Welcome to Canstar!
We have a team of over 80 talented people who collect, analyse and research financial products and services, as well as consumer products and utility providers.
We see consumer education as a major part of our role. We try to make our site useful and easy to use, and you will often see our research and awards mentioned in the media.
Our star ratings system is designed to help consumers increase their chances of finding the right product. We would encourage you to add five-star products to your shopping list.
Frequently asked questions
- How do Canstar's ratings work?
- How is Canstar different to other comparison sites?
- How do you get paid?
- Do banks or insurers have to pay to be rated?
- Can you give personal advice?
- Who owns Canstar?
1. How do Canstar's ratings work?
The secret to our ratings is that we compare on value, not price. Do you want to buy the cheapest car insurance? Some do, but most want car insurance that delivers the best value in terms of cover and price.
That's why our ratings balance price and features, to determine overall value, which we then convert to a star rating.
We collect large amounts of information on thousands of financial products. For each award, our research committee uses a detailed methodology to attribute a star rating to each product, awarding the best products and providers.
All our methodologies are posted on our site for full transparency.
Canstar NZ also holds a Financial Advice Provider Licence, and takes all its legal compliance obligations very seriously.
2. How is Canstar different to other comparison sites?
Canstar is a research company and we are different to comparison sites for several reasons.
- We compare on value, not price.
- We display a very broad range of products, including major brands.
- We have financial experts on staff.
- We are transparent. We publish our methodologies and data.
- We've a long track record working with financial data, and have been established for over 25 years.
3. How do you get paid?
Canstar is committed to offering comprehensive information to consumers for free.
To generate this quality information we employ around 60 staff with extensive experience in financial services, and we run large computer systems. This costs millions of dollars every year, and we need to generate revenue in a range of ways to pay for it.
There are three major ways we get paid:
Ratings licences: Once five-star winners have been determined, financial institutions have the opportunity to use the Canstar rating or award in their marketing. A fee is negotiated for allowing the winner to use the Canstar name and award. We don't disclose this fee, as we negotiate it individually in every case. Canstar’s research team determines five-star ratings without fear or favour.
Advertising: Canstar allows limited advertising on its site. Our goal is to present quality advertising that is highly relevant to consumers. We always include an advertising or sponsored link sign above an advert, so people know that it is a paid promotion.
Lead referrals: On our product tables, and also on some advertising, we provide links to third-party sites. The primary purpose of these links is to help consumers get more information to enable them to make informed decisions. Secondly, we may receive payment for these referrals. Again, we do not arrange our data tables or base our ratings information on third-party payments.
Canstar takes its research very seriously and goes to great pains to ensure that our results are not influenced by commercial arrangements. For more details, see How We Get Paid.
4. Do banks or insurers have to pay to be rated?
Banks, credit unions, building societies and other financial providers that subscribe to Canstar’s database are automatically included in our ratings processes. This involves daily rates and fees updates, and the regular collection of other feature data for each product.
If institutions do not subscribe to the Canstar database, the research team may include the provider depending on its size, relevance to consumers, range of products, etc. For example, a very small provider that doesn’t service many consumers might not be included.
Insurance, KiwiSaver and managed investment providers are included depending on their size, relevance to consumers, range of products, etc. In some cases, we will exclude certain providers that don't meet our eligibility criteria.
For example to be eligible for a KiwiSaver Outstanding Value Fund Award, a fund has to be able to show five years of returns.
Canstar’s objective is to cover as much of the market as possible to provide consumers with the widest possible coverage.
5. Can you give personal advice?
Canstar is not licensed to give personal advice. We can only give general advice that is not tailored to an individual's needs. We strongly encourage consumers to get personal financial advice from a qualified adviser.
6. Who owns Canstar?
Canstar is not owned by a financial institution. It is owned by private shareholders.
Contact Canstar NZ
Email: enquiries@canstar.co.nz
Canstar
PO BOX 2073
Shortland Street
Auckland 1140
New Zealand