Business Transaction and Savings Accounts Star Ratings
According to Statistics New Zealand we have almost half a million actively trading businesses. That level of business activity sets the scene for the need for solid and very competitive business banking products among our financial institutions in this country.At the core of business banking needs is a good transaction account that copes well with the number of transactions a business makes every month. And here we see a great variance in the way transaction accounts are used. This reflects the diversity of our business landscape.
Businesses also need somewhere to store their excess cashflow, which is where a good-quality savings account comes into its own.
Every year, CANSTAR compares products tailored to business. This includes Transaction Accounts for low and high users and Business Saver accounts for those who deposit a regular amount into their online account to perhaps cover further investment in their businesses when the time is right.
In theory, the suite of accounts offered by institutions should pay the most interest possible and charge the least fees but that’s not always the case. If you are not vigilant you may find your hard-earned money being eroded away. We recognize that businesses by their very nature tend not to chase the best rates and the lowest fees but it’s always good to review how your bank stacks up in vital areas.
Our in-depth research and comparison into business deposit accounts saves you a lot of precious time. It’s a good starting point for either benchmarking your existing bank or, if you are about to open a new business, it will give you an overall picture of what to expect from whom.