bank of Melbourne and BankSA ATMs. Go to site More
    St.George Complete Freedom Student Account
    10% Cash back for online gaming purchases.
    A student bank account with a linked Visa debit card and Mobile + Phone banking.
    Visa $0 $2,000 $0 account keeping fee for students. Unlimited Free withdrawals at St.George, Bank of Melbourne, BankSA and Westpac ATMs. Go to site More
    HSBC Day to Day Transaction Account
    Your Visa debit card unlocks special privileges worldwide with the HSBC home&Away Privilege Program.
    Visa $0 $0 $0 account keeping fees. Unlimited free withdrawals at over 3,000 HSBC, Westpac, St.George, Bank of Melbourne and BankSA ATMs. Go to site More
    St.George Complete Freedom Account
    10% Cash back for online gaming purchases.
    Waived account keeping fees when minimum deposit is met with no minimum balance.
    Visa $0 $2,000 $0 account keeping fees if you deposit at least $2,000 per month. Otherwise, a $5 fee applies. Unlimited free withdrawals at St.George, Westpac and BankSA ATMs. Go to site More
    ANZ Access Advantage
    Apple Pay, Android Pay & ANZ Mobile Pay.
    Take advantage of Apple Pay by linking your ANZ Visa Debit card to an eligible iPhone and seamlessly pay for purchases with your phone.
    Visa $0 $2,000 $0 account keeping fees if you deposit at least $2,000 per month. Otherwise, a $5 monthly fee applies. Unlimited free withdrawals at ANZ ATMs. Go to site More
    Bankwest Qantas Transaction Account
    Earn Qantas Points on eligible purchases and on your account balance.
    Conditions apply.
    Mastercard $0 $2,000 $0 account keeping fees when you deposit at least $2,000 into your account each month. Otherwise, a $6 monthly fee applies. Unlimited Free withdrawals at Bankwest and CommBank ATMs in Australia. Go to site More
    Rates last updated May 27th, 2017
    Rewards Points per $ spent (VISA/MC) Rewards Points per $ spent (AMEX) Bonus Points Annual fee
    NAB Rewards Platinum Card
    Earn 1 NAB Rewards Point per $1 spent and receive double points on purchases made in major department and hardware stores.
    1 80,000 bonus points $0 p.a. annual fee for the first year ($195 p.a. thereafter) Go to site More info
    ANZ Frequent Flyer Black
    Receive 75,000 bonus Qantas Points when you spend $2,500 on eligible purchases within the first 3 months, plus earn up to 1 point for every dollar spent on eligible purchases. Also, earn 75 Bonus Status Credits when you apply by 30 June 2017, buy and fly return with Qantas by 30 September 2017.
    1 75,000 bonus points $0 p.a. annual fee for the first year ($425 p.a. thereafter) Go to site More info
    Citi Rewards Platinum Credit Card
    Consolidate your debt with a low balance transfer offer of 0% p.a. for 24 months and a host of platinum privileges. Earn 1 Citi Reward Points for every $1 spent on eligible domestic and international spend.
    1 0 $49 p.a. annual fee for the first year ($149 p.a. thereafter) Go to site More info
    HSBC Platinum Qantas Credit Card
    Fly faster with up to 1 Qantas Point per $1 spent and receive bonus Qantas Points on selected Qantas products, services and partners.
    1 0 60,000 bonus points $199 p.a. Go to site More info
    American Express Explorer® Credit Card
    Earn up to 2 Membership Rewards Points per $1 spent and receive a $400 Travel Credit every year.
    2 50,000 bonus points $395 p.a. Go to site More info
    HSBC Platinum Credit Card
    Enjoy an annual fee refund every year if you meet the spend requirement with a balance transfer offer, high credit limits and prestige services including a personal concierge service and VISA Platinum rewards program.
    1 0 $99 p.a. Go to site More info
    St.George Amplify Signature
    Receive up to 90,000 bonus Amplify points on eligible spend and earn up to 3 reward points per $1 spent on eligible purchases.
    1.5 0 90,000 bonus points $279 p.a. Go to site More info
    ANZ Rewards Platinum
    Earn up to 50,000 bonus Reward Points when you spend $2,500 in the first 3 months plus $0 in the first year.
    1.5 50,000 bonus points $0 p.a. annual fee for the first year ($95 p.a. thereafter) Go to site More info
    Bank of Melbourne Amplify Platinum - Qantas Rewards
    Fly faster with up to 1.000 Qantas Point per $1 spent and receive complimentary overseas travel insurance.
    0.5 0 60,000 bonus points $99 p.a. Go to site More info
    St.George Amplify Platinum - Amplify Qantas
    Fly faster with up to 1 Qantas Point per $1 spent and receive complimentary overseas travel insurance.
    0.5 0 60,000 bonus points $99 p.a. Go to site More info
    American Express Velocity Platinum Card
    Take off sooner with up to 2.5 Velocity Points per $1 spent and receive a complimentary Virgin Australia return domestic flight every year.
    0 1.5 100,000 bonus points $375 p.a. Go to site More info
    St.George Amplify Signature - Amplify Qantas
    Fly faster with up to 1.5 Qantas Points per $1 spent and receive 2 complimentary Qantas Lounge Passes.
    0.75 0 90,000 bonus points $279 p.a. Go to site More info
    ANZ Rewards Black Credit Card
    This card offers 75,000 bonus points when you spend $2,500 on eligible purchases in the first 3 months from approval and $0 annual fee for the first year. Earn up to 2 reward points per $1 spent and unlimited access to airport lounges with complimentary travel insurance.
    2 75,000 bonus points $0 p.a. annual fee for the first year ($375 p.a. thereafter) Go to site More info
    Bank of Melbourne Amplify Signature - Amplify Qantas
    Fly faster with up to 1.500 Qantas Point per $1 spent and receive 2 complimentary Qantas Lounge Passes.
    0.75 0 90,000 bonus points $279 p.a. Go to site More info
    Virgin Australia Velocity Flyer Card - Exclusive Offer
    Earn 2 Velocity Points on top of the standard earn rate per $1 spent within the first 3 months, plus a $129 Virgin Australia Gift Voucher each year.
    0.66 0 $64 p.a. annual fee for the first year ($129 p.a. thereafter) Go to site More info
    BankSA Amplify Signature - Amplify Qantas
    Fly faster with up to 1.5 Qantas Points per $1 spent and instantly become a Visa Luxury Hotel Collection member.
    0.75 0 $279 p.a. Go to site More info
    NAB Rewards Classic Card
    Earn 0.75 NAB Rewards Point per $1 spent and receive complimentary purchase protection insurance.
    0.75 40,000 bonus points $0 p.a. annual fee for the first year ($95 p.a. thereafter) Go to site More info
    BankSA Amplify Platinum - Amplify Qantas
    Fly faster with up to 1 Qantas Point per $1 spent and receive complimentary overseas travel insurance.
    0.5 0 $99 p.a. Go to site More info
    Westpac Altitude Black
    Earn up to 3 Altitude Points per $1 spent and enjoy up to four complimentary airport lounge visits each year.
    1.25 3 80,000 bonus points $195 p.a. annual fee for the first year ($395 p.a. thereafter) Go to site More info
    BankSA Amplify Platinum
    Earn up to 2 Amplify Rewards Points per $1 spent and receive complimentary travel insurance.
    1 $99 p.a. Go to site More info
    Bank of Melbourne Amplify Signature
    Earn up to 3 Amplify Rewards Points per $1 spent and receive an additional card at no extra cost.
    1.5 0 90,000 bonus points $279 p.a. Go to site More info
    Virgin Australia Velocity High Flyer Card - 30k Bonus Points offer
    Take off sooner with up to 1 Velocity Point per $1 spent and receive 30,000 Bonus Velocity Points.
    1 0 30,000 bonus points $144 p.a. annual fee for the first year ($289 p.a. thereafter) Go to site More info
    St.George Amplify Platinum
    Choose between Amplify or Qantas rewards program and enjoy uncapped points earning. Plus, receive up to 60,000 bonus points on eligible spend.
    1 0 60,000 bonus points $99 p.a. Go to site More info
    ANZ Rewards Travel Adventures card
    Pay no overseas transaction fee on purchases, earn up to 1.5 for every dollar spent on eligible purchases, plus receive complimentary domestic return flight and lounge passes each year you hold the card when you spend $500 on eligible purchases within the first three months.
    1.5 $225 p.a. Go to site More info
    Qantas American Express Discovery Card
    A no annual fee frequent flyer credit card which lets you earn 1 Qantas Point per $1 spent.
    1 $0 p.a. Go to site More info
    Bank of Melbourne Amplify Platinum
    Earn up to 2 Amplify Rewards Points per $1 spent and receive complimentary travel insurance.
    1 0 60,000 bonus points $99 p.a. Go to site More info
    Qantas American Express Premium Card
    Fly faster with up to 2.25 Qantas Points per $1 spent and receive complimentary domestic and international travel insurance.
    1.25 30,000 bonus points $249 p.a. Go to site More info
    Citi Qantas Signature Credit Card
    Fly faster with up to 1 Qantas Point per $1 spent and receive a complimentary Priority Pass membership.
    1 0 50,000 bonus points $199 p.a. annual fee for the first year ($395 p.a. thereafter) Go to site More info
    American Express Platinum Business Card
    Earn up to 2 Membership Rewards Points per $1 spent and extend your cash flow up to 51 days.
    0 1 100,000 bonus points $1,500 p.a. Go to site More info
    BankSA Amplify Signature
    Earn up to 3 Amplify Rewards Points per $1 spent and receive complimentary travel insurance.
    1.5 0 $279 p.a. Go to site More info
    American Express Gold Business Card
    Earn up to 1 Membership Rewards point per $1 spent and extend your cash flow up to 51 days.
    0 1 10,000 bonus points $169 p.a. Go to site More info
    Commonwealth Bank Business Awards Credit Card
    Earn up to 1.5 Awards points per $1 spent and easily integrate your online accounting software.
    1 1.5 $100 p.a. Go to site More info
    Commonwealth Bank Business Awards Platinum Credit Card
    Earn up to 3 Awards points per $1 spent and stay on track with instantly updated transactions.
    1 3 $300 p.a. Go to site More info
    American Express Platinum Card
    Earn up to 3 Membership Rewards Points per $1 spent and receive complimentary access for you and a guest to over 1,000 VIP Lounges.
    0 1 80,000 bonus points $1,200 p.a. Go to site More info
    Citi Rewards Signature Credit Card
    Get 75,000 bonus Reward Points on your first eligible purchase. Convert them to Qantas Points.
    1.5 0 75,000 bonus points $199 p.a. annual fee for the first year ($395 p.a. thereafter) Go to site More info
    Citi Prestige Card
    Receive 70,000 bonus points on eligible spend. Option to earn opt-in to the Qantas Rewards program and earn Qantas Points.
    2 70,000 bonus points $700 p.a. Go to site More info
    David Jones American Express
    Earn up to 3 Membership Rewards Points per $1 spent and receive a range of in-store benefits at David Jones.
    1 30,000 bonus points $99 p.a. Go to site More info
    Rates accurate as at: May 27th, 2017 Learn about our information service

    How does a rewards transaction account work?

    Depending on which one you choose, there are a number of ways to earn rewards with your transaction account. For example, you can be rewarded for maintaining your daily balance, for the purchases you make using the issued debit card, or both.

    Depending on your banking habits you could end up with a substantial number of points. These points can then be used towards airfare or selected purchases and vouchers. Some allow you to redeem your points in the form of cash that gets put back into your account. Think about how you use your transaction account, and the types of rewards you may actually use in order to compare the different offers available from Australian banks.

    Learn more about reward credit cards

    What about PayPass and PayWave?

    Funds are due to clear a couple of days after you complete the transaction. When using a PIN or in some cases a CHIP, the funds are instantly taken out of your account. Learn more about contactless payments.

    How do cashback offers work?

    A cashback offer is a type of rewards program where you earn a percentage of your total purchases back. This can be paid towards the balance on your card or as a discount at check-out if you are using a store sponsored card.

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    How do I compare transaction accounts that let me earn rewards?

    If you're considering opening a rewards transaction account, there are a few things to note that may help in choosing which account is best suited to your needs. A good place to start is to look at both how rewards are earned and what you can do or purchase with the points earned.

    • What types of rewards are offered? The way you like to redeem your rewards plays a huge role in deciding the account for you. Would you prefer frequent flyer points, or cash back? In other words, do you travel a lot more or prefer to shop more at home?
    • The terms and conditions of the rewards. There not much point in opting for cash back when your purchases are always over $100 and are international transaction. You’ll find that most terms and conditions state that you can only earn cash back if the purchases are under $100 in value, and are conducted in Australia.
    • How points are earned. If you generally keep a high balance in your transaction account, consider being rewarded for that. Otherwise you should look for rewards transaction accounts that are giving you points for purchases.
    • Redeeming points. Check the options you have for redeeming points with the various rewards transactions accounts. You are going to want to choose one where the rewards are valuable to you.
    • Fees. Not only should you look at any monthly account keeping fees, check to see if you are going to be charged for your daily transactions whether online or with the issued debit card. You may also find accounts that waive fees for depositing a set amount of money each month.
    • Accessibility. Check to see if you are able to manage your account online. You will also want to compare the type of debit card issued and the number of ATMs available for you to make withdrawals.

    There are a number of things to consider with a rewards transaction account if you want to find one that provides you with the most benefit. Make your comparisons carefully, basing them on the features that matter to you the most.

    Prepaid Cards

    Did you know that you can earn points on prepaid cards too? Find out more about the Coles reloadable MasterCard where you can collect flybuys points.

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    What are the benefits of using a reward transaction account?

    While a rewards transaction account has benefits to consider, there are also some points that are not right for everyone. The following pros and cons will provide you with further information about this type of account to help you in making a choice.

    • Valuable rewards. Redeeming points can potentially save you a lot of money towards purchases that you would normally be making.
    • Flexibility with earning points. There are multiple ways to earn points, making it easy to get the full benefit of these accounts.
    • Multiple access points. Having a debit card with a credit company logo allows you to make purchases online, over the counter and over the phone as well as withdrawals at ATMs across Australia.
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    What are the risks?

    You don’t need to worry about losing deposits of up to $250,000 thanks to the Australian Government guarantee, but there are things you should avoid if you do choose to open a rewards transactions account.

    • Fees. Some of these accounts will have a monthly service fee, although that could be removed by meeting certain terms such as a monthly deposit requirement.
    • Foreign transaction fees. You could be subject to a fee if you make a purchase outside of Australia, whether there is a currency conversion or not.
    • Overspending. Avoid making purchases in order to gain points. With the right rewards account you should be able to build your point balance with your normal banking activities.
    • Monthly deposit. Some of these accounts do have a monthly deposit requirement in order to avoid paying fees. If you are not able to make that obligation you may want to consider other types of transaction accounts.

    Have more questions? Here are commonly asked questions, answered

    This will vary, but with some there are over 3,000 popular retailers that are partnered with the bank to give you plenty of choices when redeeming your points.

    That depends on the bank, with some only offering one as an option. Check to see what types of fees are applied when you issue cheques.

    Yes, you will have all of the banking features of your typical transaction account, including direct deposit of your pay and automatic debit to pay recurring bills.

    Savings Account Offers

    Learn about our information service
    ING DIRECT Savings Maximiser

    Maximum Variable Rate

    3.00

    Standard Variable Rate

    1.50
    ME Online Savings Account

    Maximum Variable Rate

    3.05

    Standard Variable Rate

    1.30
    Bankwest Hero Saver

    Maximum Variable Rate

    2.65

    Standard Variable Rate

    0.01
    Citibank Online Saver

    Maximum Variable Rate

    2.85

    Standard Variable Rate

    1.70

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