Offering the full suite of savings accounts assessed, BNZ stood out for its consistent performance across both the products and the personal financial management tools it provides. Some items of note include:
Rapid Save account
If you are looking for an incentive to save, BNZ’s Rapid Save account is a serious contender.
The account does not have any monthly fees and offers competitive bonus rates as well as a high base rate. It also offers one free withdrawal per month that does not have any negative impact on the potential bonus interest rate.
BNZ’s PIE is a tasty offering, with a comparably high interest rate, as well as a low minimum balance and low minimum deposits in comparison to the rest of the market. Being PIE compliant, consumers with a marginal tax rate of 30% or 33% can enjoy a reduced tax rate of 28%. BNZ has also created a tax structure whereby tax is remitted upon the withdrawal of funds.
BNZ’s term deposit rates are high in comparison to the other products on the market; there is a flexible “rollover” option, which allows customers to earn greater amounts of interest by allowing their term deposits to keep renewing every 30 days; seventeen different term options are offered, giving consumers a large amount of choice in comparison to the market; and there are no establishment or management fees.
BNZ’s Personal OnCall is its top performing online saver account with a 3.10% interest rate, no monthly fees, no charges for withdrawing or
depositing funds via funds transfer or one-off payment using internet or phone banking, there is no loss of interest for accessing or transferring funds, and
there are no minimum monthly deposits.
BNZ provides excellent graphing and saving tools through internet banking and also provides online educational videos, budgeting articles and tips, and calculators through its website. A relatively new online product of note is YouMoney, which picked up a 2013 CANSTAR Innovation Award.
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