Everyone loves getting something for nothing, and there are a range of Aussie banks offering cashback rewards for new customers who join this month, up to $100.
Cashback offers are designed to entice new customers on to a bank’s books. They can be a useful tool as well as a nice perk, particularly if they help cut down costs of refinancing a home loan.
As many banks stare down the barrel of potential revenue losses as Australia battles with its first recession in almost 30 years, it’s no surprise that some are going above and beyond to reward new customers.
Transaction accounts that love you back
There are a range of transaction accounts on the market that are offering cash back for new customers who join this month.
However, to be eligible for these rewards, you’ll need to meet one or more conditions.
Global bank, HSBC, has the highest offer of $100. Customers will need to deposit $2,000 or more each month for 3 consecutive months, within 6 months of opening the account, to qualify for this cashback offer. This may be the equivalent of having your employer deposit your pay into this bank account.
Westpac, one of Australia’s biggest banks, is offering young Aussies aged 30-and-under $50 cash back if they join and meet its conditions.
Transaction accounts offering cash back:
|Bank account||Cashback offer||Duration||Conditions|
|Illawarra Credit Union Everyday Transaction Account||$50||18/05/2020 - 31/08/2020||Within 45 days of account opening:
a. Make a minimum of 3 deposits to the total minimum value of $500; and
b. Make a minimum of 5 qualifying transactions.
|Westpac Choice||$50||01/07/2020 - 06/10/2020||Must be under 30 years old. Must deposit $500 and make 5 eligible card purchases within 30 days of account opening.|
|Bank SA Complete Freedom Account||$50||01/07/2020 - 06/10/2020||Deposit $500 within 30 days of account opening.|
|HSBC Everyday Global Account||$100||01/08/2019 - 31/12/2020||Deposit $2,000 or more each month for 3 consecutive months, within 6 months of opening your account.|
|St George Complete Freedom Account||$50||1/07/2020 - 06/10/2020||Deposit $500 within 30 days.|
|Bank First Everyday Account||$50||Ends 31/12/2020||Spend $300 using your Visa Debit Card within 3 months of opening your account.|
Note: Data accurate as at 03/07/2020.
RateCity tips for switching transaction accounts
Before you make the leap to a new transaction account, you may want to consider the following:
- Keep an eye out for any fees. Some bank accounts charge anything from account keeping fees to currency conversion fees for online or overseas shopping. Many accounts don’t, so ensure you do your research before switching so you can choose the right bank account for your financial needs.
- If you’ve set up auto payments for any bills, make a list of all your direct debits and ensure you change your bank account details in time for your next payments.
- Don’t forget to transfer any remaining funds to your new bank account. If you’re expecting any new payments in, you’ll want to notify those involved of your new bank details.
- Reach out to your old bank account provider, ask them to close the account and confirm with you once this is done.