New Zealand’s Best Bank Accounts

Looking for the best-rated everyday and savings bank accounts? Check out the recipients of Canstar’s latest 5-Star Ratings for the best bank accounts in New Zealand.

What are Canstar’s Outstanding Savings and Everyday Accounts Awards?

Canstar’s Outstanding Value Awards for savings and everyday accounts recognise the best bank accounts available to Kiwi consumers. This year, our expert team researched accounts from the following financial institutions:

The different accounts from each financial institution were rated across a wide range of features, including fees, interest, customer service and support.

The categories were scored according to a customer’s total journey with the account, from opening it, to using it for their regular day-to-day banking, and closing it. The best providers received our 5-Star Outstanding Value Awards. This year’s winners are:

Outstanding Value Everyday Accounts:

BNZ: YouMoney

BNZ’s YouMoney everyday account is a standout in our award ratings thanks to its many innovative features:

• Move money quickly between accounts using a drag-and-drop feature, especially useful on the BNZ banking app.
• Add personalise your payees with photos or icons.
• Connect up to two YouMoney accounts with a Flexi Debit Visa card.
• Up to 25 accounts.
• Unlimited withdrawals.
• No transaction or monthly account fees.
• Pay via your phone using either Apple Pay or Google Pay.
• Discounted personal loan and overdraft rates available for students, graduates and apprentices.

Westpac: Everyday Account

Westpac’s Everyday Account is one of our winners thanks, in part, to its market-leading Airpoints Debit Card. The debit card is free for the first year, and to those under 19 years of age. It’s NZ’s only Debit Mastercard that allows you to earn Airpoints Dollars on your day-to-day spend.

Other features and tools offered by Westpac’s Everyday Account, include:

• No monthly account or electronic transaction fees.
• CashNav money-management app that automatically tracks your spending patterns.
• Salary split: automatically move your salary into multiple accounts.
• Tailored accounts for children, teens and students, new NZ residents and business owners.
• Pay via your phone using either Apple Pay or Google Pay.

Outstanding Value Savings Accounts:

Because people are different in the way they save, Canstar’s researchers rate products based on two consumer profiles:

1. Flexible Saver
2. Regular Saver

Flexible Saver

If you’re a flexible saver, you want your money to work hard in your savings account, without the restrictions of withdrawal fees or additional conditions. This year’s Outstanding Value winners are: 

Heartland Bank: Digital Saver & Direct Call Account

For the eighth year in a row, Heartland Bank is the winner of Canstar’s Bank of the Year Savings Award. The bank’s Digital Saver and Direct Call Accounts are both Outstanding Value Award winners:

Heartland Bank’s Digital Saver account offers:

• Fee-free withdrawals via online banking and the Heartland Mobile App.
• No minimum balance or monthly fees.
• Manual cash withdrawal from a Heartland branch incurs $10 fee.

Heartland Bank’s Direct Call account offers:

• Immediate access to your money.
• No account management or transaction fees.
• Control and manage account through internet banking.
• No minimum balance or deposit.

Kiwibank: Online Call

Kiwibank’s Online Call savings account offers:

• Immediate access to your money.
• No account management or transaction fees.
• Control and manage account through internet banking.
• No minimum balance or deposit.

TSB: WebSaver 

TSB’s WebSaver savings account offers:

• Immediate access to your money.
• No account management fees, although manual
• Control and manage account through internet banking.
• Manual cash withdrawal from a TSB branch incurs $3 fee.

Regular Saver

A regular saver is dedicated to growing their savings and willing to meet stricter conditions, such as minimum withdrawal notice periods, to achieve higher levels of interest. This year’s Outstanding Value winners are: 

Heartland Bank: 32 Day Notice Saver, 90 Day Notice Saver

Heartland Bank’s 32 Day Notice Saver & 90 Day Notice Saver accounts offer:

• Great interest rates.
• Choose 32 days’ notice, or 90 days’ for an even higher rate.
• No fees.
• Partial sum withdrawal.
• Interest calculated daily and paid monthly.

The Co-operative Bank: Step Saver

The Co-operative Bank’s Step Saver account offers:

• Bonus interest rate every month your balance increases and you make no more than one withdrawal.
• Immediate access to your money via app or internet banking.
• No account management fees, but ATM and manual transaction fees apply.

Rabobank: Premium Saver

Rabobank’s Premium Saver account offers:

• No account fees or minimum account balance.
• Extra interest for regular savers.
• Immediate access to your money via app or internet banking.
• Unlimited withdrawals.

Heartland Bank winner of Canstar's Bank of the Year Savings Award

About the author of this page

Bruce Pitchers is Canstar NZ’s Content Manager. An experienced finance reporter, he has three decades’ experience as a journalist and has worked for major media companies in Australia, the UK and NZ, including ACP, Are Media, Bauer Media Group, Fairfax, Pacific Magazines, News Corp and TVNZ. As a freelancer, he has worked for The Australian Financial Review, the NZ Financial Markets Authority and major banks and investment companies on both sides of the Tasman.
In his role at Canstar, he has been a regular commentator in the NZ media, including on the Driven, Stuff and One Roof websites, the NZ Herald, Radio NZ, and Newstalk ZB.
Away from Canstar, Bruce creates puzzles for magazines and newspapers, including Woman’s Day and New Idea. He is also the co-author of the murder-mystery book 5 Minute Murder.