BOQ Everyday Plus Velocity points

[doomsie]

Long time lurker, first time poster.
Saw this deal - earn 1 point per $10 per month. Can't post a link as not enough posts but if you google for BOQ everyday plus velocity, the link comes up.
Seems like a good place to park your cash and earn some points.
Does anyone have this account? Does it accrue real interest as well as the points? (tried to email them but got no sensible response)
Does anyone know if the points are taxable as if you were earning interest?

 

[williamsf1]

Long time lurker, first time poster.
Saw this deal - earn 1 point per $10 per month. Can't post a link as not enough posts but if you google for BOQ everyday plus velocity, the link comes up.
Seems like a good place to park your cash and earn some points.
Does anyone have this account? Does it accrue real interest as well as the points? (tried to email them but got no sensible response)
Does anyone know if the points are taxable as if you were earning interest?

here is the link

https://www.boqspecialist.com.au/products/savings-accounts/transaction-accounts/everyday-plus

 

[Mattg]

This appears to be similar to the Bankwest Qantas Transaction account. However, the rate at which points accumulate for the account balance is slightly lower. This card earns 1 point per $10/month. The Bankwest card earns 12 points per $100/month.

The card also doesn't appear to earn Velocity points when you spend money on the card. By comparison, you get 5 QF points per transaction with the Bankwest card.

I couldn't find any information about the interest rate online, but I suspect it would be around the 0.01% mark. The points are most likely in lieu of a decent interest rate.

I'll pass on this one.

 

[bigd]

Also just so everyone knows according to the web site it is: "Exclusively available to doctors, dentist and vets"

So the general public can't access this account.

 

[deepblerg]

Thanks for posting this doomsie.

The Mrs happens to be a vet so she's applied for the Everyday account. We're currently using an ING Savings Maximiser but given the low interest rates, this is a much better deal and would take points over measly interest any day.

Out of interest, we're looking at getting the Signature VISA credit card: https://www.boqspecialist.com.au/products/credit-cards/velocity

Interesting features:

- Earn 1 point per $1 on domestic spend ($10K monthly cap)
- Earn 1.5 points per $1 on international spend
- 20K points sign up bonus
- Priority Pass access

But its got a hefty $400 annual fee.

Only advantage over the Virgin Money High Flyer card appears to be the 1.5 points on international spend and the priority pass access.

Not sure if its worth it considering the High Flyer card also comes with the $129 VA voucher. Hmmmm

 

[Renato1]

As mentioned above, the Bankwest Qantas Transaction account delivers more points than the BOQ account does for money parked in it.

You don't pay tax on Frequent Flyer points earned.

With BOQ one gets 120 points per $100 per year, with Bankwest one gets 144 points per $100 per year. If you value the points at say one cent a point, that's an effective interest rate of 1.2% and 1.44% tax free. If you value the points higher, then the higher the effective tax-free interest rate.

I think they are very good deals for where one stores very liquid cash with safe banks under prudential regulation (i.e. zero risk).
Regards,
Renato

 

[medhead]

While I agree with the general sentiment, I struggle to understand how the bank west account is relevant to someone who wants to earn velocity points.

 

[scheps]

its interesting, i got paid some interest, i wonder if i will get some points. is there a point pay date?