The Bankwest Qantas Transaction Account is Australia's first and only everyday transaction account that allows members to earn Qantas Points. You can earn points just from having money in the account as well as on eligible purchases through the MasterCard debit card.
Quick Features of the Bankwest Qantas Transaction Account
12 Qantas Points per $100 in your account each month.
5 Qantas Points per eligible purchase (not per dollar as with many credit cards)
5 Qantas Points per overseas ATM withdrawals (but probably with an ATM owner fee, and currency conversion fee. You might be better off using a card with no overseas ATM fees when you’re away - like this CitiBank Card)
Unlimited transactions and no monthly account fee if you deposit at least $2000/month ($6/month fee otherwise)
Free and unlimited use of Bankwest and Commonwealth Bank ATMs in Australia
The two major opportunities for earning Qantas Points are through small purchases and on the money you hold in your account.
NOTE: If you're not already a Qantas Frequent Flyer member, you can use one of the links here to join for free.
How it works and if you should use it
You’ll earn 12 Qantas points per month for every $100 in the account. You’ll also earn 5 Qantas points with every purchase, regardless of the amount, up to 50 transactions per day. This makes the Bankwest Qantas debit card a great earner on smaller purchases (anything under $5) like your morning coffee.
There is a monthly account fee of $6, but this can be waived if you deposit at least $2,000 each month. For example, have your salary direct deposited into the account. You can also withdraw and re-deposit this amount ($2,000) each month to avoid paying any fees.
Just like most transaction bank accounts this everyday account does not pay much interest at 0.01% p.a variable interest rate but at least with this account you will be earning Qantas points for every dollar in your account monthly.
Depending on how you value Qantas points, and the rate at which you are taxed on interest earned, this could be a good alternative option and may work out to be a great deal.
Disclaimer: this is only a guide to accumulate more Qantas points and not to be used as financial advice. You should consider your personal circumstances and seek professional finance advice before changing or applying for any financial products.