BNZ Small Business Banking

BNZ is a provider of business banking products including business bank savings and transaction accounts, investment options, business loans, business credit cards, business life insurance, business car insurance, business liability insurance, business income interruption insurance, and foreign exchange transactions. They also provide products for personal banking use.

“Helping Kiwis be good with money.”

CANSTAR is pleased to congratulate BNZ on winning the 2016 Award for Bank of the Year – Small Business.

BNZ has achieved the highest score in this year’s award, making this their phenomenal fifth win in a row for this award.

Looking for the best small business bank? Here at CANSTAR, we research and rate banks every year for the Bank of the Year – Small Business Award so that you can be sure you’re finding a bank that provides outstanding value for your small business. Whether you’re a sole trader, a small business, or a medium sized enterprise, it’s worth taking a look at our ratings before choosing where to open a business bank account.

Read our Bank of the Year – Small Business Award report

Small business banking features offered by BNZ

Business savings and transaction accounts

BNZ ranks number 1 for business savings and transaction accounts, largely because their My Money for Business account offers unlimited transactions for just $5/month.

Business credit cards

BNZ received the highest score in business credit cards due to their new Advantage Business Visa credit card, which is a leading product for rewards this year. It provides, at time of writing, a cash back rate of 1.33% rewards on the amount spent (compared with 1% from almost identical products with other providers).

Business loans

A flexible overdraft can be attached to the award-winning MyMoney for Business Account. If term lending is required, the Total Money Business Loan’s balance can be offset by a transaction account balance so that less interest is charged each month.

Institutional factors

We research and rate institutions for:

• Branch coverage
• Relationship manager availability
• Online banking functionality
• Merchant services
• Other business services and advice
• Business insights and education

When it comes to business education, BNZ provide a lot of help for young businesses. They offer a nationwide speaker series, BNZ Connect, as an opportunity to learn from business experts and network. It’s free, and it’s open to everyone. In terms of online resources, they offer a Small Business Toolkit with information on everything from advice on exporting to cashflow calculators to interactive business plan templates.

Relationship Manager numbers continue to be a differentiating factor between the major banks, and this is an area where BNZ shines. Their Relationship Managers offer long hours of availability and video-conferencing facilities.

Merchant services

BNZ’s PayClip is a mobile EFTPOS payment terminal that accepts Visa and MasterCard credit cards, debit cards, and EFTPOS payments on the spot through your smartphone’s business banking app. PayClip has a card reader that allows you to tap, swipe, or insert a card to accept payments. The app then emails or texts a receipt to your customer. So instead of chasing payments, you can get back to running your business faster.

Source: BNZ

Other merchant services include EdgePayroll, a secure, cloud-based system that advertises that it can process your payroll for up to 10 employees “in one click”.

Start-up head start

Tech and social enterprise start-ups can apply for the annual Start-Up Alley held at Webstock, where finalists pitch to a panel of business experts in front of a live audience for a share of $30,000 or a place at the Kiwi Landing Pad in San Francisco.

BNZ also partners with Deloitte’s Fast 50 Index to support the fastest-growing companies in New Zealand, and The Icehouse, a business growth hub that provides support and education to fast-track a start-up.

BNZ recently ran a #StartupStandup competition where tech start-ups were trained in how to perfect their business pitch by stand-up comedian Cori Gonzalez-Macuer. You can watch this hilarious and inspiring series on YouTube here:

Source: BNZ

BNZ’s YouTube channel even has a series of sage business advice from Inspirational Business Leaders such as Angus Allan of The Collective.

Social enterprise volunteering

Do you run a not-for-profit business or community organisation that’s trying to make a positive difference in New Zealand? Apply for the latest round of Closed For Good, BNZ’s annual day of volunteering. They’ve lent their hand to over 2,000 projects in the past 6 years.

Source: BNZ

CANSTAR is an information provider and in giving you product information CANSTAR is not making any suggestion or recommendation about a particular product. If you decide to apply for a product, you will deal directly with a financial institution, and not with CANSTAR. All product information should be confirmed with the relevant financial institution. For more information, read our detailed disclosure, important notes and additional information.

About BNZ

BNZ opened their doors in 1861 on Queen Street, Auckland, having acquired the bank accounts of the Central Government from the Union Bank. In the 1940s, they were the first bank in the country to open a mobile banking office in a caravan, and the first to begin granting personal loans.

As part of the NAB Group of companies, BNZ now employs more than 5,500 Kiwis and has 170 branches around the country.

BNZ were the first bank to become carbon neutral, as well as being one of New Zealand’s largest Fairtrade workplaces. They have since continued to protect the environment by only having sustainable buildings, remaining carbon neutral, reducing emissions, working with suppliers, recycling, and more.

BNZ have been recognised by the United Nations for promoting diversity in the workplace. They’re no slouch when it comes to their corporate and social responsibility as a major financial institution. They sponsor Plunket, New Zealand’s largest provider of support services for the health and wellbeing of young children under 5 years old.

Source: BNZ | Plunket

BNZ also sponsors Cure Kids for medical research, the BNZ Crusaders rugby team, and The Blues rugby team.

Find out more about the Heritage of BNZ, one of our nation’s oldest institutions, at https://www.bnzheritage.co.nz/

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Written by: TJ Ryan

To the extent that the information in this report constitutes general advice, this advice has been prepared by CANSTAR Research Pty Ltd A.C.N. 114 422 909 AFSL and ACL 437917 (“CANSTAR”).  The information has been prepared without taking into account your individual investment objectives, financial circumstances or needs.   Before you decide whether or not to acquire a particular financial product you should assess whether it is appropriate for you in the light of your own personal circumstances, having regard to your own objectives, financial situation and needs.  You may wish to obtain financial advice from a suitably qualified adviser before making any decision to acquire a financial product.  CANSTAR provides information about financial products. It is not a financial provider and in giving you information it is not making any suggestion or recommendation to you about a particular financial product.  Please refer to Canstar’s FSG for more information.