Business Banking Awards

ASB Bank retained their Outstanding Value Business Transaction Accounts Award for maintaining a strong performance across the Business High and Low Transaction profiles. Canstar's analysts noted that ASB's business account is free of base fees and transaction costs and is paired with a strong suite of features.

BNZ is a new recipient of a Canstar Outstanding Value Business Transaction Accounts Award, in part due to the bank eliminating the base fees and transaction costs across its Business First Transact account, which contributed to an improvement in its performance on price. The bank also showed strong performance on features across account operation, customer support, and research and application tools.

Awarding BNZ its top Bank of the Year Business Banks Accounts Award, our research team noted three key factors in the bank's success:

• BNZ's Rapid Save account, a deposit account that offers competitive interest rates
• The bank's improvement in price performance under the Business Transaction rating profile
• Strong levels of satisfaction from its business customers across categories including communication and problem resolution

Heartland Bank retained its Outstanding Value Award because it continued to provide business savings accounts that offered one of the most competitive interest rates over the award research period: 2.93%, compared to the market average of 1.8%.

Kiwibank retained its Outstanding Value Award because it continued to provide business savings accounts that offered one of the most competitive interest rates over the award research period: 2.63%, compared to the market average of 1.8%. 

Canstar's Most Satisfied Customers Awards are based on consumer feedback from New Zealanders across the country. For our Most Satisfied Customers Business Credit Cards Award, 333 small business owners were asked to rate their card providers across categories including: Customer Service, Fees, Interest Rates, Rewards Programs and Value for Money.

Of the 14 card issuers assessed by our business owners, just one bank earned a perfect set of 5-Star ratings from its business customers: ANZ.

ANZ wins an Outstanding Value Rewards Business Credit Cards Award due to the generous Airpoints earn rate on its Visa Business Airpoints card. The card offers 1 Airpoints Dollar per $85 of eligible spend, or 1 Airpoints Dollar per $50 of spend directly with Air New Zealand (up to $25,000). Business Owners also earn 50% bonus Status Points on top of the Status Points earned on qualifying Air New Zealand flights. In addition, there is no Koru club joining fee for card owners (a saving of $255), plus a discount of $145 off the standard 12-month individual Koru membership fee for all business principals.

For the second year in a row, ANZ took home our top Bank of the Year Business Credit Cards Award, on the back of Outstanding Value Awards in both the Rewards and Low Rate profiles. Offering a low interest rate of 13.90% on its Visa Business Low Rate Credit Card, and a generous Airpoints earn rate on its Visa Business Airpoints card, ANZ stands out as the most competitive option for a range of business customers in New Zealand.

ANZ earns an Outstanding Value Low Rate Business Credit Card Award thanks to its Visa Business Low Rate Credit Card. The card has a purchase interest rate of 13.90% per annum, and an annual fee of $35.

BNZ earns back-to-back Outstanding Value Rewards Business Credit Cards Awards due to its Advantage Visa Business credit card. The card offers the potential to earn BNZ Points – which are redeemable for cash back, shopping vouchers and flight rewards – as well as up to 35 days annual travel insurance. Card users earn 1.67 BNZ Points per $1 spend, which works out approx: $78 spend = $1 cash reward.

Kiwibank earns a second consecutive Outstanding Value Low Rate Business Credit Cards Award this year due to the consistently strong performance of its Business Low Rate Visa credit card. The card has an interest rate of 12.5% for purchases and cash advances, plus a low annual fee of $25.

TSB wins its first Outstanding Value Business Credit Card Award for its competitive low rate Business Mastercard credit card, which offers a market-leading interest rate of 11.95%. The card also has a low annual fee of $20.

For the second year in a row, Westpac won an Outstanding Value Rewards Business Credit Card Award due to the strong ratings performance of its Airpoints Business Mastercard, which allows businesses to earn Airports from their spend. It offers 1 Airpoints Dollar per $85 of eligible spend; 1 Status Point for every $225 of eligible spend; up to 35 days travel insurance; and a discount on 12-month Koru membership.