There are around half a million small businesses in New Zealand and despite the vast array of differences with business operations, they all have one thing in common: the need for a good set of banking products designed to work for, rather than against, a business’ own unique setup.

Every year, CANSTAR puts financial institutions’ business deposit offerings under the microscope to identify levels of excellence and determine which products deserve a five star ratings for outstanding value.

Here are the products that received a five star rating in 2016. And check out our Business Deposits Star Ratings report.

Business Saver Accounts

Heartland Bank – Business Call account

Heartland Bank

Heartland Bank’s Business Call Account is simple.  The interest rate is competitive and there are no fees and unlimited withdrawals to your nominated account. At time of writing the account pays an interest rate of 3.00% with interest paid monthly. Funds are at call and can be accessed online. The account offers unlimited withdrawals to one nominated account. It allows a maximum deposit of $5 million.

RaboDirect – RaboSaver for Business account

RaboDirect

RaboDirect describes their BusinessSaver account as “your gateway to a wide range of savings options.” The account has no minimum balance and allows savers to create up to five sub-accounts, to keep separate “buckets” of money. There are no account fees and the account currently pays interest of 1.75%, calculated daily. The maximum deposit if $5 million.

Compare Business Savings Accounts

 

Business Transaction Accounts

High Transactor

BNZ – MyMoney  for Business Account

BNZ logo

MyMoney for Business is a great transaction account for those who use their accounts a little or a lot, for businesses with an annual turnover of less than $1 million. With a low average monthly cost of just $5 for unlimited transactions (remember to check current costs on BNZ’s website) and no cash handling fees, the account flexibility allows you to apply for an overdraft, monitor money movements via text and email alerts (first 5 text alerts per month and all email alerts are free). The account can be accessed through phone, internet banking, BNZ ATMs, Eftpos or branch.

BNZ – TotalMoney for Business

BNZ logoFor business owners with sophisticated needs, TotalMoney for Business lets you set up completely separate accounts to suit your business, but keep them working together as one. You can group your accounts to potentially earn a higher interest rate (pooling) or to pay less interest on a TotalMoney business loan (offsetting). TotalMoney is for small businesses with an annual turnover of less than $1 million, that are not managed by BNZ Partners.

TotalMoney for Business charges $10 a month for unlimited transactions across all your accounts.

Kiwibank – Business Edge

Kiwibank logoKiwibank’s Business Edge has no monthly account management fee and low transaction fees. It offers 25 free electronic deposits and 25 free deposits at your local Kiwibank a month. It is also free to transfer funds to your own Kiwibank business accounts in the same name (excluding credit cards).

 

Low Transactor

 BNZ – MyMoney  for Business Account

BNZ logoMyMoney for Business is a great transaction account for those who use their accounts a little or a lot, for businesses with an annual turnover of less than $1 million. With a low average monthly cost of just $5 for unlimited transactions (remember to check current costs on BNZ’s website) and no cash handling fees, the account flexibility allows you to apply for an overdraft, monitor money movements via text and email alerts (first 5 text alerts per month and all email alerts are free). The account can be accessed through phone, internet banking, BNZ ATMs, Eftpos or branch.

Kiwibank – Business Edge

Kiwibank logo

For those businesses who still rely heavily on cheques (yes, they are still out there!), Kiwibank’s Business Edge  offers no monthly account fee and low transaction fees – as well as a cheque book! Customers receive 25 free electronic deposits and 25 free branch deposits per month. You can also transfer money free to other Kiwibank accounts in the same business name, aside from credit cards. Automatic bill payments can be set up for free for 30 days after opening an account. Check the current rates and fees on Kiwibank’s website.

Compare Business Transaction Accounts

 

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