Sydney | Published on 7th April 2014 at 16:06

Qantas Frequent Flyers now have even more reasons to enjoy ‘happy banking’ at Bankwest following the launch of Australia’s first and only everyday transaction account that allows members to earn Qantas Points.

The Bankwest Qantas Transaction Account is the result of an agreement between Qantas and Bankwest which gives customers an opportunity to earn Qantas Points on their account balance as well as on eligible purchases. Customers can earn five Qantas Points per eligible everyday purchase as well as earning additional Qantas Points based on their bank balance 365 days of the year.

New customers will be offered a bonus 10,000 Qantas Points if they deposit $2,000 into their Bankwest Qantas Transactional Account per month for the first three months.

Qantas Loyalty Chief Executive Officer Lesley Grant said the new transaction account is yet another way Qantas Frequent Flyers can be rewarded.

“From flying and hotel bookings, to grocery shopping and daily banking transactions, our strategy has been to give Qantas Frequent Flyers lots of different ways to earn Qantas Points in the air and on the ground,” said Ms Grant.

Bankwest General Manager, Customer Communications & Brand, Paul Vivian said the Bankwest Qantas Transaction Account provides customers with a terrific new avenue to earn rewards for their everyday banking, which can get them flying faster and more frequently.

“At Bankwest, we always aim to deliver products and services that are unique and generate real value for our customers,” Mr Vivian said.

“The new transaction account is a clear demonstration of our commitment to delivering what really matters to our 1.2 million customers, who continue to benefit from a happy banking experience with Bankwest.”

This new product expands on the existing relationship between Qantas and Bankwest, which allows customers to earn Qantas Points on the Bankwest Qantas MasterCard® credit card.

Notes to editor(s):

Customers earn Qantas Points in two ways:

1. 5 points per eligible purchase with Debit or Platinum Debit MasterCard, and

2. Points accrue on balances, 365 days a year at the rate of 0.4 points per day per $100.

Qantas Points are calculated on whole $100 amounts. For example: If the end of day balance on an account is $3,056, this balance includes 30 whole amounts of $100 (being $3000). No Qantas Points accrue on the $56 remainder. On that day, the Qantas Points accrued are 30 x 0.4 = 12.

About Bankwest

Bankwest provides personal and business banking solutions for more than 1.2 million retail and business customers across Australia. Bankwest customers enjoy access to an extensive network of stores and business centres, direct and third party distribution channels, agencies and electronic banking facilities, as well as 24-hour telephone and internet banking. In 2013, Bankwest was named Business Bank of the Year in the AFR Smart Investor Blue Ribbon Awards. Bankwest is a division of the Commonwealth Bank of Australia.

About Qantas Loyalty

Launched in 1987, the Qantas Frequent Flyer program has more than 100 partners, including airlines, hotels, financial institutions and retailers. Recently the program has launched several new opportunities to earn and redeem Qantas Points including Aquire (the new business rewards program designed for small and medium enterprises), Qantas Restaurants and Qantas Cruises. Qantas Frequent Flyer is on track to reach 10 million members this financial year.