Bank Accounts That Earn Qantas Points In Australia
How do Qudos Bank and AMP GO compare?
Most Australians earn Qantas Points through flights, credit cards and everyday spending. But did you know there are a small number of bank accounts that allow you to earn Qantas Points simply by holding money in an account?
Currently, the two main options in Australia are the Qudos Bank Qantas Points Saver and the AMP GO Everyday Account. Qudos offers a more traditional savings account with interest and Qantas Points earning, while AMP offers a transaction account with a higher earn rate.
In this guide, we'll compare the savings and transaction accounts that earn Qantas Points, explain how they work and help you decide whether they're worth considering.
Best Bank Accounts For Earning Qantas Points
A small number of Australian bank accounts reward customers for simply holding a balance. Depending on the account you choose, you could earn either interest, Qantas Points, or a combination of both.
Qudos Bank Qantas Points Saver
The Qudos Bank Qantas Points Saver is one of the few genuine savings accounts in Australia that rewards customers with Qantas Points based on their account balance. You can earn 400 Qantas Points per year for every $1,000 held in the account, with points credited monthly.
In practical terms, that works out to around 3.3 Qantas Points per month for every $100 saved. So maintaining a $10,000 balance would earn around 333 Qantas Points each month, while a $50,000 balance would earn 1,667 Qantas Points.
Qudos Bank also offers interest on their Qantas Points Saver, currently 4.25% p.a. This allows account holders to earn both cash returns and frequent flyer points simultaneously. There are also zero account-keeping fees.
AMP GO Everyday Account
The AMP GO Everyday Account takes a different approach, rewarding customers based on their average monthly account balance. Rather than functioning as a dedicated savings account, AMP GO is an everyday transaction account. However, it offers one of the most generous Qantas Points earning rates available on deposited funds.
You can earn 1 Qantas Point for every $10 of your average monthly balance. This is calculated based on the average amount of money held in the account throughout the month, rather than your balance on a single day. Put simply, if you maintain a balance of around $1,000 for an entire month, you'd earn approximately 100 Qantas Points.
AMP GO does not charge account fees on its transaction account.
How Many Qantas Points Can I Earn With A Bank Account?
The number of Qantas Points you can earn from a savings or transaction account depends on your average account balance. Unlike credit cards, there is no spending required. Instead, points are earned simply by holding funds in the account.
The table below shows the approximate monthly Qantas Points you could earn if you deposited a lump sum and maintained that balance throughout the month. AMP GO earns 1 Qantas Point per $10 of average monthly balance, while Qudos Bank offers 400 Qantas Points per year for every $1,000 held in the account. Both accounts credit Qantas Points monthly.
At first glance, AMP GO appears significantly more rewarding. In fact, AMP’s account earns around three times as many Qantas Points as Qudos Bank for the same balance.
Someone holding a $50,000 balance could earn around 5,000 Qantas Points per month through AMP GO, compared to just 1,667 points with the Qudos Bank Qantas Points Saver.
However, Qantas Points are only part of the equation, because unlike AMP GO, Qudos Bank also pays interest on your savings balance. At the current variable rate of 4.25% p.a., a $50,000 balance would earn approximately $177 in interest per month before tax.
If you value Qantas Points at around 1.5 cents each, then:
- Qudos: 1,667 points ≈ $25 of points value + $177 interest = $202/month
- AMP GO: 5,000 points ≈ $75/month
While we live and breathe points at Flight Hacks, it's important to remember that interest shouldn't be overlooked. If you're saving for a house deposit, an emergency fund or other financial goal, the additional interest earned through Qudos could easily outweigh the extra Qantas Points earned through AMP GO.
Of course, if your primary objective is simply to maximise Qantas Points and you place a high value on premium cabin redemptions, AMP GO's higher earning rate may still make it the more compelling option.
How To Choose Between Qudos and AMP
Choose Qudos Bank if:
- You want to earn Qantas Points but also care about high-interest earning
- You want the best dollar value overall
- You prefer a dedicated savings account
- Your primary goal is to grow savings
Choose AMP GO if:
- Maximising Qantas Points is your priority
- You are willing to forego interest in exchange for more points
- You want to spend using a debit card
Savings Accounts vs Credit Card Sign-Up Bonuses
While savings and transaction accounts can provide a steady stream of Qantas Points, they are rarely the fastest way to build a large balance. In Australia, credit cards remain one of the easiest and fastest ways to earn Qantas Points.
For example, American Express is offering a limited-time partner offer of up to 390,000 Bonus Membership Rewards Points on the Amex Business Platinum Card. Membership Rewards Points convert to Qantas Points at a 2:1 ratio for Business Platinum Card Members, making the bonus worth 195,000 Qantas Points.
When you apply via the link on this page, receive an additional 40,000 Bonus Membership Rewards Points on top of the current 350,000 Bonus Membership Rewards Points offer when you apply by 30 June 2026, are approved and spend $12,000 on eligible purchases on your new American Express Platinum Business Card within 3 months of your approval date.
T&Cs apply. Available for new American Express Card Members only.
Summing Up: Are Qantas Point Bank Accounts Worth It?
Like most financial products, whether these accounts are worthwhile depends largely on your situation. For travellers who regularly redeem Qantas Points for business and first class flights, earning points on money that would otherwise sit in a bank account can be an attractive proposition.
However, it's important to consider the opportunity cost. If your savings currently sit in an account that offers a high interest rate, particularly if it’s higher than the 4.25% Qudos Bank is offering, this could generate more overall value than an account offering Qantas Points.
As a result, it's worth comparing your current monthly interest earnings, and compare it to the value you would receive from either of the options in this guide.
