Canstar Reveals NZ’s Outstanding Value Savings Accounts

Congratulations to Heartland Bank and Rabobank, the winners of Canstar’s inaugural awards for Outstanding Value | Savings Accounts.

Canstar’s Savings Accounts Awards recognise the institutions that provide outstanding value to New Zealand consumers through their suites of savings account products.

The awards leverage Canstar’s sophisticated methodology utilised in its Savings and Everyday Accounts Star Ratings to identify the providers that offer outstanding everyday banking products.

Outstanding Value Savings Accounts

This year, our expert research panel assessed a wide range of savings accounts from 11 providers. Each was rated across over 200 features, which were scored, categorised and weighted according to a customer’s journey with the product.

The comprehensive feature assessment covers:

• Research – the support, information and tools provided to assist consumers opening an account
• Application – the channels through which an account can be opened, plus the onboarding processes and conditions
• Account Operation – the availability and flexibility to transact using different methods, interest earning conditions and how consumers can manage and interact with their account
• Customer Service and Support
• Account Closure – processes and access to information about your account following closure

And because people are different in the way they save, Canstar’s researchers rate products based on two consumer profiles:

Flexible Saver

If you’re a flexible saver, you want your money to work hard in your savings account, without the restrictions of withdrawal fees or additional conditions.

Below are the Flexible Saver accounts awarded 5-Star ratings in this year’s ratings.

Note: To be eligible, the account must offer a base rate of 0.05% or higher on a balance of $10,000.

Regular Saver

A regular saver is dedicated to growing their savings and willing to meet stricter conditions, such as minimum deposit amounts, to achieve higher levels of interest.

Below is the Regular Saver account awarded 5-Star ratings in this year’s ratings:

Note: To be eligible the account must offer a total rate of 0.15% or higher on a balance of $10,000.

Outstanding Value | Savings Accounts winner: Heartland

In addition to taking out our inaugural award for Outstanding Value, Heartland Bank is also the overall winner of our 2022 award for Bank of the Year | Savings. It’s the fifth straight year that Heartland Bank has won our prestigious award, due to the bank’s market-leading rates.

Both Heartland’s 32-Day Notice Saver and Direct Call Account offer great rates and no fees. For more on Heartland’s Bank’s Bank of the Year | Savings Award win, click here.

Outstanding Value | Savings Accounts winner: Rabobank

Known for its support of agribusinesses and rural communities, Rabobank has a strong suite of savings products. For those who want to retain instant access to their funds, and earn great market rates, RaboSaver is a fee-free choice that makes it easy to take control of your money.

For more information about Rabobank’s win and our full Savings and Everyday Accounts Star Ratings click the button below:

Learn more: 2022 Savings and Everyday Accounts Star Ratings!

About the author of this page

This report was written by Canstar’s Editor, Bruce Pitchers. Bruce began his career writing about pop culture, and spent a decade in sports journalism. More recently, he’s applied his editing and writing skills to the world of finance and property. Prior to Canstar, he worked as a freelancer, including for The Australian Financial Review, the NZ Financial Markets Authority, and for real estate companies on both sides of the Tasman.