When people talk about banks, their fees and charges and the levels of customer service they deliver, it’s often in less than glowing terms. Not so the customers of The Co-operative Bank, which for the second year in a row has achieved a remarkable trifecta: winning three of Canstar’s most prestigious awards:
Unlike our awards that are based on statistical research, our Most Satisfied Customers awards are based on direct consumer feedback.
In total, for the three awards, we canvassed the opinions of over 8000 Kiwi bank customers and asked them to rate their banks and banking products, across categories ranging from communication and customer service, to fees, charges, and value for money.
And the responses were clear. When it comes to delivering customer satisfaction in the banking sector in New Zealand, one institution stands ahead of the competition: The Co-operative Bank.
As a home-grown co-operative, The Co-operative Bank is owned by its customers, which drives its focus to put customers first.
“We are a New Zealand bank that competes on service, so it’s great to take out these awards for the second year running,” says Mark Wilkshire, chief executive, The Co-operative Bank.
“Our customers are our owners, so we are all about ensuring we have market-leading products and services. And being independently rated for the most satisfied customers shows that we are a real alternative to the big four Australian-owned banks.”
The Co-operative Bank: Most Satisfied Customers | Banking
Across all the big banks in the running for this year’s award, only The Co-operative Bank earns a 5-Star ranking for Overall Satisfaction. As well as great customer satisfaction, The Co-operative Bank offers everything you’d expect from a high-street bank:
Three Everyday Accounts:
- Electronic Account – designed for digital use
- Current Account – for those who like to visit a branch
- Smile on-call Account – flexible account that earns interest
Three Savings Accounts:
- Step Saver – no monthly account fee plus a bonus interest rate
- Prize Draw Saver – features extra monthly prize draw to win a car
- Online Account – no-fees and designed for digital use
The Co-operative Bank: Most Satisfied Customers | Home Loans
This year is the third year in a row that The Co-operative Bank has earned our home loans accolade, and it does so off a perfect set of scores. Across the board, the bank’s mortgage customers are unanimous in their praise, awarding the lender top 5-star ratings.
What types of home loans does The Co-operative Bank offer?
The Co-operative Bank offers the following home loans:
Fixed Rate Home Loan
Comes with the certainty of knowing exactly how much your repayments will be, for a fixed period of time. Plus you can make extra repayments each year of your fixed term, of up to 5% of the balance, to help clear your mortgage faster and pay less interest.
Floating Home Loan
Offers the flexibility to make extra repayments or pay the loan off in full whenever you like. Go full floating, or team your floating rate home loan with a portion on a fixed or revolving credit home loan for added flexibility.
Revolving Credit Home Loan
A transaction account and loan all in one. Your loan becomes an everyday account – with your money flowing in and out of it. Interest is charged based on what you’ve used of the limit each day. By accumulating all your cash in this account, you can keep your balance as low as possible – saving you interest costs.
First Home Buyers
The Co-operative Bank offers a special low rate for first home buyers, on new lending from $200,000. A minimum 20% equity is required. And the offer is also available for Kainga Ora First Home Loans.
The Co-operative Bank: Most Satisfied Customers | Credit Cards
Of the nine banks up for this year’s award, The Co-operative Bank is the only provider to earn top scores from its customers in every measure of its credit card’s performance, from Value for Money, Customer Service, Fees and Overall Satisfaction.
The Co-operative Bank keeps its credit card product offering nice and simple. It has just one card, the Fair Rate Credit Card, which comes with a low annual fee, and a lower interest rate than many other cards:
Fair Rate Credit Card
A perfect card for those seeking low rates and fees, The Co-operative Bank’s Fair Rate Credit Card offers:
- Up to 55 days interest free
- 0% p.a. for six months on balances transferred from another credit card or store card
- Low $20 annual fee
- Purchase & cash advance interest rate: 12.95% p.a.
This customer satisfaction-driven win for The Co-operative Bank’s Fair Rate Credit Card comes on the back of its high score in our credit card ratings, judged earlier this year.
The Fair Rate Credit Card was awarded a top 5-Star rating by our expert research panel in the Low Rate Credit Cards category. For more details on our credit card ratings, click this button:
About the author of this page
This report was written by Canstar’s Editor, Bruce Pitchers. Bruce began his career writing about pop culture, and spent a decade in sports journalism. More recently, he’s applied his editing and writing skills to the world of finance and property. Prior to Canstar, he worked as a freelancer, including for The Australian Financial Review, the NZ Financial Markets Authority, and for real estate companies on both sides of the Tasman.
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