Top 7 Best Banks in New Zealand in 2024

New Zealand is slowly moving away from actual physical money, with only 43% of Kiwis using cash on a daily basis. You need a bank account for daily life in New Zealand, but this is true about most places, isn’t it? Maybe it seems like Kiwi banks are basically all the same, but you shouldn’t just flip a coin when you choose one.

The biggest banks in New Zealand (and the easiest to deal with) are called the big four—and they’re all actually Australian-owned: BNZ, ASB Bank, ANZ Bank New Zealand, and Westpac New Zealand. TSB Bank (100% NZ-owned) also deserves a mention. It’s like these banks all offer the exact same services as each other, but this doesn’t mean that all NZ banks are the same.

Sure, it depends on your stage in life. A happily child-free person is going to have different financial needs and goals than someone with kids, and a retiree won’t have the same financial obligations as someone who just bought their first house. Let’s help you determine which bank best suits your saving needs in New Zealand.

Also read: Best NZ bank accounts for students.

Best banks and bank accounts in New Zealand in 2024

1. ANZ Bank New Zealand

• ANZ is part of the Australian-owned Australia and New Zealand Banking Group.
• Their standard Go Account comes with a Visa debit card, Apple Pay, and Google Pay. There are no fees except for manual transactions at the bank (NZ$3.00 per transaction) and for overdrafts (subject to credit approval).
• Older customers may appreciate the Freedom Years Package, designed for customers who are 65+ and who have already accessed their superannuation. There are absolutely no transaction fees, and the monthly account fee is waived.
• ANZ also operates their own wealth management division for investment advice, and another investment division called ANZ Investments (which used to trade in NZ as ING), which is the largest fund manager in the country. They also provide home loans and personal loans (to credit-approved customers).
• There are 101 ANZ branches across New Zealand.
• The downside to ANZ is its reputation for poor customer service. The Trustpilot review forum gives the bank an average rating of 1.5 out of 5 (yikes!). If you have a standard consumer account where you don’t need to deal with the bank in person, you should be just fine.

2. ASB

• The bank was previously known by its full name (Auckland Savings Bank) and is now owned by the Commonwealth Bank of Australia. 
• The bank’s standard account is called the Streamline Account. It has no transaction or account-keeping fees and comes with a Visa debit card. It’s pretty basic but will suit customers with standard needs who do most of their banking online.
• The bank offers the standard package of personal and home loans but doesn’t have much variety for corporate customers. They seem to be chasing the consumer market, even those without much cash. They offer a non-debit Fastcash card which can’t be used for online purchases (making it easier to avoid temptations.
• ASB has 85 branches in NZ.
• Online reviews for banks are usually low (since many customers only review the bank because they’re annoyed with it). This means that ASB also has a low Trustpilot score (1.7 out of 5), with bad customer service being the main complaint.

Best Bank Accounts in New Zealand for International Students in 2024

3. BNZ

• BNZ means Bank of New Zealand, and the company is owned by National Australia Bank.
• In addition to the usual collection of home loans and personal loans, BNZ has a pretty nifty account feature. You can activate the YouMoney feature, creating up to 25 accounts under a master account. It’s for easy budgeting, so you can have an account for your rent, your bills, saving up for a holiday, emergency savings, or whatever. 
• A debit Visa card is standard, and account-keeping fees and transaction fees are waived.
• There are 180 branches around New Zealand.
• BNZ is another bank with a low Trustpilot score (1.8 out of 5).

4. Westpac New Zealand

• The NZ version of Westpac is owned by Australia’s Westpac Banking Group. Like ANZ, Westpac NZ seems to be an exact copy of its Australian operation (but is run as a separate company). 
• Their popular Everyday Account has no account or transaction fees, but if you add a debit card you’ll have to pay an annual fee after the first year.
• They allow you to tailor your transaction or savings account with features suited to your stage in life (high school, university student, a graduate, a small business owner, retiree, etc)—which means a Westpac transaction or savings account can be customised.
• Westpac operates 197 branches nationwide.
• You might be noticing a trend because Westpac NZ’s Trustpilot score is only 1.4 out of 5. 

5. TSB

• Wow! A New Zealand bank that’s actually New Zealand-owned? That’s TSB (Taranaki Savings Bank), headquartered in Taranaki (about 360 km southwest of Auckland). It’s not associated with the Scottish TSB (Trustee Savings Bank).
• Holding their basic personal account (for transactions) automatically entered you into a monthly prize draw (to win a car). Savings account holders were automatically entered into a prize draw of NZ$25,000 per month. Sadly these were discontinued in March 2024. 
• TSB’s range of products and services are basic but well put together. Their low-rate Mastercard is popular since its fees are the lowest in NZ (3% lower than their nearest competitor). 
• The bank is a smaller player with only 25 branches across NZ. If you’re considering a TSB account, make sure there’s a local branch nearby.
• Their Trustpilot score is underwhelming but still better than their competitors (2 out of 5).

6. Kiwibank

• Kiwibank is another 100% NZ-owned bank. It was actually set up by the New Zealand government in 2001 to break the stranglehold that the big banks had on customers. 
• Their plain Free Up account comes with no account-keeping fees. There’s no minimum balance, and you have the option of getting a Visa debit card or an EFTPOS card (which can’t be used for online purchases). They also have a range of savings accounts that need a notice period before you can withdraw (e.g. 90 days).
• Kiwibank has some 60 branches across New Zealand (and like most big banks, are rapidly closing branches in smaller towns). 
• Unfortunately, Kiwibank is another bank with a shocking Trustpilot score (1.7 out of 5)

7. Heartland Bank

• Heartland is a new player and has only been operating as a bank since 2012. This NZ-owned bank was previously a building society.
• Their YouChoose account offers a decent 0.50% interest rate (per annum) for each dollar in your account. There are no monthly fees or setup costs.
• Similar to TSB, Heartland offers a solid range of products, even if there aren’t as many as other banks. 
• Home isn’t where the heartland is since there are only 9 branches in New Zealand.
• At least the bank has an okay Trustpilot score! If 2.3 out of 5 is an okay score, that is.

Best banks for savings in New Zealand 

Heartland

• We’re choosing Heartland as one of the best banks for savings due to their Digital Saver account.
• This account provides an interest rate of 5.00% per annum (no fees or minimum monthly deposits).
• You’re eligible for one free withdrawal each month (since this is a savings account). 

Rabobank New Zealand

• Rabobank is a small NZ-based bank (owned by a Dutch parent company) with superior savings.
• Their Noticesaver plan pays an interest rate of 5.40% per annum. This figure is more impressive when you realise there’s no minimum investment amount, setup or account-keeping fees.
• You must give the bank 60 days’ notice to withdraw funds from your Noticesaver account. 
• They have 27 branches across NZ.

Booster Savvy

• Booster Savvy isn’t actually a bank, but an investment fund. Your funds are kept securely and invested to maximise returns (while guaranteeing the amount you’ve deposited).
• You use it like a bank, in that you receive a debit card and can access cash as needed.
• Booster Savvy provides a variable interest rate (5.00% per annum, if not higher). They make their money by charging a small fee (capped at 0.4%). 
• There are no physical branches for Booster Savvy, and all interactions are totally online.