BOQ Transaction account - earning Velocity points for balance

[thehound]

I just received an email about a new BOQ account called 'Everyday Plus' which earns 1 Velocity point for every $10 average daily balance in the account.

Compared with the Bankwest account which earns Qantas points, the rate is far superior. The BW accounts earns 0.4 QFF points for every whole amount of $100 making up the daily balance, whilst the BOQ account earns 10 Velocity points per $100.

Might be very handy if you've got some spare cash you want to park. Even if you put $10k in for just 10 days, you've earned 10,000 Velocity points. Given the paltry earn with the BW account I could never justify moving money from my mortgage offset account in return for the QF points. But at a 4% mortgage rate (most are probably, your extra interest payable by not having $10k in your account for 10 days is a little under $11 - in return for 10k Velocity points. Now that's worth thinking about...

EDIT: I've now seen that it's exclusively available to doctors, dentists and vets. But happy days if you're one of these.

 

[thehound]

The devil is always in the details. Their wording is "You will earn 1 Velocity Point for every whole amount of $10 making up the average daily balance calculated at the end of each calendar month".

I took that to mean that the points will be calculated and deposited at the end of each month, but that you'd earn points daily based on the balance. In fact, if you have $10k in the account for the whole month, the average daily balance is $10k, and you will earn 1 point for every $10 of that figure - so only 1000 points for the month.

At my 4% interest rate it's now costing about $33 for those 1000 points. Not quite as good as my initial excitement led me to believe!