Canstar reveals the winning providers for junior, youth and tertiary banking

Canstar announces the Bank of the Year – Junior Banking, Bank of the Year – Youth Banking and Bank of the Year – Tertiary Banking for 2019. 

ASB is the Bank of the Year – Junior Banking, and Westpac is the Bank of the Year – Youth Banking. ASB is also the Bank of the Year – Tertiary Banking.

As part of the awards, Canstar evaluated 26 savings accounts, 20 transaction accounts and 17 credit cards provided by seven institutions, across all three award categories. 

The Junior and Youth awards also recognise financial institutions that provide financial education, through schools, or to young adults, children and parents. The Tertiary award is primarily focused on the institution’s everyday banking product suite for school leavers, as well as additional benefits, such as discounts, special offers and lending products.

What are the junior, youth and tertiary banking awards?

Canstar categorises the three awards by age groups – the Junior Banking award compares products and services for children aged between one and 12, the Youth Banking award compares products and services for young adults aged between 13 and 17. The Tertiary Award is for consumers who have left school and whose financial needs are becoming more complex.

All three awards look at both the value of the institutions’ suite of age-specific products, and the additional services they offer. Canstar uses a specific methodology to determine the winners, based on the institutions’ performance.

Canstar’s verdict:  Why ASB is Bank of the Year – Junior Banking 2019

Canstar’s verdict: Why ASB is Bank of the Year – Junior Banking 2019

For the fourth consecutive year, ASB is the Bank of the Year – Junior Banking.

Canstar compared 20 savings accounts across seven different financial institutions for this year’s junior banking award.

“ASB’s valuable learning material for young Kiwis, both inside and outside the classroom, was highly recognised in Canstar’s research,” Canstar New Zealand general manager Jose George says.

ASB’s financial literacy programme – GetWise – is available in more than 1500 schools and delivers workshops tailored to the age and ability of each year group, throughout primary and intermediate education.

“The programme is also supplemented by learning materials for at-home learning, so you’ve got the resources needed to make sure your child is ahead of the game when it comes to financial literacy,” Mr George says.

ASB has a specific youth website and offers financial education seminars and resources, as well as educational games for children.

The provider also offers an intuitive kids saving app – Clever Kash – which teaches children how to save and manage their pocket money in the digital age. Clever Kash is essentially a virtual money box where children can swipe notes and coins into the elephant’s tummy, on screen.

ASB aims to make saving fun and convenient for children and parents, alike.  Instead of looking for spare cash, or making cash withdrawals, parents can transfer money to the child’s account and the child can then watch their savings grow, through the progress bar on their Clever Kash app.

Compare Junior Banking

Canstar’s verdict:  Why Westpac is Bank of the Year – Youth Banking 2019

Canstar’s verdict: Why Westpac is Bank of the Year – Youth Banking 2019

Westpac is the Bank of the Year – Youth Banking, for the fourth year in a row.

For this award, Canstar compared 11 savings accounts and 20 transaction accounts, across seven institutions.

“Westpac keeps its position as Bank of the Year – Youth Banking, due to its helping hand for teenage banking,” Canstar New Zealand general manager Jose George says.

“As children enter the teen years, they have more complex banking needs and Westpac provides a range of products and tools to help, both parents and teens, during this transition.”

Parents with children aged between 12 and 14, can have full control over their child’s account, continuing to monitor their child’s money while they’re learning to save. When they feel the time is right, parents can then hand over control to the child.

“Westpac is recognised with outstanding value financial products for teens, adding convenience to their everyday banking needs,” Mr George says.

At ages 12, 13 and 14, consumers are eligible to a savings account and fee-free everyday account, complete with an EFTPOS card.

Teens aged between 15 and 18 will also have access to an everyday account and savings account, along with a Debit Mastercard and a Westpac PayTag, allowing young adults to start making contactless payments. However, parental permission will be required to access these additional services.

Westpac also supports financial literacy through its seminars and workshops.

“Running more than 100 workshops in the past year, Westpac offers New Zealand teens a clear introduction to banking, loans, KiwiSavers, budgeting and even getting a job,” Mr George says.

Westpac also has budgeting tools, online seminars, tutorials, games and savings tips, all available through its website.

Compare Youth Banking

Canstar’s verdict:  Why ASB is Bank of the Year – Tertiary Banking 2019

Canstar’s verdict: Why ASB is Bank of the Year – Tertiary Banking 2019

ASB holds its position as Canstar’s Bank of the Year – Tertiary Banking, after winning the inaugural award last year.

Canstar analysed 20 savings accounts, 17 transaction accounts and 14 credit cards, across seven institutions for this award.

“ASB has been recognized for its strong product offerings and unique benefits available to school leavers, through its Tertiary Student Package,” Canstar New Zealand general manager Jose George says.

ASB’s tertiary package includes discounted personal loans, interest-free overdrafts of up to $2,000, low rate credit cards with no fees, and everyday banking accounts with no monthly fee or transaction fees.

In addition, ASB Visa Debit cardholders get free McDonald’s fries whenever they make an eligible purchase.

“ASB has teamed up with the student discount app, Niesh, to release its ASB Extras feature,” Mr George says.

If you download Niesh and you’re an ASB customer, you can get even more exclusive benefits through ASB Extras, potentially saving you money on anything from buying a burrito to renting a vehicle for a quick getaway.

“ASB provides a range of products that aim to help students stick to their budget and save money, and it’s this that sets the bank apart in the market,” says Mr George.

Compare Tertiary Banking

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