Bankwest Qantas Transaction Account
New or existing Qantas frequent flyer members can add points to their Qantas account everyday of the year.
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 member – if you sign up through Bankwest, it's free.
Fee Free Deposit
Account keeping fee
ATM withdrawal fee
Overseas ATM withdrawal fee
Alison Banney is the banking and investments editor at Finder. She has written about finance for over six years with her work featured on sites including Yahoo Finance, Money Magazine and Dynamic Business.
If you’re collecting Qantas points this account could help you do just that. It acts like a standard everyday transaction account, but you’ll also earn Qantas points each time you make a purchase, and also when you withdraw cash from an overseas ATM. Just make sure you’re not overspending for the sake of collecting points.
You’ll also earn 0.3 points for each $100 you have in your account at the end of each month. Plus, you’ll get free membership to the Qantas Frequent Flyer program, which is usually $89 to join.
However, there is a $6 monthly account fee for this account unless you can deposit $2,000 a month. So if you can’t meet the monthly deposit condition, the money you pay in account fees could cancel out the benefit you’re getting in Qantas points.
Earning Qantas Points
3 Qantas points for eligible purchases
Every time you use your Debit Mastercard to make an eligible purchase, 3 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.
0.3 Qantas points per month per $100 in your bank account
For every $100 you have in your account, you will earn 0.3 Qantas points for that month.
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 Australia wide
You get free access to all Bankwest and CommBank ATMs Australia wide.
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.
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.
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.
How to apply
If after comparing this everyday account you find it has all the features you want, you can 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.
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 submit 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.