Everyday Plus account student offer

How it works

• How are 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.

   

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