Bankwest Transaction account [General Discussion]

[MEL_Traveller]

Do they stop charging their monthly fees if the account is zeroed out but not closed?

I closed my account yesterday. The operator confirmed it does need to be closed to stop the $6 monthly fee.

 

[clifford]

Do other banks still have an osko 1k limit?

None of the ones I use do (eg W, ANZ, Beyond).

 

[exceladdict]

None of the ones I use do (eg W, ANZ, Beyond).

Transferring out of ING I'm pretty sure I get a notice that if it's over $1k it may take more than one business day. Didn't realise it wasn't common! Thanks for the heads up.

 

[serfty]

The only anoying bit here is that transfers above 1k might take up to 3 days, while smaler transfers are instant via osko.

Subject to daily limits, I have had no issue in multiple same day OSKO transfers of $1K or less to the same destination from our BW business account.

 

[GSP]

Interesting
Here is my take on the issue.
If I switched my hypothetical million in cash from Bankwest to Ubank, this year I will earn 3.6% interest PRE-TAX (assuming no further interest rate rises which would make an even better value proposition)
So this time next year I will have $36,000*0.65 assuming a 35% tax rate = $23,400 in the bank
Leaving my money with Bankwest (let's pretend I have 20 accounts in different names with 50k in each) I'd earn 1,095,000 points.
The 318,000 points needed for an award J rtn to Europe, assuming I can find one, would be equivalent to $6,795 in interest from Ubank. Then I need to add taxes which vary from $300 JAL to $3000 Emirates. Best case scenario my points flight costs me more than $7,000.

But the real kicker.....
Just 6 months ago I was more than happy to leave my "million dollars" in the bank earning 1.095 million points - enough for 3.4 J rtns to Europe. At that time I would never have dreamt of paying even $4,000 for a fare to London. Yesterday I looked at booking two flights to CDG for $6,000 a pop. I get points and perks and won't get bumped. I get free insurance with my card - no worrying about terms and conditions.
And I have $2,000 left over on the equivalent investment from April.

Please tell me where I am going wrong here??
And DON'T say cash is the worst value investment - I know that. I should have put it in the All-Ords where it would now be worth $891,000

One floor in the above, is that UBank only pay the higher interest rate up to $250k, your $750k of the $1m will be at a rate of 0.1% I think it is.

 

[Duffa]

One floor in the above, is that UBank only pay the higher interest rate up to $250k, your $750k of the $1m will be at a rate of 0.1% I think it is.

Ubank, Macquarie, Rabobank, AMP saver; all pretty similar rates - My apologies as I was trying to keep the story simple.

 

[exceladdict]

Not in this month's sweep either, have just enquired with Bankwest and they said "60 days from being eligible" - has anyone else had any luck?

Mine have gone in. Interestingly, it was all in one big dump as my qantas number wasn’t being accepted previously (turns out is was still linked to my old profile; the naughty one from years ago).

Remembered my password, changed it and all has come good. I don’t quite get it as I actually only did 5 transactions for one month (forgot it was 10 for the promo)

For what it’s worth, I did get this text a few days ago;

My 5k points posted today (November sweep) which has been a long time coming from the original sign up in June. Anyway, working out for the best as my push for PC+ is going to be this year now. A lot of work for 5k points though.

 

[Rembrandt]

I recived mine a month after they should've been credited. Will now close the account, no longer see the worth in keeping it.

 

[exceladdict]

I recived mine a month after they should've been credited. Will now close the account, no longer see the worth in keeping it.

Closed mine too

 

[DeKa]

I called Bankwest and asked if they’d increase the points earn rate given increasing interest rate. The answer was no so I closed the account.

 

[chickenscraper]

Do they stop charging their monthly fees if the account is zeroed out but not closed?

Just remembered I had opened this account and logged in to find it has negative $18.22 in it.

So no.

 

[R D]

I’m glad ppl are closing their accounts in protest over shocking qff earn rates considering the rise in interest rates. I’ve kept mine but have basically nothing in it. I really hope others keep money out until they come to their senses.

 

[MEL_Traveller]

I’m glad ppl are closing their accounts in protest over shocking qff earn rates considering the rise in interest rates. I’ve kept mine but have basically nothing in it. I really hope others keep money out until they come to their senses.

They asked why I was closing my account… I told them because of the devaluation.

They couldn’t have cared less!

 

[Danger]

I keep the maximum $50K in it and the rest in Qudos which seems to earn an exceptional rate of interest.

 

[MEL_Traveller]

I keep the maximum $50K in it and the rest in Qudos which seems to earn an exceptional rate of interest.

I was keeping some money in Bankwest but I had to do the whole ‘out money in’ thing every month. Couldn’t be bothered!

 

[MG1]

With interest rates on the way up, is this still valuable?
(I understand that everyone values their points differently but I'd be interested to know what others think.)

 

[Coops1]

With interest rates on the way up, is this still valuable?
(I understand that everyone values their points differently but I'd be interested to know what others think.)

90 qantas points or $4 in interest on $1000 over a month. I would choose the $

 

[MG1]

90 qantas points or $4 in interest on $1000 over a month. I would choose the $

After going through the sums earlier, I was thinking similarly.
It's such a shame as this seemed like a good idea but hasn't kept up with the times.

 

[Duffa]

90 qantas points or $4 in interest on $1000 over a month. I would choose the $

Or 90,000 points v. $4000 of interest
270,000 points or $12,000 of interest.
270,000 points STILL wont get you to Europe and back in business class.
BW is for mugs

 

[MEL_Traveller]

Or 90,000 points v. $4000 of interest
270,000 points or $12,000 of interest.
270,000 points STILL wont get you to Europe and back in business class.
BW is for mugs

It was good. Before the devaluation. And when the tax on our internet was higher than the value of the points.

Now? Nah.