The everyday account that’s more rewarding
Our Everyday Plus account allows you to earn Qantas Points or Velocity Frequent Flyer Points on your daily transaction account balances.
There are no establishment or account keeping fees and you can redeem your Qantas Points or Velocity Frequent Flyer Points for flights, holidays and more. It’s an everyday account that’s more rewarding.
Everyday Plus account features:
- Earn 1 Qantas Point or 1 Velocity Frequent Flyer Point for every $20 of daily average balance in your account, calculated at the end of each month and paid on balances up to $100 000*
- No establishment or account keeping fees
- Free ATM withdrawals at over 2,100 atmx by Armaguard ATMs, as well as all BOQ branch ATMs and the four major banks Australia wide
- Savings up to $250 000 are covered by the Government's Deposit Guarantee
- Support from our Client Service Centre 24 hours a day, 7 days a week
How are Rewards Points earned on the Everyday Plus account?
You will earn 1 Qantas Point or 1 Velocity Frequent Flyer Point for every whole $20 making up the average daily balance calculated at the end of each calendar month, paid on balances up to $100 000. To determine the average daily balance for your account, add the closing balance from each day in the month together, and then divide the total by the number of days in that month.
Example:
| Date | Event | Amount | Daily closing balance | Days at this balance |
|---|---|---|---|---|
| 1 June | Opening balance | $0 | $0 | 2 |
| 3 June | Deposit received | + $2 000 | $2 000 | 2 |
| 5 June | Deposit received | + $400 | $2 400 | 3 |
| 8 June | Debit card transaction | - $27 | $2 373 | 2 |
| 10 June | Salary paid into account | + $7 700 | $10 073 | 15 |
| 25 June | Transfer out | - $125 | $9 948 | 6 |
| 30 June | Month end | $9 948 |
To calculate your average daily balance:
1) Add together the closing balance for each day in the month:
$0 x 2 for the first 2 days of the month before the first deposit was made = 0
+ $2 000 x 2 for the 2 days between the first and second deposit = 4 000
+ $2 400 x 3 for the 3 days where the balance was $2 400 = $7 200
+ $2 373 x 2 for the 2 days between the transaction and salary deposit = $4 746
+ $10 073 x 15 for the 15 days between the salary and the next transaction = $151 095
+ $9 948 x 6 for the final 6 days of the month = $59 688
___________________
= $226 729
2) Divide the total by the number of days in the month (30 in this example using June)
$226 729 / 30
= a daily average balance of $7 557.63
Reward points are awarded on whole amounts of $20, up to balances of $100 000 so in this example the average monthly balance contains 377 whole amounts of $20 being $7 540. No points accrue on the $17.63 remainder. Therefore 377 reward points will be awarded for the month of June.