Banking Satisfaction

Compare banking satisfaction in New Zealand at Canstar. The Co-operative Bank, ANZ, ASB Bank, BNZ, Kiwi Bank, SBS, TSB Bank and Westpac were compared on Overall Satisfaction, Customer Service, Product Range, Digital Banking, Communication, Fees and charges, Self-Service Functionality and Interest Rates.

Rated brands

Overall Satisfaction*

Customer Service

Product Range

Digital Banking

Communication

Fees and charges

Self-Service Functionality

Interest Rates.

More information^

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*Overall satisfaction is an individual rating and not a combined total of all ratings. Brands with equal overall satisfaction ratings are sorted by the mean overall satisfaction score as rated by consumers. Canstar research finalised in July 2021, published in July 2021.

See our Ratings Methodology.

banking satisfaction award logo 2021

Most Satisfied Customers Award | The Co-operative Bank

The Co-operative Bank rated number one for customer satisfaction

The Co-operative Bank is the Customer’s Choice

The Co-operative Bank wins Canstar Gold’s award for Most Satisfied Customers | Banking

Banks play a key role in our lives and if you’re going to trust one with your finances, it should be one that delivers on customer satisfaction and value.

Whether you’re sending or receiving money, banking your salary or paying off the mortgage, the services banks provide are the currency of our lives. All those fees and costs you pay are of great value to your bank, so it’s important to know your bank is of great value to you. 

As part of our mission to inform consumers of the best NZ has to offer, Canstar canvassed the opinions of 3583 New Zealanders who had one or more accounts or products with a bank, across a range of categories, to measure and track their satisfaction.

To decide which bank offers the best level of customer satisfaction, each was rated across the following categories:

  • Overall Satisfaction
  • Communication 
  • Customer Service 
  • Digital Banking
  • Fees and charges
  • Interest Rates
  • Product Range
  • Self-Service Functionality

Coming out on top is The Co-operative Bank. The only bank this year to earn a 5-star overall satisfaction rating. The Co-operative bank also boasts a further six 5-star ratings, outperforming its competitors in nearly every category. The only other banks to receive 5-star ratings are SBS Bank and TSB Bank.

What Customers Want

Looking at what drives Kiwis’ satisfaction levels with their banks, it’s intriguing to discover that cost isn’t a major factor! Customer Service (20%) and Communication (18%) are our main concerns. Interest Rates (11%) and Fees and Charges (9%) rate far less highly.

This is a surprising statistic, but one that can be explained by our research: 34% of respondents in our survey have all their financial products with one bank (33% have their KiwiSaver with their bank, too), and just 4% have switched banks to get a better deal on their credit cards.

Kiwis are clearly keen to stick with their bank for all their financial needs. And if we are going to deal with them for everything, it makes sense that we value good customer service and communication. Since Kiwis are sticking with one bank, it’s no surprise to see that customers value product range (15%) over other key services, such as digital banking (14%).

Overall, the main drivers of satisfaction:

Drivers of satisfaction %
Customer Service 20%
Communication 18%
Product Range 15%
Digital Banking 14%
Self-service Functionality 12%
Interest Rates 11%
Fees/Charges 9%

Looking to the Future

Planning for your future can take some serious financial muscle. The dream house or holiday doesn’t come cheap, so it’s important to be smart with your savings. It’s a little worrying, then, to see Kiwis are not thinking as far ahead as they should be.

Our research shows half of all Kiwis don’t know what they spend each month. Furthermore, 64% of those surveyed said they don’t stick to a budget and a whopping 74% don’t have long-term financial goals!

If you want to get on top of your finances, it can take a bit of managing and advice plus great banking tools. So it comes as no surprise that this year’s winner, The Co-operative Bank, has not only 5-Star customer service and communication, but 5-Star digital banking and self-service functionality. 

As fewer and fewer people visit bricks-and-mortar banks, being able to budget on the go, at home or without the need for a sit-down meeting is an important tool in setting up your financial future. And having a bank that makes it painless and easy is a great place to start. 

If you are looking to make your finances easier, it might be time to change … to the winner of Canstar’s Most Satisfied Customers award, The Co-operative Bank.

Key statistics

I know what I spend every month: 50%

I stick to a budget: 36%

I worry about my budget and finances: 34%

I have all my financial products with one bank: 34%

I have my KiwiSaver with my bank: 33%

I never carry cash: 27%

I have a long-term savings plan in place: 26%

I see my bank as a place to get good financial advice: 21%

I have or I intend to contribute towards my children’s first home: 17%

I am often in overdraft: 11%

I like to have my mortgage and savings with different banks: 7%

I don’t think we need bank branches anymore: 7%

I have swapped banks in the last 12 months: 5%

I switch banks to take advantage of credit card specials: 4%

Canstar surveyed 5000 New Zealand consumers across a range of categories to measure and track customer satisfaction, via ISO 26362 accredited research panels managed by Qualtrics. The outcomes reported are the results from customers who had one or more accounts or products with a bank. In this case, 3583 New Zealanders.

Brands must have received at least 30 responses to be included. Results are comparative and it should be noted that brands receiving three stars have still achieved a satisfaction measure of at least six out of 10. Not all brands available in the market have been compared in this survey. The ratings table is first sorted by star ratings and then by mean overall satisfaction. A rated brand may receive a ‘N/A’ (Not Applicable) rating if it does not receive the minimum number of responses for that criteria.

2020

banking satisfaction star table 2020

2019

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