TSB: Winner of Canstar’s Bank of the Year | Everyday Banking 2023

Congratulations to TSB, for winning Canstar’s 2023 Bank of the Year | Everyday Banking Award for its great transaction accounts and excellent credit card products.

What is Canstar’s Bank of the Year Everyday Banking Award?

For our Everyday Banking Award, Canstar’s expert research team uses a sophisticated rating methodology, unique to Canstar, which compares Kiwi banks’ everyday products, 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.

Our research panel also scores each financial institution on overall customer satisfaction, covering several key areas, including customer support, value for money and range of products.

The financial institution that provides the strongest combination of products, price, features and customer satisfaction is then awarded the title of Bank of the Year | Everyday Banking.

Why is TSB the 2023 Bank of the Year Everyday Banking Award winner?

This year, our research panel noted three key factors behind TSB’s win:

• TSB’s recent relaunch of its credit cards, which took the market by storm
• The bank’s high score in our customer satisfaction ratings
• TSB’s great fee-free transactions accounts

TSB currently offers two everyday banking accounts:

TSB Connect Plus Account

An everyday account that comes with the chance to win a brand new car each month. Features include:

• $0 monthly management fees
• Use of NZ bank-owned ATMs for free
• Access to your money through EFTPOS, ATMs or online & mobile banking
• For every $100 in your account, you receive five chances to win a new car each month

TSB Personal Account

An everyday account that pays interest on your fund balance. Features include:

• Annual interest payment if your minimum monthly balance remains over $10,000
• $0 monthly management fees
• Use of NZ bank-owned ATMs for free
• Access to your money through EFTPOS, ATMs or online & mobile banking

Read more about Canstar's Savings & Transaction Accounts Star Ratings here!

If you are a home owner, or thinking about buying a first home or investment property, it’s worth noting that TSB is also the winner of Canstar’s 2023 Bank of the Year | Home Loans Award. Plus its great range of credit cards also earned it our Bank of the Year | Credit Cards Award.

TSB’s hat-trick is impressive, especially when you consider the players in our awards include some of the biggest financial institutions in Australasia.

In comparison, TSB is a smaller 100% NZ-owned financial institution that has over 160 years’ history providing banking services to Kiwis.

For more on TSB’s Bank of the Year Home Loans win click here.

About the author of this page

This report was written by Canstar’s Editor, Bruce Pitchers. Bruce has three decades’ experience as a journalist and has worked for major media companies in the UK and Australasia, including ACP, Bauer Media Group, Fairfax, Pacific Magazines, News Corp and TVNZ. 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.