Congratulations to Heartland Bank, for consistently delivering market-leading savings products and winning Canstar’s Bank of the Year | Savings Award for the seventh straight year.
In the current, high-interest-rate environment, saving towards a more secure financial future make economic sense. From easy-access savings accounts to term deposits, there are some great savings accounts on the market and, according to Canstar’s latest research, the best can be found at Heartland Bank.
For the seventh year in a row, Heartland Bank is the winner of Canstar’s Bank of the Year Savings Award.
What is Canstar’s Bank of the Year Savings Award?
The Bank of the Year Savings Award uses a sophisticated rating methodology that is unique to Canstar. Our award is presented to the NZ financial institution that offers consumers savings accounts that offer the best features, tools, flexibility and, of course, returns.
Because savers want different things from their savings accounts, our award covers two profiles:
Flexible Saver: For consumers looking to maximise their savings while retaining easy access to their funds.
Regular Saver: For more active savers who are willing to meet stricter conditions to achieve higher levels of interest.
The award also assesses an institution’s term deposit products. Extra weighting is given to term-deposit performance over shorter fixed periods, from one to 13 months.
It’s important to note that the New Zealand government doesn’t guarantee deposits made by customers with any banks. Therefore, to be eligible for our Savings Award, an institution must have a credit rating of at least Standard & Poor’s BBB, or an equivalent with other agencies.
Why is Heartland Bank Canstar’s Bank of the Year Savings Award winner?
Of the 11 financial institutions assessed for this year’s award, our research team found that, yet again, Heartland Bank offers the most competitive savings accounts across both the regular and flexible saver profiles, plus market-leading term deposit products.
Our data team noted the bank’s impressive suite of savings accounts and term deposits, its competitive rates and market-leading savings accounts.
Tom Slee, Canstar Group Manager – Wealth, Health & New Zealand says, “Finding the motivation to save can be hard, especially when budgets are tight, but it’s always important to have savings to fall back on should your finances become squeezed.
“Heartland Bank’s rates and market-leading savings accounts are tools that all Kiwis can use to earn great returns and plan more secure financial futures.
“That Heartland has won our award for the seventh consecutive year shows that whatever the economic climate, savers can rely on Heartland to deliver market-leading returns. Well done and congratulations to the team at Heartland Bank.”
Find out more about Canstar's Outstanding Value Savings Accounts Awards here!
About the author of this page
This report was written by Canstar’s Editor, Bruce Pitchers. Bruce has three decades’ experience as a journalist and has worked for major media companies in the UK and Australasia, including ACP, Bauer Media Group, Fairfax, Pacific Magazines, News Corp and TVNZ. 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.
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