Bankwest Transaction account [General Discussion]

[burmans]

Not really a Credit Card account but not sure where else to put this

Bankwest Qantas Transaction Account

10k points for nothing

 

[Isochronous]

[h=3]Earn 10,000 bonus Qantas Points, hurry limited time only!^[/h]Open a Bankwest Qantas Transaction Account before 31 May 2014 and deposit at least $2,000 per month (your salary ought to do it) for the first 3 months to be eligible. New Bankwest transaction account holders only.
[h=3]What’s more, you get…[/h]

• $0 monthly account fees when you deposit at least $2,000 per month (e.g. your salary)
• free access to Bankwest and CommBank ATMs, Australia largest bank ATM network
• no overseas ATM withdrawal fees (charged by Bankwest)**

So what would happen if on the 1st or 30th/31st day of each month for the first 3 months, I deposit $2k then immediately withdraw the next day, and after 3 months when they credit the 10k points I leave the balance at $0. Will it go into negative with account fees or do they just close the account?

 

[tim374]

Existing transaction cardholders excluded. Would have been a good 10,000 points.

 

[burmans]

So what would happen if on the 1st or 30th/31st day of each month for the first 3 months, I deposit $2k then immediately withdraw the next day, and after 3 months when they credit the 10k points I leave the balance at $0. Will it go into negative with account fees or do they just close the account?

As far as I can see you don't need to keep the money there, you just need to deposit, sort of like the $50 bonus ING offer.

 

[Isochronous]

As far as I can see you don't need to keep the money there, you just need to deposit, sort of like the $50 bonus ING offer.

I did something like that for the free NAB transaction account. My concern is that this one says there is a fee without a minimum deposit each month.

I only have a CC and a Telenet Saver with them so I shall be doing this for the free 10k points.

 

[nonpop]

I did something like that for the free NAB transaction account. My concern is that this one says there is a fee without a minimum deposit each month.

I only have a CC and a Telenet Saver with them so I shall be doing this for the free 10k points.

Then I guess we could shut the account down or schedule a $1 transfer from another bank. At 12 months, take $12 out and rinse repeat.

 

[zainman]

5 QF points per transaction?

Very interesting.

 

[AusTraveller]

5 QF points per transaction?

Very interesting.

Tried to find the definition of a "qualifying transaction" ......it's very interesting indeed.

http://www.bankwest.com.au/library/pdf/PDS_20120824-143838.pdf

 

[zainman]

Tried to find the definition of a "qualifying transaction" ......it's very interesting indeed.

http://www.bankwest.com.au/library/pdf/PDS_20120824-143838.pdf

yeah exactly. Wouldn't be surprised if they shut it down though terming it as "fraudulent use"

 

[Cool Cat Phil]

Excellent offer.

considering the account offers no fee for overseas ATM withdrawal's this is a particularly strong selling point.

As as a new Bankwest customer the bonus points are particularly attractive.

 

[nonpop]

considering the account offers no fee for overseas ATM withdrawal's this is a particularly strong selling point.

Not really ... may be no ATM fee, but you still get FX fees

Fees

[TABLE="class: ratesTable, width: 534"]
[TR]
[TH="bgcolor: #F6F5F5"]Description[/TH]
[TH="bgcolor: #F6F5F5"]Fee[/TH]
[/TR]
[TR]
[TD]Monthly account maintenance[/TD]
[TD]$0 when you deposit at least $2,000 per month (e.g. your salary)[/TD]
[/TR]
[TR]
[TD]Electronic withdrawals[/TD]
[TD]$0[/TD]
[/TR]
[TR]
[TD]Cheque withdrawals[/TD]
[TD]$0[/TD]
[/TR]
[TR]
[TD]Counter withdrawals[/TD]
[TD]$0[/TD]
[/TR]
[TR]
[TD]Foreign transaction[/TD]
[TD]2.95%[/TD]
[/TR]
[TR]
[TD]Overseas ATM access[/TD]
[TD]$0
[/TD]
[/TR]
[/TABLE]

 

[Cool Cat Phil]

Not really ... may be no ATM fee, but you still get FX fees

Fees

[TABLE="class: ratesTable, width: 534"]
[TR]
[TH="bgcolor: #F6F5F5"]Description[/TH]
[TH="bgcolor: #F6F5F5"]Fee[/TH]
[/TR]
[TR]
[TD]Monthly account maintenance[/TD]
[TD]$0 when you deposit at least $2,000 per month (e.g. your salary)[/TD]
[/TR]
[TR]
[TD]Electronic withdrawals[/TD]
[TD]$0[/TD]
[/TR]
[TR]
[TD]Cheque withdrawals[/TD]
[TD]$0[/TD]
[/TR]
[TR]
[TD]Counter withdrawals[/TD]
[TD]$0[/TD]
[/TR]
[TR]
[TD]Foreign transaction[/TD]
[TD]2.95%[/TD]
[/TR]
[TR]
[TD]Overseas ATM access[/TD]
[TD]$0[/TD]
[/TR]
[/TABLE]

Correct & thanks for sharing those fees.

Foreign Transaction fee's are pretty much hard to avoid these days, but please feel free to enlighten me If you know of an account where the foreign transaction fee is non existent or extremely low.

Always open to people's thoughts.

 

[burmans]

I did something like that for the free NAB transaction account. My concern is that this one says there is a fee without a minimum deposit each month.

So make a deposit each month, then move it out again the next day, when you have your points close the account!

 

[Mr_Orange]

Correct & thanks for sharing those fees.

Foreign Transaction fee's are pretty much hard to avoid these days, but please feel free to enlighten me If you know of an account where the foreign transaction fee is non existent or extremely low.

Always open to people's thoughts.

Citibank Plus for a transaction account and any Bankwest Platinum credit card.

 

[anat0l]

Bankwest Platinum credit card.

Interesting - just had a look at that. Platinum Qantas points earn is capped at 200k per year, but that's a lot of money anyway.

Any idea what kind of income / credit criteria required to apply? Or black art here?


In any case, interesting promotion for the savings account. Might be useful if you're just warehousing a large amount of money (that's not locked into investments).

 

[markis10]

Citibank Plus for a transaction account and any Bankwest Platinum credit card.

Citibank has a $120 bonus if you funnel $3k a month through.

Starter Package - Citibank Australia

 

[jlien]

Interesting offer, won't be classified as a new customer but will talk to my RM about changing my transaction account over to this.

 

[Mr_Orange]

Interesting - just had a look at that. Platinum Qantas points earn is capped at 200k per year, but that's a lot of money anyway.

Any idea what kind of income / credit criteria required to apply? Or black art here?

Not really sure TBH. I applied for the QF Platinum card, was initially approved for the base card, so I called them up and said, give me a Platinum or don't bother and they gave me the Platinum, since the only appeal was fee free international transactions (oh and the 8k sign on bonus)

 

[Mr_Orange]

Citibank has a $120 bonus if you funnel $3k a month through.

Starter Package - Citibank Australia

Indeed, I took up that offer during the second half of last year. A good bonus and I was looking to change anyway to avoid being rorted by CBA for foreign ATM withdrawals.

 

[Kefuan]

So i was just about to sign up for a Bankwest Zero transaction account......Decided against Citi as it didnt have paypass.

Looks like this would be a better everyday account as I can accrue points, only downside is less ATM coverage? (But still get the entire CBA network of ATM's?)