Canstar Reveals NZ’s Outstanding Value Everyday Accounts

Congratulations to the BNZ and Westpac, the winners of Canstar’s inaugural awards for Outstanding Value | Everyday Accounts.

Canstar’s Everyday Accounts Awards recognise the institutions that provide outstanding value to New Zealand consumers through their suites of everyday banking 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 Everyday 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

Outstanding Value Everyday Accounts Winner: BNZ

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 fees
• No monthly account fee
• Pay via your phone using either Apple Pay or Google Pay
• Discounted personal loan and overdraft rates available for students, graduates and apprentices

Outstanding Value Everyday Accounts Winner: Westpac

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

For our full Savings and Everyday Accounts Star Ratings 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.