AMP Bank Everyday Account - earns Qantas Points

[Mattg]

With Bankwest discontinuing its Qantas Transaction account later this year, it's time to look for an alternative.

AMP Bank has just launched a new partnership with Qantas Frequent Flyer. It looks like you can earn Qantas points on the balance of an AMP Bank Everyday Account, in lieu of earning any (cash) interest.

You earn 1 Qantas points per $10 of the average monthly balance. There's a limited-time offer of double points until 31 July 2025.

Qantas Frequent Flyer

www.amp.com.au

There are no monthly fees, ATM withdrawal fees or international transaction fees.

AMP also has a business account which is similar and comes with monthly point deposits into Qantas Business Rewards.

Seems like a reasonable alternative to the Bankwest account? You don't earn any points on transactions, though.

You have to apply in the AMP Bank app, and there's no online web portal for managing the account.

 

[MEL_Traveller]

It’s seems like a ok deal?

But is it as good as Qudos?

If you had $100,000…annually:

With Qudos Qantas saver you’d earn roughly 40k points AND $4500 interest, which would be taxed.

With AMP you’d earn 120,000 points, no interest.

*Q bank gives you 400 points per $1000 annually (credited monthly)

Have O got the maths right?

Aside from the fact that the AMP is a general transaction account which might be what some people want, and Q bank is a saver only… is 80k points better than $4500?

The double points might make it a little more attractive.

 

[TonyDoh]

It’s seems like a ok deal?

But is it as good as Qudos?

Qudos members have just voted in favour of a merger with Bank Australia. The terms include continued operation under the two separate brands, and continuation of Qantas points earn on the designated accounts. Hopefully these arrangements will continue indefinitely into the future.

As to the Bankwest accounts ceasing to earn Qantas points, it looks like its time to open an AMP account and move the funds I currently have in Bankwest....

 

[aikman]

So $10,000 invested over 1 year earns:
AMP: 12,000 Qantas points OR
ING: $540 cash interest

So you are effectively buying Qantas points at the following rates depending on your tax rate.
0% tax rate: 4.5 cents per Qantas point
30% tax rate: 3.15 cents
45% tax rate: 2.48 cents

Everyone will be better off purchasing wine.

 

[pauly7]

So $10,000 invested over 1 year earns:
AMP: 12,000 Qantas points OR
ING: $540 cash interest

So you are effectively buying Qantas points at the following rates depending on your tax rate.
0% tax rate: 4.5 cents per Qantas point
30% tax rate: 3.15 cents
45% tax rate: 2.48 cents

Everyone will be better off purchasing wine.

Not to mention you can get better interest rates than ING too!

 

[MEL_Traveller]

Not to mention you can get better interest rates than ING too!

Sorry, OT… but better than 5.4%?

I’m with Q bank getting the 4% plus points. But that will come down soon with interest rates falling