The Qantas Credit Union is now offering aÂ savings account that allows you to earn Qantas Points based on the level of funds that you have in the account. The Qantas Points Saver account is the latest addition to a number of Qantas Points earning accounts operated by the Qantas Credit Union. The other products include the Qantas Points Home Loan, Qantas Points Car Loan, and Credit Card products.
The Qantas PointsÂ Saver account enables you to earn 400 points per annumÂ for every $1,000 dollars of the average monthly balance. The average monthly balance is calculated as the average of the closing daily balances for each day during the month.
To understand the above, the calculation used by Qantas Credit Union is:
(average monthly balanceÂ / 1000 ) x (400 / 12 ) = monthly points
This means that a balance of $1000 in the account for a month would gain 33 points per month (or if left for a year, 400 points over the full year)
While it is tempting to compare the offering with the Bankwest transaction account, it is important to note that the Qantas Points Saver account operates as a cash management account, and is not set up for transactional use in the same way. Importantly, it does not come with a Debit Card as there is no facility for Card access to the account.
Having said that, the Bankwest Account does appear to pay a higher rate of points for funds on deposit (effectively 120 points per month, for a $1,000 deposit)