'best' bank in New Zealand

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Forums › Finance and wealth management › "best" bank in New Zealand

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kiwijunglist

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#1117898 29-Aug-2014 12:36

Had a look on consumer, they have a fee calculator and they had a customer satisfaction survery in oct 2013.

In order from best to worst with overall satisfaction %
98 TSB
96 Co-op Bank
94 Kiwibank
94 ASB
93 SBS
92 BNZ
90 Bank Direct
88 Westpac
81 ANZ

Personally I very really interact with a bank, so for me the important things are: online banking (pc) / online banking (mobile) / fees / atms / international transfer and withdrawal fees / international ccard fees

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jonathan18

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#1117906 29-Aug-2014 12:42

kiwijunglist: Been with ANZ for 15+ years, never had any issues with them, I'd recommend joining a bank with a cash back credit card reward scheme (not sure which banks have this). Also mobile banking is quite important. ANZ has an android app, and it works very well for me.

While I agree on the advantages of a cash back rewards scheme for credit cards (as someone who's had this with National and now ANZ for about 13 years), as there's nothing like the advantage of cold hard cash as a "reward", I don't think there are really strong reasons to have all banking with the same institution. We've had our main banking (mortgage/transaction account) with a different bank (Kiwibank) for a majority of the last 10 years. It's a bit like insurance - sticking all policies with the same company may be convinient, but doesn't always result in the best deal, and keeping it that way can reduce your ability to shop around.

And, as far as I know, ANZ is the only one with a cashback scheme for credit cards. (OP - if interested in GZrs' thoughts on credit cards, there was a long thread on this only a few months back.)

jonathan18

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#1117909 29-Aug-2014 12:43

kiwijunglist: Had a look on consumer, they have a fee calculator and they had a customer satisfaction survery in oct 2013.

In order from best to worst with overall satisfaction %
98 TSB
96 Co-op Bank
94 Kiwibank
94 ASB
93 SBS
92 BNZ
90 Bank Direct
88 Westpac
81 ANZ

Personally I very really interact with a bank, so for me the important things are: online banking (pc) / online banking (mobile) / fees / atms / international transfer and withdrawal fees / international ccard fees

Do you mean as I posted here??!!

kiwijunglist

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#1117910 29-Aug-2014 12:45

Thanks that's good to know. I'm currently tied into qantas points scheme, and I gotta keep the points from expiring by earning new points each month. I have 220,000 points I really need to take a holiday, but it's so annoying to book flights (which is why I advocate people go for a cash back scheme)

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kiwijunglist

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#1117912 29-Aug-2014 12:46

@jonathan - great minds think alike :p

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jonathan18

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#1117917 29-Aug-2014 12:51

kiwijunglist: Thanks that's good to know. I'm currently tied into qantas points scheme, and I gotta keep the points from expiring by earning new points each month. I have 220,000 points I really need to take a holiday, but it's so annoying to book flights (which is why I advocate people go for a cash back scheme)

I'm happy to help you spend them, should you struggle to manage!

Re the ANZ cash-back scheme: the standard card tops out at $300 (so any annual spend over $30k goes wasted); we've recently switched over to the only other one as we have been in this position of "wasting" spending. It's the Platinum cashback card, and it has no maximum on its rewards (so a total of 1% of spend) but has a much higher annual cost ($165 for two cards, I think).

kiwijunglist

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#1117925 29-Aug-2014 13:04

yeah i use this one ($150pa, gives free travel insurance)
http://www.anz.co.nz/personal/credit-cards/qantas-visa-platinum/

Your plat cash back card is $125pa , and the standard cash back card is $60 pa (which i should probably use, as I don't think I spend over 30k on the ccard)

I think I might convert all my points to harvey norman or noel leeming vouchers, I think I'm wasting money.

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richms

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#1117942 29-Aug-2014 13:21

ScuL:
I'd be proper gutted if I had to pay a fee for using a Westpac card in a Kiwibank machine (How inconvenient is that, having to find the right brand of ATM?)

Its the norm in NZ and AU that only your own banks ATMs are free, and also use of other banks ATMs is quite primitave compared to your own bank, in that you can only access the accounts you have set up to buy things with on the check and savings buttons, and nothing else.

Richard rich.ms

Geektastic

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#1118296 29-Aug-2014 22:54

ScuL:
jonathan18:

It may depend on the bank and the type of account.

Generally, if you have a mortgage with the same bank as you do your day-to-day banking with there are no monthly fees, and no charges for electronic transfers (domestic, anyway - don't know of any banks that provide free overseas transfers). Cash withdrawls from ATMs are typically free, but this may only be from a select group of banks (eg, I'm with Kiwibank and only their ATMs are free; other banks have arrangements betweeen themselves). I'd imagine there are other arrangements for business banking, or if you have savings with the same bank.

To give you a frame of reference:
Cash withdrawals within the UK are always free regardless which ATM you use (I'd say this is a basic minimum)
Cash withdrawals abroad are free with the Advance card (which costs me $25/month converted) otherwise chargeable
Bank transfers within the UK are always free (again I'd expect this to be a basic minimum)
Bank transfers abroad are usually free within the Eurozone, $14 outside of it (I would not expect this to be free in NZ maybe despite xfers to AUS - not a biggie)

I'd be proper gutted if I had to pay a fee for using a Westpac card in a Kiwibank machine (How inconvenient is that, having to find the right brand of ATM?)

Yes you usually will be charged a fee for using the 'wrong' atm in NZ - and more fees for doing it overseas too, as well as the usual currency conversion margins etc. ASB charge $7.50 per ATM use overseas (unless it was ASB but that is pretty much only in Australia I think)

Visa Debit cards are relatively new here and ASB at least charges a fee every 6 months for having one (just a rort)

Bank transfers are free on most accounts I think. International transfers are less clear. I have overseas clients wire me money from the USA sometimes and I get charged a fee by whichever bank in NZ receives the overseas funds on behalf of the others (BNZ or ANZ I think) of $25, which gets taken from the amount the client sends and I never see it accounted for anywhere nor get any kind of receipt for it. Very dodgy IMV.

mattwnz

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#1118304 29-Aug-2014 23:20

jonathan18: +1 on the subjectivity of this! Usually people's feedback will be based on their own immediate experience (I doubt any-one holds a full range of account types across all the major banks at the same time), and their perceptions of other banks which they may have banked with previously may no longer even be relevant given change over time.

I'd suggest you may get better ideas from some agregated data. Consumer's summarised results from their last survey (about a year ago) are pasted below (if it pastes correctly); the full report will be available on their website (for a fee, though). Also, Canstar offers some useful information on all banks' products.

(Edit: reformatting table material so it can be understood)

Bank /Overall performance/ Internet service / Branch service / Phone service / Smartphone service

TSB Bank (411) / 98% / Average / Above average / Above average / Average
The Co-operative Bank (235) / 96% / Average / Above average / Above average / Average
Kiwibank (997) 94% / Above average / Below average / Above average / Above average
ASB (1481) / 94% / Above average / Above average / Above average / Above average
SBS Bank (59) / 93% / Below average / Above average / - / -
BNZ (1429) / 92% / Above average / Above average / Average / Above average
Bank Direct (83) / 90% / Average / - / - / -
Westpac (1818) / 88% / Above average / Below average / Average / Below average
ANZ (2449) / 81% / Below average / Below average / Below average / Below average

I am surprised ANZs online banking ranks worse than ASB. I use both, and ANZ, which is built on the National Banks system is far better IMO. They have improved it a lot recently, and it is probably now one of the best out of all the banks. ASBs is a bit outdated looking these days.

DravidDavid

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#1118306 29-Aug-2014 23:22

ASB has been great for me. I swore by their name for many years. My account has been active since age 5.

...But recently, I've not had the best ever experience with their branches. They always have an annoying person to come and pester you in the queue, almost butting in to your business and then tell you to use an ATM outside if you want money.

The last time, I was depositing 800 dollars at the New Lynn branch. I wanted the security of being inside a branch with cameras and other people. Instead I was forced to use a new ATM that sucks up my money in a big stack and counts it for me, then deposits it...Outside the branch with all the people walking past with the other ATMs in close proximity.

...I didn't feel valued, that's for sure.

MikeB4

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#1118326 30-Aug-2014 06:22

The two Banks we have used for many years, BNZ and Cooperative Bank have been excellent. No colsints at all.

Kyanar

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#1118414 30-Aug-2014 10:11

Geektastic:

Yes you usually will be charged a fee for using the 'wrong' atm in NZ - and more fees for doing it overseas too, as well as the usual currency conversion margins etc. ASB charge $7.50 per ATM use overseas (unless it was ASB but that is pretty much only in Australia I think)

Visa Debit cards are relatively new here and ASB at least charges a fee every 6 months for having one (just a rort)

Bank transfers are free on most accounts I think. International transfers are less clear. I have overseas clients wire me money from the USA sometimes and I get charged a fee by whichever bank in NZ receives the overseas funds on behalf of the others (BNZ or ANZ I think) of $25, which gets taken from the amount the client sends and I never see it accounted for anywhere nor get any kind of receipt for it. Very dodgy IMV.

To correct you, Westpac is the only bank with free overseas ATM usage. ASB charges the same $7.50 if you use their card in a Commonwealth Bank of Australia ATM (parent bank of ASB).

Additionally, it's not just NZ banks that do this - every bank on the SWIFT network (including banks in the UK) charges a fee for both sending and receiving a wire transfer. $25 seems to be the norm. With Westpac, you see it listed separately as INTERNATIONAL T/T COMMISSION so you know what happened. I do find it odd if other banks are not as transparent. You can save money on this by using an overseas transfer remittance service such as NZForex or signing up to American Express FX payments (which is a pretty good service - and being AmEx most big companies would trust it).

OP; if you don't like paying for bank transfers, stay away from TSB, who charge $0.25 each one. I've yet to see any other bank do this.

cnor152

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#1118453 30-Aug-2014 11:27

I've only ever had good experiences with BNZ. Their online is fine, and they are always prompt and helpful if I have a problem/question.

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