Savings Account - Min 5 Transactions - Ideas?

p-plater on 15/08/2020 - 15:16

I'd imagine quite a few young Ozbargainers have jumped on the 3% WBC savings account or still have the fast track BOQ (currently 2.5%) despite the controversy around it (or similar, see links below)

Just wondering what people's best tips and tricks of meeting the 5 min transactions p/m is?
I mean without ISO, myki/opal, toll, paystay, coffee would have been good options but given most people don't even leave their house now (yes from VIC) what are your work arounds?

Knowing myself, I tend to forget when going to the supermarket and instead just tap using my cc… plus would much rather earn the qff points when doing larger purchases.

BOQ I believe, you can cash out from ATMs, but given the pandemic, trying to avoid handling cash as such.

Please do share some good ideas, esp ones where you can set up and not have to worry about!

https://www.westpac.com.au/personal-banking/bank-accounts/sp…
https://www.boq.com.au/personal/banking/savings-and-term-dep…

Financial

Comments

  • Hybroid on 15/08/2020 - 15:18

    $1 Amazon eGift Card every 2 days?

    • p-plater on 15/08/2020 - 16:42

      I might be one of the few who don't shop on amazon nor have prime to make it worthwhile but cheers for this, may work for other peeps

    • povertytrap on 16/08/2020 - 12:47

      Good idea but why every 2 days?

  • forumninja on 15/08/2020 - 15:26
    +4

    Use Beem It to transfer between your own accounts.

    • toniyellow on 15/08/2020 - 15:57
      -2

      Westpac doesn't count beemit as a transaction see -https://www.ozbargain.com.au/node/550359?page=1#comment-8971422

      • p-plater on 15/08/2020 - 16:38

        thx, can anyone confirm whether above works for BOQ?

        • specks on 15/08/2020 - 19:43

          Yes

      • barry345 on 15/08/2020 - 16:39
        -1

        Use a multi-currency account like revolut or transferwise. Transferwise has minor fees to top up from a debit card and withdraw to an Australian bank account but Revolut doesn't appear to charge for either.

        5 x $25(Min amount is 25) from Westpac to Revolut Au balance
        Then transfer back into the Westpac account. The only downside is they don't use NPP so may take a few days

      • specks on 15/08/2020 - 19:43
        +4

        I spoke to Westpac and as Beemit is considered as a purchase on the statement - it is an eligible purchase.

        I used Beemit last month and just received the additional interest.

  • cloudy on 15/08/2020 - 15:43
    +1

    linked my ING to menulog, every Monday-Thursday i use the $5 code to get $5.50 worth of chips from a local. 50c on my ING 4 times a week.

    • my2cnts on 02/07/2021 - 13:37

      does this still work? if yes, what's the $5 code?

  • holdenmg on 15/08/2020 - 15:48

    Why not Myki Recharge online x5 then refund via
    https://www.ptv.vic.gov.au/tickets/refunds-compensation-and-…

  • Cluster on 15/08/2020 - 15:50
    +5

    Self checkout at a supermarket. Just run a few 1c transactions and then pay how you would normally pay. I pick an off peak time when there's no lineup.

    • p-plater on 15/08/2020 - 16:40

      sorry, would you be able to clarify how the 1c transactions work?
      eg. do you get to choose how much you pay for using each payment method on the POS machine?
      not really across how to actually execute this but i'm very interested in this one

      • trantonz on 15/08/2020 - 17:40

        you can always choose to pay with multiple methods. Type in the amount you wanna pay with card and then the rest with cash. Not sure if you can do multiple card at one check out.

      • mypantsaretight on 15/08/2020 - 19:14
        +2

        I do this at woolworths for ING account, purchase box of woolworth branded tissues (1st tissue easier to get out than coles brand). Use self service, opt for mixed payment on menu, choose card, i make 5 transactions, $0.05, $0.10, $0.15, $0.20 and $0.43 than choose cash and get rid of $0.05 coin.

        have a look at previous post https://www.ozbargain.com.au/node/417596

        There is a mention of invoicing yourself with paypal but never tried myself

  • Shadowsfury on 15/08/2020 - 15:50

    can you bpay? bpay some bills a few dollars at a time

  • haemolysis on 15/08/2020 - 16:50

    I never quite understand how people have such trouble with making transactions.. on a transaction account. Unless you’re living off the grid and make all your own food… it isn’t hard to tap your card a few times. You’ll manage it without even conscious thought. People really spend more time worrying about the points on their credit cards than the <0.02¢ you’ll lose by switching a small handful of tap payments - some of which can be broken up at a checkout and be a few cents each.

    • specks on 15/08/2020 - 19:45

      Some may have multiple savings accounts which can add up.

      If an individual had one account with that criteria, yes 5 transactions is easy.

  • Tee Rex Arms on 15/08/2020 - 16:57
    -1

    I laughed at still thinking QFF points are worth anything

    • trantonz on 15/08/2020 - 17:42

      I was thinking of getting the amex quantas card. Should I not do it?

  • Donaldhump on 15/08/2020 - 17:47

    Just buy 5 items at self checkout and pay one at a time.

    Also Withdraw 200 for ing and get 50c bonus, chuck it back in at the post office, all adds up. I get a hundred bucks a year, gives me a mission on my lunch break.

  • knightslay2 on 15/08/2020 - 18:16

    Well if you have Spotify or netflix or even supermarket you can use it to meet the transaction requirement.

  • povertytrap on 16/08/2020 - 19:29
    -1

    For ing, to qualify for free international banking transactions I think they must be in store or otherwise they don’t qualify. A wish card online purchase is ok though as that that shows up as if it were in store spending in Woolworths.

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