Congratulations to BNZ, which has yet again asserted its dominance in everyday banking by taking home Canstar’s prestigious award for Bank of the Year | Everyday Banking.
In judging the Bank of the Year | Everyday Banking Award, our expert research team uses a sophisticated rating methodology, unique to Canstar, which compares Kiwi banks’ everyday products and their usability and accessibility.
The methodology looks at transaction fees, account-keeping fees and interest rates. Plus, it rates the performance of banks’ credit-card products, across low-rate and rewards cards, and different spends, from $12,000 to $60,000.
Also this year, for the first time, our research panel scored each financial institution on overall customer satisfaction, covering several key drivers, including customer support, value for money and range of products.
The financial institution that provides the strongest combination of products, price and features is awarded our Bank of the Year | Everyday Banking Award.
BNZ’s win, once again, comes down to its market-leading transaction account. It boasts the most comprehensive digital platform in the country, which is supported by low currency conversion fees and no other transaction fees.
Across its credit card products, BNZ’s rewards card has a highly competitive interest rate, while the high-reward return on its platinum credit card earns the bank a market-leading position for rewards in the $24,000 and $60,000 spend fields.
This is in addition to the BNZ’s robust suite of credit cards for both debt revolvers and reward-point hoarders, which are all supported by the major bank’s network.
Jose George, Canstar General Manager NZ, said, “Everyday banking is of vital importance to baking customers. Around a third of us still keep our spare cash in everyday accounts, and access to this cash for minimal cost is important.
“BNZ’s transaction account stood out due to having zero transaction fees, and a competitive digital platform that dominates the everyday banking space. And we congratulate the BNZ team for their success.”
For more information on our everyday banking and savings accounts star ratings and BNZ’s win, just click on the button below:
About the author of this page
This report was written by Canstar’s Editor, Bruce Pitchers. Bruce began his career writing about pop culture, and spent a decade in sports journalism. More recently, he’s applied his editing and writing skills to the world of finance and property. 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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