Make savings and transaction accounts work for you

Canstar has released the latest Savings and Transaction Account Star Ratings, comparing savings and transaction accounts across 11 institutions.

After assessing and rating 50 savings and transactions accounts, Canstar has awarded 10 products – across four profiles – with a 5-star rating.

Read Canstar’s free report on savings and transaction accounts

All accounts were assessed on comparative pricing and features attached to the account, including accessibility, conditions around interest payments, and transaction security.

Recognising diverse consumer needs when it comes to savings and transactions, Canstar Research assessed four profiles – Electronic Transactor, Full Service Transactor, Flexible Saver and Regular Saver.

For more information about the specifics of these consumer profiles, view the ratings methodology .

5-star savings and transaction accounts

The four profiles assessed for Canstar’s Savings and Transaction Account Star Ratings are:

  1. Electronic Transactor
  2. Full Service Transactor
  3. Flexible Saver
  4. Regular Saver
  1. Electronic Transactor

The following Flexible Saver savings accounts received a 5-Star rating in May 2018:

Company name Product name
ASB *Streamline Account
Westpac *Electronic (with Airpoints Debit Mastercard)

An Electronic Transactor account is…For consumers who mainly transact electronically. Requires full access to the account including ATM, EFTPOS, point of sale and BillPay and conduct an average of 50 transactions per month.

  1. Full Service Transactor

The following Full Service Transactor accounts received a 5-star rating in May 2018

Company name Product name
ASB *Streamline Account
Westpac *Electronic (with Airpoints Debit Mastercard)

A Full Service Transactor account is…For consumers who may occasionally transact through a branch or phone, in addition to electronic transactions. These accounts must allow the consumer to have full access to the account, including ATM, EFTPOS, branch, point of sale and BillPay and conduct an average of 25 transactions per month.

  1. Flexible Saver 

The following Flexible Saver accounts received a 5-star rating in May 2018…

Company name Product name
Heartland Bank *Direct Call Account
NZCU *Online Saver
TSB *Horizon Account

A Flexible Saver account is…For consumers looking to maximize their savings with no restrictions. To be eligible, the account must offer a base rate of 0.10% or higher on a balance of $10,000.

  1. Regular Saver

The following Regular Saver accounts received a 5-star rating in May 2018…

Company name Product name
BNZ *Rapid Save
Heartland Bank *Direct Call Account

A regular saver account is…For more active savers, who are willing to meet stricter conditions to achieve higher levels of interest.

How does Canstar award providers for savings and transaction accounts?

The accounts listed above provide outstanding value for different types of account holders. Read our detailed savings and transaction star ratings methodology for more information about what makes a 5-Star rated savings and transaction account.

Canstar compares savings and transaction accounts based on a number of factors. Find an account best suited to your needs by filtering your search and comparing products:

Discover more about the Savings and Transaction Account Star Ratings with our latest report :

Read Canstar’s free report on savings and transaction accounts

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