For the second year in a row Kiwibank is the winner of Canstar’s Bank of the Year | Business Bank Accounts Award for its great products across both transactional and savings accounts.
Bank of the Year | Business Bank Accounts Award
For our 2023 Bank of the Year | Business Bank Accounts Award, we assessed seven banks. Each was rated across their performance in our two Outstanding Value Business Accounts categories:
- Outstanding Value Business Transaction Accounts
- Outstanding Value Business Savings Accounts
Plus they were scored on our research findings into the levels of Customer Satisfaction they deliver to their business clients.
Coming out on top of this year’s rankings, winning Canstar’s Bank of the Year | Business Bank Accounts Award for the second year in a row is Kiwibank.
In awarding Kiwibank our top accolade, Canstar’s research team noted that the bank not only offers market-leading savings interest rates for businesses, but it backs them up with the highest levels of customer satisfaction.
What does Kiwibank offer business customers?
Kiwibank’s Business Edge Everyday account is designed to cover everyday business banking needs. It features:
- $5 monthly account fee
- Free electronic transactions
- 25 free in-branch deposits each month
In addition to the bank’s range of term deposits, each boasting a competitive rate of interest, Kiwibank also offers its Business Online Call savings account, which delivers a bonus interest rate if you maintain a minimum balance of $2000, as well as instant access to your funds.
Outstanding Value Business Savings & Transaction Accounts
To assess NZ’s Outstanding Value business bank accounts, across both transaction and savings profiles, this year our team researched 18 banking products from the following providers:
- Heartland Bank
Each bank’s accounts were scored across categories including: accessibility, features, fees, the number of free transactions, interest rates and rebates.
Based on the results of our analysis, all banking products were awarded our Star Ratings, the best earning our prestigious 5-Star Outstanding Value Awards across three categories:
- Business High Transactor– business customers who make an average of 100 transactions p/m
- Business Low Transactor – customers making around 40 transactions p/m
- Business Saver
Business Transaction Accounts
Three banks earn our our top Outstanding Value 5-Star ratings:
|Outstanding Value | Business Transaction Accounts
Business Savings Accounts
Two banks earn our our top Outstanding Value 5-Star ratings:
|Outstanding Value | Business Savings Accounts
About the author of this page
This report was written by Canstar’s Editor, Bruce Pitchers. Bruce has three decades’ experience as a journalist and has worked for major media companies in the UK and Australasia, including ACP, Bauer Media Group, Fairfax, Pacific Magazines, News Corp and TVNZ. 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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