Everyday Plus account with Velocity Points^ or Qantas Points+

Looking for an everyday account that’s more rewarding?

 

Introducing the BOQ Specialist Everyday Plus account. The only everyday account that allows you to earn reward points from a choice of two rewards programs. There are no establishment or account keeping fees and you can redeem your Qantas Points+ or Velocity Frequent Flyer Points^ for flights, merchandise, holidays and more. It’s an everyday account that’s more rewarding.

 

 

Everyday Plus account features:
 

  • Earn 1 Qantas Point+ or 1 Velocity Point^ for every $10 of daily average balance in your account, calculated at the end of each month*
  • No establishment or account keeping fees
  • Free ATM withdrawals at BOQ branded ATM’s as well as the four major banks Australia wide
  • Savings up to $250 0000 are covered by the Government's Deposit Guarantee

When you become a BOQ Specialist client, you will be matched with a dedicated financial specialist who can assist with all of your personal and business banking needs. 

You will also benefit from onshore support with our Client Service Centre 24 hours a day, 7 days a week.

Applying online is easy and only takes 5 minutes

Step 1: Select “Apply Now

Step 2: Have your identification on hand (drivers licence, passport, Medicare card or birth certificate)

Step 3: Enter your details and provide your ID

Step 4: Get a confirmation email when we receive your application

 

How are Rewards Points earned on the Everyday Plus account?

You will earn 1 Qantas Point or 1 Velocity Point for every whole $10 making up the average daily balance calculated at the end of each calendar month. 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 $10, so in this example the average monthly balance contains 755 whole amounts of $10 being $7 550. No points accrue on the $7.63 remainder. Therefore 755 reward points will be awarded for the month of June.

 

BOQ Specialist - a division of Bank of Queensland Limited ABN 32 009 656 740 AFSL and Australian Credit Licence no. 244616 (BOQ Specialist). Use of the information contained on this page is governed by Australian law and is subject to the Terms and Conditions which can be read by clicking here. View the BOQ Specialist Privacy Policy by clicking here.

The issuer of these products and services is BOQ Specialist - a division of Bank of Queensland Limited ABN 32 009 656 740 AFSL no. 244616 (“BOQ Specialist”). Terms and conditions, fees and charges and eligibility criteria apply. BOQ Specialist is not offering financial, tax or legal advice. You should obtain independent financial, tax and legal advice as appropriate. You should obtain and consider the relevant product terms and conditions here before making any decision about whether to acquire the product. We reserve the right to cease offering these products at any time without notice.

+You must be a member of the Qantas Frequent Flyer program to earn and redeem Qantas Points. Membership and Qantas Points is subject to the Member Terms and Conditions. Qantas Points will be earned on positive account balances in accordance with the BOQ Specialist Everyday Plus Qantas Rewards Program Terms and Conditions.
BOQ Specialist recommends that you seek independent tax advice in respect of the tax consequences (including fringe benefits tax, and goods and services tax and income tax) arising from the use of this product or from participating in the Qantas Frequent Flyer program

^To earn and redeem Velocity Points you must be a Velocity member. Velocity membership and Points earn and redemption are subject to the Member Terms and Conditions, available at velocityfrequentflyer.com, as amended from time to time.  Velocity Points will be earned on positive account balances in accordance with the BOQ Specialist Everyday Plus Velocity Rewards Program Terms and Conditions.

* 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 the month.