Bankwest Transaction account [General Discussion]

[Wilko383]

So, if I apply today, are the relevant months May, June and July? So, it does not matter what I do for the rest of April? Or does it matter for April? I had thought I had read something on the way through, but can't find it now....

Would also like the answer to this.

 

[burmans]

Would also like the answer to this.

post #39 covered this, the assessment months are the 1st of May, June, July, but they are assessing at least 2k deposited in previous month. That means April, May, June.

 

[thehound]

So, if I apply today, are the relevant months May, June and July? So, it does not matter what I do for the rest of April? Or does it matter for April? I had thought I had read something on the way through, but can't find it now....

I don't see why April would not be part of things - I've already transferred 2k in the last couple of days, and will do the same again in May and June. The T&Cs just say you have to deposit 2k for the first 3 months. If you don't transfer in April, BankWest might suggest you missed the first month!

 

[coles525]

Opened an account in store today...

I asked the question about when your "1 month" starts...

Ie: transferring $2k by the start of each month?

The answer is that it starts on the day you open the account. I just need to get $2k into it by May 12th!

QFF points are calculated/credited on the 1st of each month.

 

[hummel]

Have my mortgage with Bankwest... does that count as a current account?

If not I'll go to a branch tomorrow and apply.

 

[coles525]

No it should not....

 

[burmans]

Have my mortgage with Bankwest... does that count as a current account?

If not I'll go to a branch tomorrow and apply.

No a current account in bank terminology is a transaction account, in fact traditionally a cheque account though most don't use cheques these days!

 

[Jeffrey O'Neill]

Seems an OK return on your money considering the QFF points are tax free

$42,000 invested over 1 year would earn 60K points hich is enough for J to SIN / BKK / HKK.

Return J flight is roughly $3,600 so O/W less tax is worth roughly $1,450

1450 / 42000 = 3.4%. Depending on your tax rate that could be worth 5.15% at the 34c margin or 5.52% at the 38.5c rate (adding in 1.5% medicare)

5% yield on your money in the current financially repressed interest rates environment isn't too bad a deal IMHO.

 

[ejd711]

Second the other response here from Mr_Orange in the Citibank Plus transaction account. My current o/s travel arrangements are 28 deg for purchases and Citibank Plus for ATM cash withdrawls.

 

[ejd711]

This to me seems the safer way to do it anyway - transfer April, May, June.

 

[eltango]

Opened an account over the weekend. Just as I was phasing towards Kris Flyer, I get sucked into this one!

I have way too many credit and debit cards right now!

 

[burmans]

Opened an account over the weekend. Just as I was phasing towards Kris Flyer, I get sucked into this one!

I have way too many credit and debit cards right now!

Well you dont need to keep them all open! I've closed 2 last 2 months and 2 more planned, particularly with Comprehensive Reporting on its way this year.

 

[Ken1]

I don't see why April would not be part of things - I've already transferred 2k in the last couple of days, and will do the same again in May and June. The T&Cs just say you have to deposit 2k for the first 3 months. If you don't transfer in April, BankWest might suggest you missed the first month!

I joined today and will transfer to this account tomorrow.

On the "Rates and Fees" tab on this page Bankwest Qantas Transaction Account is a link to the Product Schedule.
In reference to monthly account fees if you don't deposit a minimum of $2000 a month the product schedule states:

"Monthly Account Fee
If the aggregate of deposits made to the account in a month up to close of business on the last business
day of the month is less than $2,000, a $6.00 Monthly Account Fee will be charged on the first business day
of the next month. This fee does not apply in relation to deposits before the end of the first full month after
the account is opened."

Since the monthly fee does not apply for the part month when you first open the account I'm not sure if the same will apply to the 10,000 bonus points, so whether making the deposits in April, May and June is sufficient or if it will be in line with the fees and April may not count and we would need to make the deposits in May, June and July to be sure of getting the bonus points I don't know. I will deposit at least $2000 in all four months to be sure there are no problems, since the bonus points are not mentioned in the Product Schedule and I can't see any mention in the Terms and Conditions either.

 

[coles525]

One question I have: are there fees to make trsnsferrs out of the account into another bank?

No matter if it's in my name, or someone elses name...

Unsure, as most of the conditions say there are fees for everything including maby cashout!

(Written in big book called conditions of use we all get, but never read...)

Still not sure if most of those fees apply to the QFF account with them!

 

[Ken1]

One question I have: are there fees to make trsnsferrs out of the account into another bank?

No matter if it's in my name, or someone elses name...

Unsure, as most of the conditions say there are fees for everything including maby cashout!

(Written in big book called conditions of use we all get, but never read...)

Still not sure if most of those fees apply to the QFF account with them!

According to the Product Schedule for the Qantas Transaction Account there are no electronic, cheque or counter withdrawal fees.

"4.2 Withdrawal Fee
There are no electronic, cheque or counter withdrawal fees applicable to this account.
An electronic transaction is:
• any cash withdrawal or purchase made at or using any EFTPOS terminal, except where a Debit
MasterCard is used and the "Credit" button is selected;
• any debit transfer or payment made using Bankwest Online Banking or Phone Banking;
• any Direct Debit or Periodical Payment; or
• any cash withdrawal or debit transfer made at or using any ATM in Australia and overseas.
A cheque withdrawal is any withdrawal made using a personal cheque to withdraw funds from this account.
A counter withdrawal is any withdrawal or debit transfer made at a Bankwest Service Centre, Bankwest
Agent, Neighbourhood Bank or using Bank@Post."

 

[Buzzard]

Guess I will have to open an account. Thanks to the OP for the heads up.

 

[straitman]

Certainly a quick enough service.

I applied for this account online last Tuesday. I submitted the paperwork via Australia Post on Wednesday and the account details arrived today. part details via email and part via text message.

Now to wait for the card.

I will login shortly and have a look around the site.

 

[Ken1]

Certainly a quick enough service.

I applied for this account online last Tuesday. I submitted the paperwork via Australia Post on Wednesday and the account details arrived today. part details via email and part via text message.

Now to wait for the card.

I will login shortly and have a look around the site.

I applied online today and was able to do the ID check online, with my Driver's Licence and Medicare card and they were accepted straight away. My account number came up when the approval came through after the ID was confirmed and I then received a text message and email with other details. I've logged in and set up the online access with a new password. I just have to wait for the card but can use the account fully for electronic access now.

 

[anat0l]

One question I have: are there fees to make trsnsferrs out of the account into another bank?

No matter if it's in my name, or someone elses name...

Unsure, as most of the conditions say there are fees for everything including maby cashout!

(Written in big book called conditions of use we all get, but never read...)

Still not sure if most of those fees apply to the QFF account with them!

Are you asking about if you transfer money from your Bankwest to say a Commonwealth account, i.e. using a "transfer money" facility on the online banking?

I believe there is a fee attached to this.

This is the key document: (http://www.bankwest.com.au/library/pdf/PDS_20040121-160125.pdf) which was found on this page: Bankwest Qantas Transaction Account, under the tab "Rates and Fees".

What is confusing me is exactly how much you are charged... I can't tell if it's $0.50 or $5.00... or nothing.

If a simple account transfer (done online between a Bankwest and non-Bankwest account) is covered in Clause 4.2 as said above, then that seems alright - there is no fee.

I would assume walking into a branch and asking for cash over the counter attracts no fee.

Mind, I have never heard of a bank account before where transferring funds between an account of the host bank to another bank's account has ever attracted a fee. It was quite limited even in the days where everything seemed to have a fee attached to it.

 

[DeKa]

My license and Medicare card weren't accepted.. So went to the PO last week. Not sure why - I used the same cards for QCash and they worked then. There's only one online ID provider I think.