Commonwealth Bank subsidiary Bankwest has launched a new transaction account that offers Qantas Frequent Flyer program points.Bankwest, which has been a pioneer in offering rewards with transaction accounts, claimed in a media release that the Bankwest Qantas Transaction Account was the only everyday transaction account that allowed customers to earn Qantas points.In 2012 Bankwest launched a rewards transaction account that offers points on purchases. Account holders who deposit A$2000 a month and use the account for regular transactions earn a voucher worth about $25 over a year.A bank spokesman said the rewards transaction account has been a popular product.On the new account customers will earn five points for each debit transaction (cash withdrawals are not eligible). Points also accrue on the account balance at the rate of 0.4 points per A$100 per day (in other words, a $1000 balance would earn four points a day). The bank is offering new customers 10,000 points if they deposit $2000 a month for three months after opening the account.The bank did not have any data on conversion rates but directed Banking Day to an online forum where one post estimated that a customer would need 8000 points for a flight from Sydney to Melbourne and 30,000 points for a flight from Sydney to Singapore.There has been an increase in the number of banks offering rewards on transaction accounts in recent years, although it is still rare. Last year ING Direct ran the three-month promotion called Wave and Save, where the bank paid a five per cent rebate on purchases to customers who used the contactless function on their transaction cards.Citibank has a dining program that offers customers a free bottle of wine at participating restaurants. To qualify customers must pay for their meal with either a Citibank credit or debit card.