Compare the Best 5-Star Savings Accounts with Canstar

To discover which banks offer the best savings accounts in NZ, look for Canstar’s 5-Star seal of approval.

The results of Canstar’s 2021 star ratings for saving accounts are in. Three banks earn our prestigious 5-Star ratings for their savings accounts. While, Canstar’s Award for Bank of the Year | Savings goes to Heartland Bank, for the fourth consecutive year.

This year, our expert research panel assessed a wide range of savings accounts from ten providers. Each was scored and rated for features including: accessibility, fees, rebates and account security.

Of course, the all-important factor in our research remains the interest rates offered. Yes, rates are at historic lows, but some banks provide better returns than their competitors, which has a big impact on their performance in our awards. 

Read Canstar’s report on savings and transaction accounts

Canstar’s 5-Star savings accounts 2021

Because people are different in the way they save, Canstar’s researchers rate products based on two consumer profiles:

  1. Flexible Saver
  2. Regular Saver

Flexible Saver

If you’re a flexible saver, you want your money to work hard in your savings account, without the restrictions of withdrawal fees or additional conditions.

Below are the Flexible Saver accounts awarded 5-Star ratings in this year’s ratings.

Institution Account(s)

Heartland Bank

Direct Call Account / YouChoose

NZCU Baywide

Everyday Saver/Online Saver

Rabobank NZ


Note: To be eligible, the account must offer a base rate of 0.05% or higher on a balance of $10,000.

Regular Saver

A regular saver is dedicated to growing their savings and willing to meet stricter conditions, such as minimum deposit amounts, to achieve higher levels of interest.

Below are the Regular Saver accounts awarded 5-Star ratings in this year’s ratings:

Institution Account(s)

Heartland Bank

Direct Call Account / YouChoose



Note: To be eligible the account must offer a total rate of 0.15% or higher on a balance of $10,000.

How does Canstar award providers for savings accounts?

The award-winning accounts listed above provide outstanding value for different types of savings account holders.

Read Canstar’s detailed savings and transaction star ratings methodology for more information about what makes a 5-Star rated savings account.

Discover more about the Savings Account Star Ratings with Canstar’s latest report

Find out how each savings account compared

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