AMP Bank has launched a new fee-free bank account that earns Qantas Frequent Flyer points on the balance, in lieu of interest.
With Bankwest discontinuing its popular Qantas Transaction account, this could be a reasonable alternative. The AMP Bank Everyday Account also has no international transaction or ATM withdrawal fees. However, unlike the Bankwest Qantas Transaction account, you don’t earn Qantas points on transactions made using the account’s debit card.
About the AMP Bank Everyday Account
With the AMP Bank Everyday Account, which launched last week, you’ll earn 1 Qantas Point for every $10 in the account each month. Points are earned on balances of up to $5 million.
For example, if you had $5,000 in the account, you would earn 500 Qantas points per month – or 6,000 points over the course of a year.
As these points are in lieu of earning interest, most people would be better off putting large amounts of savings in a high-interest savings account. However, the ability to earn a few Qantas Points on the balance isn’t a bad thing if you want to use this as an everyday transaction account – or for overseas travel.
As the AMP Bank Everyday Account has no international transaction or ATM withdrawal fees, this could be a good option for withdrawing cash from overseas ATMs in foreign currencies when you travel. This is what some people currently use the Bankwest Qantas Transaction account for.
There’s also an Everyday Business Account for small businesses, which works in pretty much the same way.
Earn double Qantas Points until 31 July 2025
As a special launch promotion, AMP Bank is offering double Qantas Points on its Everyday accounts until 31 July 2025. If you open a new account in the AMP Bank app, you’ll earn 2 Qantas Points for every $10 of average monthly balance until 31 July, rather than 1 per $10.
Other Australian bank accounts that earn Qantas Points
The AMP Bank Everyday account becomes one of four in Australia where you can earn Qantas Points on the balance.
The Qudos Bank Qantas Points Saver account also awards points on the balance, in addition to a proper interest rate. The BOQ Specialist Everyday Plus is another way that awards points on the balance, but this account is only available to people working in certain industries and doesn’t earn any other interest.
Here’s the full list:
| Account | Annual points earned per $1,000 | Annual interest earned per $1,000 | Maximum annual points earn |
|---|---|---|---|
| Bankwest Qantas Transaction | 1,095 Qantas Points | $0.10 (at 0.01% p.a. interest rate) | 54,750 points for a $50K balance |
| AMP Bank Everyday Account | 1,200 Qantas Points | $0 (at 0% p.a. interest rate) | 6,000,000 points for a $5 million balance |
| Qudos Bank Qantas Points Saver | 400 Qantas Points | $53 (at 4.05% p.a. interest rate) | 400,000 points for a $1 million balance |
| BOQ Specialist Everyday Plus | 600 Qantas or Velocity Points | $0 (at 0% p.a. interest rate) | 60,000 points for a $100K balance |
AFF members can read more about earning points from financial products other than credit cards in Course 2 of our Frequent Flyer Training.
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