Watch the costs on everyday transactions

No matter where we are and what we’re doing we all deal with money every day, so having transaction accounts that represent outstanding value for money is a must.

That’s why each year Canstar analyses the credit card and transaction account products provided by New Zealand financial institutions to determine which institution is deserving of the Canstar Bank of the Year – Everyday Banking Award.

Bank of the Year – Everyday Banking Award


When it comes to transactions…

With earning interest being a secondary focus in terms of transactional banking, it becomes all about cost. And Canstar’s analysis has put a specific price on quality.

Canstar researches and rates financial products on a detailed combination of pricing and features and from that determines the value of a product for particular types of consumers. A product that attains a five star rating represents outstanding value for money. A one or two star rating, on the other hand, is not good value for that consumer.

Our researchers have calculated that a typical consumer making around forty transactions per month and revolving a credit card debt of around $5,000 could save themselves more than $350 per year in fees and credit card interest by choosing a five star-rated product as opposed to a two star-rated product. That’s easy money and it represents the very real value in choosing your accounts to suit your needs.

Cost saving: Five star and two star Products
Five star Product Two Star Product Difference per year
Account keeping fee & transactions $4.64 $25.37 $20.73
Credit Card Interest per year on revolving balance $659.92 $997.50 $337.58
Total $664.56 $1,022.87 $358.31

Source: Credit Card interest is based on a consumer revolving a balance of $5,000.

Transaction cost average is taken from Canstar’s high transactor profile for two and five stars within Canstar’s deposit account rating. Credit card interest rate is based on the average of Canstar’s five star and two star rated credit cards in the constant credit profile .

BNZ: We care about the experiences we create


The winner?

The Canstar Bank of the Year – Everyday Banking Award gives recognition to the institution that provides the strongest combination of transaction products, including both deposit accounts and credit cards, across its relevant Canstar star ratings profiles, as well as providing online banking and close access to branches and ATMs.

This year, Canstar is pleased to announce BNZ as winner of Bank of the Year – Everyday Banking Award.

BNZ’s strong product offering topped the score this year, with some highlights including its YouMoney functionality. For the budget-conscious, BNZ’s YouMoney account charges a $5 account keeping fee with unlimited transactions. The YouMoney account allows you to open multiple subaccounts which can be opened or closed in seconds. With internet banking, the drag and drop functionality makes paying bills quick and simple.

BNZ’s online banking is becoming better and better, their card management technology is a great way for the consumer to interact with their expenses via enabling their credit card to be used as an EFTPOS-only card, by allocating accounts to the cheque and savings channels on the card.

Excellent online functionality makes it easier for consumers to stay on top of their everyday banking needs. If checking your account balances, checking your transactions and switching money around is an easy, almost intuitive thing, we’re more likely to do it. BNZ really is helping New Zealanders stay in control of their everyday banking needs.

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