Earn up to 25,000 Qantas Points with Alex.Bank

[AIRwin]

Looks like a new partner is offering 100 Qantas Points per $1,000 deposited up to $250,000 with an eligible deposit of at least $10,000 into an Alex Bank Term Deposit on or after 3 June 2024:

https://www.qantas.com/au/en/frequent-flyer/partners/alex-bank.html

 

[AIRwin]

Points have already posted to my account today

 

[Mattg]

I opened a term deposit on Monday. Transferred funds in immediately, they arrived on Tuesday and I received the points already today.

 

[Daver6]

Do they only have a 12 month product? Nothing shorter?

How much hassle is it to break the term deposit early, even if forfeiting interest?

 

[Mattg]

Do they only have a 12 month product? Nothing shorter?

How much hassle is it to break the term deposit early, even if forfeiting interest?

I couldn't find anything less than 12 months.

Can't comment on the latter as I plan to let my term deposit run for the full year and have it paid out at maturity.

 

[NoName]

Do they only have a 12 month product? Nothing shorter?

How much hassle is it to break the term deposit early, even if forfeiting interest?

This is what I would like to know. Points arrive almost right away. Could you break the term deposit straight after? Forfeiting the interest doesn’t matter if it’s a pure points churn.

 

[I love to travel]

This is what I would like to know. Points arrive almost right away. Could you break the term deposit straight after? Forfeiting the interest doesn’t matter if it’s a pure points churn.

Really??? I don't think this is fair to take the mickey like that.

 

[NoName]

Really??? I don't think this is fair to take the mickey like that.

Having been around this forum for quite a few years and having seen some of the plays that have gone on in that time I’d suggest everything is fair game. No exception here.

Nevertheless, their terms say it will take 31 days from when you notify them of an early withdraw to receiving your money. The interest forgone in having your money tied up here for that period easily offsets the value of the Qantas points IMO.

 

[dajop]

Nevertheless, their terms say it will take 31 days from when you notify them of an early withdraw to receiving your money. The interest forgone in having your money tied up here for that period easily offsets the value of the Qantas points IMO.

My math would indicate to be commensurate with the interest you'd have in lots of the online savings accounts, earning say 5%, you are essentially purchasing points at 3.81 c per point, if you assume withdrawal after 31 days (i.e as you are getting 0.51%p.a. interest for you money in that 30 days).

 

[MEL_Traveller]

Having been around this forum for quite a few years and having seen some of the plays that have gone on in that time I’d suggest everything is fair game. No exception here.

Nevertheless, their terms say it will take 31 days from when you notify them of an early withdraw to receiving your money. The interest forgone in having your money tied up here for that period easily offsets the value of the Qantas points IMO.

On 250k you should be earning at least $800 interest, or more, per month. Foregoing that wouldn’t come close to the value of 25k points?

 

[NoName]

On 250k you should be earning at least $800 interest, or more, per month. Foregoing that wouldn’t come close to the value of 25k points?

I wouldn’t pay more than $250 at the absolute most for 25k points. So forgoing $800+ in interest is way too much.

 

[I love to travel]

On 250k you should be earning at least $800 interest, or more, per month. Foregoing that wouldn’t come close to the value of 25k points?

And also factoring in the taxes you need to pay when redeeming the points

 

[serfty]

Is "Alex Bank" covered by the Australian government's $250K guarantee?

 

[I love to travel]

Is "Alex Bank" covered by the Australian government's $250K guarantee?

Yes, States it on their website,

 

[AIRwin]

Is "Alex Bank" covered by the Australian government's $250K guarantee?

Hopefully AB won't end up like both its aviation alter egos Air Berlin and Bonza!

 

[MEL_Traveller]

I wouldn’t pay more than $250 at the absolute most for 25k points. So forgoing $800+ in interest is way too much.

I’d love to get my hands on 25k points for $250!!

 

[dajop]

And also factoring in the taxes you need to pay when redeeming the points

On the flip side $800 in forgone interest could mean only $400 in foregone interest, depending on one’s marginal tax rate.

 

[NoName]

I’d love to get my hands on 25k points for $250!!

Even when CC signups can offer 100k pts for around a $400 annual fee? Each to their own but I’m not rushing out to pay 1c per point.

 

[33kft]

Even when CC signups can offer 100k pts for around a $400 annual fee?

Yeah, it only takes $400... And listing out all your assets, liabilities, expenses and your life story and then going back and forward with offshore call centres for a while, and then making minimum spend. CC bonuses are great but if I had the chance to snipe some easy points I'd do it anyday - 100K in wine bonus points might cost me double that fee and some change but it's a way more enjoyable process collecting them...

 

[NoName]

Yeah, it only takes $400... And listing out all your assets, liabilities, expenses and your life story and then going back and forward with offshore call centres for a while, and then making minimum spend. CC bonuses are great but if I had the chance to snipe some easy points I'd do it anyday - 100K in wine bonus points might cost me double that fee and some change but it's a way more enjoyable process collecting them...

Not quite the same thing since as well as the points you end up with something else of value in the wine itself. The ACTUAL price you’re paying for the points when you buy from Qantas Wine is the difference between what they charge you and what you could buy the same wine for elsewhere. Agree, an enjoyable way to go about it though.

Anyway, the point was there are much cheaper options than paying $250 for nothing other than 25k pts. Paying 1c per point is the absolute limit for me. YMMV.