New Zealand’s Best Bank Accounts

Looking for the best-rated everyday and savings bank accounts? Check out the recipients of Canstar’s latest 5-Star Ratings for the best bank accounts in New Zealand.

What are Canstar’s Outstanding Savings and Transaction Accounts Awards?

Canstar’s Outstanding Savings and Transaction Accounts ratings recognise the best deposit accounts available to Kiwi consumers with our prestigious 5-Star Award. This year, our expert team researched the savings and everyday banking accounts from the following financial institutions:

The different accounts from each financial institution are rated across a wide range of features, including fees, interest and customer service and support.

The categories are scored according to a customer’s total journey with the account, from opening it, to using it for their regular day-to-day banking, and closing it. The best providers receive our 5-Star Outstanding Value Awards. This year’s winners are:

Outstanding Value Everyday Accounts:

BNZ: YouMoney

BNZ’s YouMoney everyday account is a standout in our award ratings thanks to its many innovative features:

• Move money quickly between accounts using a drag-and-drop feature, especially useful on the BNZ banking app
• Add photos or icons to easily identify payees
• Connect up to two YouMoney accounts with a Flexi Debit Visa card
• Up to 25 accounts
• Unlimited withdrawals
• No transaction or monthly account fees
• Pay via your phone using either Apple Pay or Google Pay
• Discounted personal loan and overdraft rates available for students, graduates and apprentices

Westpac: Everyday Account

Westpac’s Everyday Account is one of our winners thanks, in part, to its market-leading Airpoints Debit Card. The debit card is free for the first year, and to those under 19 years of age. It’s NZ’s only Debit Mastercard that allows you to earn Airpoints Dollars on your day-to-day spend.

Other features and tools offered by Westpac’s Everyday Account, include:

• No monthly account or electronic transaction fees
• CashNav money-management app that automatically tracks your spending patterns
• Salary split: automatically move your salary into multiple accounts
• Tailored accounts for children, teens and students, new NZ residents and business owners

Outstanding Value Savings Accounts:

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

1. Flexible Saver
2. Regular Saver

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. This year’s Outstanding Value winners are: 

Heartland Bank: Direct Call Account

Heartland Bank’s Direct Call account offers:

• Immediate access to your money
• No account management or transaction fees
• Control and manage account through internet banking
• Interest compounded monthly
• No minimum balance or deposit

Kiwibank: Online Call

Kiwibank’s Online Call savings account offers:

• Immediate access to your money
• No account management or transaction fees
• Control and manage account through internet banking
• Interest calculated daily and paid monthly
• No minimum balance or deposit

TSB: WebSaver 

TSB’s WebSaver savings account offers:

• Immediate access to your money
• No account management fees
• Control and manage account through internet banking
• Interest calculated daily and paid monthly

Regular Saver

A regular saver is dedicated to growing their savings and willing to meet stricter conditions, such as minimum withdrawal notice periods, to achieve higher levels of interest. This year’s Outstanding Value winners are: 

ASB: Savings Plus

ASB’s Savings Plus delivers higher returns the less you withdraw. You earn full reward interest for only making one withdrawal within the first five days of a three-month period, and partial reward interest for making a second withdrawal.

• No minimum balance requirements
• No monthly base or transaction fees
• Base interest paid no matter how many withdrawals made

Heartland Bank: 32 Day Notice Saver & 90 Day Notice Saver

Heartland Bank’s 32 Day Notice Saver & 90 Day Notice Saver accounts offers:

• Great interest rates
• Choose 32 days’ notice, or 90 days’ for an even higher rate
• No fees
• Partial sum withdrawal
• Interest calculated daily and paid monthly

The Co-operative Bank: Step Saver

The Co-operative Bank’s Step Saver account offers:

• Great interest rates
• Bonus interest rate every month your balance increases and you make no more than one withdrawal
• Immediate access to your money via app or internet banking
• No account management fees, transaction fees may apply

Rabobank: Premium Saver

Rabobank’s Premium Saver account offers:

• No account fees
• No minimum balance
• Premium rate of interest for regular savers on balances up to $100,000 (balance must increase by at least $50 per month)
• Immediate access to your money via app or internet banking
• Unlimited withdrawals during the month
• Interest calculated daily and paid monthly

For our Outstanding Value Savings and Everyday Accounts Awards click here!

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.