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Meeting Bonus Requirements

Last updated: 2021-05-22

This page shows the easiest way to meet certain bonus requirements for bank accounts. These bonuses are usually required monthly for cashback, bonus savings interest or waiving a monthly fee, and can sometimes be really annoying to do. Luckily there are some ways to make meeting these requirements easier.

It should be prefaced that you have to carefully read the Terms and Conditions of each account to ensure that the following methods to in fact qualify you for the bonus.

I would also recommend setting a reminder at the beginning of every month to do the actions required for the bonus so you don’t have to remember to do it later in the month and risk forgetting and missing out.

Deposit at Least $x from an External Account by the end of the Month

This requirement is usually very easy to do and you can meet it by just transferring the required amount into the account from an external account, either via BSB/Account Number or OSKO. The full amount can then be withdrawn immediately and put somewhere more useful (e.g. a higher interest savings account).

Typically BSB/Account Number transfers will be done by the end of a business day if the transfer is done by the early morning of the day and money can be transferred out via Beamit if you don’t want to have it sitting in the account overnight.

If your banks allows regular transfers then this can be completely automated.

Make x Card Purchases Within the Month

It’s important to know that these generally only include settled purchases so it’s important to do them at least a few business days before the end of the month.

Visa/Mastercard and Tap&Pay Transactions

If the requirement is that the transactions must be Visa/Mastercard or Tap&Pay transaction, then the easiest way is to go to Woolworths or Coles (or any other store which has a self checkout system that allows split payments) and buy something (such as groceries) at the self-checkout.

Do a split payment with card for $0.01 however many times are required (usually 5) to unlock the bonus requirement and then pay the rest of the balance with the gift card you purchased at a discount (see page on Gift Cards).

Eftpos or Generic Transactions

If the requirement states that the transaction must be by Eftpos or doesn’t specify a transaction type (so it can be any type), the easiest way to meet the requirement is using Beemit.

This service allows you to instantly transfer funds between two Eftpos enabled debit cards, both of which can be your own cards (so you are essentially transferring money between your accounts). This is processed as an Eftpos purchase on the sending card and an Eftpos refund on the receiving card. This means you can simply transfer from the bonus requirements account to any other card account however many times are required (usually 5) to meet this requirement. This can be done from the comfort of your home and doesn’t cost you anything.

Something to note is that Beemit minimum transfers are $1 and they will not allow the same transaction between accounts in quick succession so what I do is make a $1 transfer, then $1.01 transfer, then $1.02 transfer etc. to meet the minimum number of transactions.

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