Bank with Qantas Credit Union and Earn points

[markis10]

Earn points on your savings

Here's a nice little earner I have not come across before, given its a savings account its not a bad deal I think.

Qantas Points Saver


Our Qantas Points Saver is a real win-win.


Not only will you receive a competitive interest rate on your savings, but you’ll also earn 400 Qantas Points1 for every $1,000 in your account.
With a balance of $49,000 that's an impressive 61,039 Qantas Points over 3 years2. What’s more, there’s no application fee and no minimum balance so you can start earning Qantas Points from your first dollar.
2.50% pa
Variable rate
Features and benefits:


Earn 400 Qantas Points 1 for every $1000 of your average monthly balance per annum
Qantas Points credited monthly based on your average monthly balance
Competitive variable interest rate (see our current interest rates here)
$0 application fee
$0 account keeping fee
$0 minimum or monthly balance required
Qantas Points can be earned on balances up to $1m

https://www.qantascu.com.au/rewards#savings

 

[Mwenenzi]

Re: Earn points on your savings

A simple way to keep a QF freq flyer account alive if nothing else

 

[Kangol]

Re: Earn points on your savings

Not bad, considering you earn QFF points for doing nothing.
Sure, you may be able to invest it in other ways but to get interest and points it may work out well for some.
Currently ING's savings maximiser is 2.75% and Westpac eSaver the same as the 2.50% variable rate as shown here...

 

[kpc]

Re: Earn points on your savings

hmmm...have to think about this:idea:
the interest rate (2.5%) paid is the key, I guess.

HSBC Serious Saver: 2.9%
Westpac eSaver (as above): 2.5%

some more sums by me: so if you value QF points at $0.01 per point, 400QF points per $1000 balance equates to an extra 0.4% interest PA (but tax free!)

 

[pauly7]

Re: Earn points on your savings

Interesting but pretty average interest rate, I'm getting a lot more than that on my accessible savings.

Each to their own of course.

 

[cove]

Re: Earn points on your savings

We decided to go for Big4 hybrids to get franked income and a higher rate as a parking lot for funds waiting for an opportunity. These hybrids are less secure than a Big4 term deposit but you can re-sell them at T+3 meaning you can get the funds back faster than a term deposit.
If a Big4 bank were to fail in Australia then that would be a very big problem for every Australian.

Talk to your financial adviser to make sure a product suits your needs rather than anyone else's needs.

Getting points and a lower interest rate will attract some AFF members for sure

 

[medhead]

Re: Earn points on your savings

My spare cash is saving me 5.18% mortgage interest at the moment. $26.80 per 400 points doesn't seem that good.

Might have to ask cove about particular hybrids.

hmmm...have to think about this:idea:
the interest rate (2.5%) paid is the key, I guess.

HSBC Serious Saver: 2.9%
Westpac eSaver (as above): 2.5%

some more sums by me: so if you value QF points at $0.01 per point, 400QF points per $1000 balance equates to an extra 0.4% interest PA (but tax free!)

Just had a letter from nab advising me my isaver account is earning 3.75% and that they offer an account with 4.25% with a monthly deposit requirement.

I also have $3000 locked up in bank west kids saver account at a nominal 7% iirc, it was 10%. However that's a monthly deposit requirement, that is capped at $250 per month. So you only get the rate on the full $3000 for the last month. On the anniversary they roll the money back into a linked account and you start again.

 

[lovetravellingoz]

Re: Earn points on your savings

There are many better things to do with cash than earn 2.5% and a token amount of points.

 

[casanovawa]

Re: Earn points on your savings

Yeah, i hardly wring every possible dollar out of my savings, but at ANZ my online saver account offers me 4%+ so 2.5% seems a bit low..

 

[cove]

Re: Earn points on your savings

ANZPD had a gross 6.2% at their issue price and you get about 4.4% franked each 6 months. It trades so you use an Internet broker to get in and out at the lowest trading cost. Others are CBAPC,WBCPB and WBCPC to name a few are all hybrid securities or capital notes.
Ask you financial advisor if these could suit you in your financial plan for a bit of your net worth.
Hang on we could go the points!

 

[medhead]

Re: Earn points on your savings

Financial advisor? I'll ask myself

 

[cove]

Re: Earn points on your savings

Medhead it costs about 0.12% to trade the securities I mentioned. You should study the months trading prices to ensure you buy low and sell high (if you need the money back quickly)
If it all goes wrong without a financial advisor we could move you off champagne and get you onto Australian sparkling wines and Lotto tickets.
Maybe the points idea would be more fun.

 

[whatmeworry]

Re: Earn points on your savings

I see they are also offering points for home loans. The variable rate is 5.18%

https://www.qantascu.com.au/rewards#home-loans

• Earn 150 Qantas Points[SUP]1[/SUP] for every $1000 on your loan balance per annum
• Qantas Points credited monthly based on your average monthly balance
• Available for home loan applications of $150,000 or greater
• Competitive variable interest rate (see our current interest rates here)
• Complimentary Visa Platinum Credit Card (Earn Qantas Points for everyday purchases)[SUP]3 [/SUP]
• Complimentary Card for an additional cardholder
• Complimentary Qantas Frequent Flyer membership, valued at $82.50[SUP]4[/SUP]
• Bonus 0.10%p.a. interest on select term deposits accounts[SUP]5[/SUP]
• Annual package fee $299[SUP]6[/SUP]

 

[medhead]

Re: Earn points on your savings

Medhead it costs about 0.12% to trade the securities I mentioned. You should study the months trading prices to ensure you buy low and sell high (if you need the money back quickly)
If it all goes wrong without a financial advisor we could move you off champagne and get you onto Australian sparkling wines and Lotto tickets.
Maybe the points idea would be more fun.

I feel capable of understanding this stuff myself. At least that way I can blame myself when drinking passion pop. If I don't get it, I don't invest.

Of course, saving 5% via mortgage offset is a good low risk 'investment'.

Same principle with mortgages, I don't need a lawyer to understand the conditions.

I see they are also offering points for home loans. The variable rate is 5.18%

https://www.qantascu.com.au/rewards#home-loans

Looks attractive compared to the supposedly beneficial deal nab gives me for the same interest rate. I hope you mean $299 for the package fee and the 6 is a mistake.

 

[whatmeworry]

Re: Earn points on your savings

Looks attractive compared to the supposedly beneficial deal nab gives me for the same interest rate. I hope you mean $299 for the package fee and the 6 is a mistake.

The 6 is superscript, so it is $299.

 

[NoName]

Re: Earn points on your savings

2.5% p.a. and a token amount of points is a dreadful offer. Far better interest available out there than this. Waste of time.

 

[mannej]

Re: Earn points on your savings

2.5% p.a. and a token amount of points is a dreadful offer. Far better interest available out there than this. Waste of time.

At least you get points, which bank offers you 2.5% on the net saver account minus the points?

 

[GalaxyNexus]

Re: Earn points on your savings

I'm getting 4.62% at UBank (backed by NAB) savings account with transaction account / debit card attached (so it's as good as any big4 account minus the existence of branches). 2.12% less interest for ~0.4% worth of points does not make any sense, even with the points being not taxable.

 

[Jack_OC]

Re: Earn points on your savings

My spare cash is saving me 5.18% mortgage interest at the moment. $26.80 per 400 points doesn't seem that good.

Just as an aside - you're probably aware of this already, and it depends on your circumstances of course - but you can get variable home loans for a fair bit less than that now. I recently switched to UBank at 4.62%. UBank also has great savings rates as someone else mentioned. The catch is you have to be willing/able to manage everything online yourself, but I'm sure that's no issue for most of us.

I also have $3000 locked up in bank west kids saver account at a nominal 7% iirc, it was 10%. However that's a monthly deposit requirement, that is capped at $250 per month. So you only get the rate on the full $3000 for the last month. On the anniversary they roll the money back into a linked account and you start again.

I've got a couple of those accounts on the go too, but I was shocked to discover on Saturday that the rate has been cut to 5.8%. Almost not worth it anymore.

 

[medhead]

Re: Earn points on your savings

Just as an aside - you're probably aware of this already, and it depends on your circumstances of course - but you can get variable home loans for a fair bit less than that now. I recently switched to UBank at 4.62%. UBank also has great savings rates as someone else mentioned. The catch is you have to be willing/able to manage everything online yourself, but I'm sure that's no issue for most of us.

I'll have to check the comparison rates. Thanks for the heads up. Pretty annoyed at the "special" deal being standard elsewhere.

I've got a couple of those accounts on the go too, but I was shocked to discover on Saturday that the rate has been cut to 5.8%. Almost not worth it anymore.

That is really cough.