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Canstar rated business accounts based on three key profiles: Business High Transactor, Business Low Transactor and Business Saver. We take a closer look at which businesses each of these profiles suit, and the outstanding-value products available.

What is the Business High Transactor profile?

The Business High Transactor profile is, as the name would suggest, for businesses who do a large amount of transactions.

For Canstar’s star ratings, this profile includes business customers who make an average of 80 transactions per month on their account. In addition, the account has to give the business branch access and access to the following facilities: ATM, Cheque, EFTPOS, internet, direct credit and direct debit.

All five-star accounts in this profile have a monthly fee of less than $10.00 which includes unlimited electronic transactions.

What are the outstanding-value business high transactor options?

According to Canstar’s research, the following products and providers offer outstanding value for businesses who make at least 80 transactions:

• BNZ – MyMoney for Business Account
• BNZ – TotalMoney for Business
• Kiwibank – Business Edge Cheque

Read the full business deposits report

What is the Business Low Transactor profile?

The Business Low Transactor Profile is for businesses who make a relatively small number of transactions. Canstar’s research defines this as businesses that make an average of 30 transactions per month on their account.

To be eligible for the ratings, the accounts must give businesses accesses to the bank branch, as well as to the following facilities: ATM, cheque, EFTPOS, internet banking, direct credit and direct debit facilities.

All Canstar five-star rated products in this category this year have low monthly account fees – the average across five-star products is $6.50 – and low (or no) transaction charges. This profile incorporates fewer transactions, so accounts with limited free transactions perform better, when compared with the High Transactor profile.

According to Canstar’s research, the following products and providers offer outstanding value for businesses who make an average of 30 transactions per month:

• BNZ – MyMoney for Business Account
• Kiwibank – Business Edge Cheque
• Westpac – Business Transact PAYG

What is the Business Saver profile?

Canstar’s Business Saver profile includes options for business customers who are looking for a high-interest savings account. To be eligible for this category in Canstar’s ratings, the account must offer an interest rate of 0.01% or higher, on balance of $20,000.

In 2018, the Canstar five-star rated accounts have significantly higher rates than the rest of the market. Interest rates in New Zealand remain low and, compared to last year’s rating, 80% of accounts have lowered their rates. The average rating in last year’s rating was 0.62% and this has decreased to 0.49% this year. So, this proves how important it is to compare the market when it comes to rates!

According to Canstar’s research, the following products and providers offer outstanding value for businesses who want a high-interest savings account option:

• Heartland Bank – Business Call Account
• RaboDirect – Business Online Call Account

 Compare business transaction accounts