What is the Best Bank in NZ?

Most major banks in NZ pay a paltry interest rate on savings. Thankfully, there are some banks that offer more. They include Heartland Bank and Co-operative Bank. They are owned by their customers and give a portion of their profits back to them.

Some of these banks also offer managed funds accounts and term deposits. However, they demand a certain fee.

ANZ

ANZ is one of the Big Four banks in Australia and New Zealand, offering financial services for individuals and businesses. The bank provides transaction and savings accounts, mortgages, auto loans, agribusiness lending, credit cards, private banking, investments, KiwiSaver schemes, and foreign exchange services. It also offers personal and business insurance, including home, car, life, and travel cover.

Whether you are a local or an expat, choosing the right bank for your needs is important. There are many options available, and a good place to start is with a comparison website. These websites provide information on fees, interest rates, and customer satisfaction.

A number of national and international banks offer fee-free banking in New Zealand. These include TSB, ANZ, and Westpac. ANZ and Westpac also offer credit cards that do not charge monthly fees. These cards can be used to pay for goods and services online or at a chip-and-pin machine.

ANZ also has an app for mobile banking and is committed to sustainability in its operations. It is also a member of the Green Banking Initiative, which helps its customers reduce their environmental footprints. Its customer service has been rated by Consumer NZ as one of the best in the country. This includes the speed of service, the timeliness of response, and the fairness of dealing with complaints.

ASB

The best bank in New Zealand is ASB, which offers many benefits for expats. The bank provides a wide range of products, including savings accounts, loans, mortgages, credit cards, and KiwiSaver accounts. It also offers online banking and mobile apps, which make it easy to manage your finances. Moreover, it is a co-operative bank, which shares a portion of its profits with its customers.

In addition to offering personal accounts, ASB also has a number of business banking options for small businesses and start-ups. These include the Business First Transact Account, which has transaction and monthly account fee relief for the first year. It is suitable for businesses that operate mainly within New Zealand and require 24/7 access to their funds.

ANZ, the largest bank in New Zealand, operates over 200 branches and ATMs nationwide. Its subsidiaries offer a wide range of financial products and services, including mortgages, loans, savings accounts, credit cards, and investment services. Its parent company, Australia and New Zealand Banking Group Limited, is headquartered in Sydney, Australia.

The state-owned Kiwibank was founded in 2001 and provides retail banking, fund management, investments, and agency services for mortgage lending. It has 266 branches and more than 250 ATMs, and employs around 2,500 people. The bank has a good reputation among its customers, and was awarded the 2021 Consumer NZ People’s Choice seal of approval.

BNZ

BNZ is one of New Zealand’s big four banks, offering transaction and savings accounts, mortgages, auto New Zealand Bank loans, agribusiness lending, general insurance, credit cards, investments, KiwiSaver schemes and more. The bank also offers a full range of online banking services. BNZ’s fees are slightly higher than other banks, but its staff are helpful and it offers a great value for money when sending money overseas.

The bank is committed to serving its customers well and helping New Zealand communities thrive. It has more than 130 branches and 33 Partners business centres nationwide, and works with personal, commercial, charity, agribusiness, and private wealth clients. The company has a strong history of innovation and commitment to customer service.

In a recent survey by Canstar, most Kiwis rated their banks highly. However, a few surveyed were dissatisfied with their service. Those who were dissatisfied with their banking provider indicated that they would switch to another bank if given the opportunity. The survey examined several factors, including overall satisfaction, digital banking capabilities, customer service, fees and charges, and responsible lending. TSB and the Co-operative Bank were the most highly rated banks, with a high score for digital banking. Both were also praised for their customer service and responsible lending. TSB was also ranked for its fee structure, while the Co-operative Bank was commended for its transparency.

Kiwibank

When Kiwibank was established in 2001, it promised to give Kiwis a fair deal in banking. It launched with a bang, using one of New Zealand’s most creative advertising campaigns. But it had two shackles from the beginning that it never escaped. The first was its ownership by NZ Post. This was supposed to give it access to thousands of Post Shops, which would allow it to serve customers instantly. But it turned out to be a big disadvantage.

The second was the need to comply with strict banking regulations. These rules prevent Kiwibank from making too many large profits and limit its growth. As a result, it is unable to compete with the big Australian-owned banks. Its profit margin is just a few percentage points higher than the big four’s. However, this is not enough to make a difference in the market.

Despite these challenges, Kiwibank has managed to achieve high levels of customer satisfaction. Its employees are highly trained and understand their role in the company’s success. They are also familiar with the company’s goals and OKRs. As a result, they are able to deliver high-quality customer service. In addition, they are able to provide financial advice and help people make good decisions. They also provide a range of online services, including money transfers. Moreover, they are the only bank that offers fee-free banking in NZ.