Bank Accounts
Are you paying any fees on your bank account? Chances are you may have the wrong bank account, or aren’t using it correctly.
Most people should be able to conduct their banking without paying fees, aside from occasional one offs like an annual Debit card fee.
Read on below for some more information, and also take a look at our guide on common fees & misconceptions here
Different Providers:
Although every bank will try tell you they’re different, the reality is for most people there is very little that separates them. For the average consumer, any bank will provide virtually all their needs, provided you can access a bank branch on the occasional times you may need to.
The vast majority of New Zealanders do their banking with the big 4 Australian owned banks, ANZ, ASB, BNZ and Westpac.
For some the idea of using a NZ owned and run bank appeals, in which case you have the options of Kiwibank, Co-operative Bank, TSB, SBS and Heartland Bank. Note as these are smaller bank operations sometimes branch access can be an issue depending where you live.
Remember, even if you see other providers with Credit Cards or Savings accounts with better interest, there’s nothing stopping you from having a separate bank for your Credit Card or savings account. In fact with Savings accounts we recommend having at least one completely separate account (see budgeting guide here).
Online Banking:
For most people, you can do virtually all your banking online. Therefore, we recommend basing your banking off these online type accounts. These will normally provide zero monthly account fees provided your salary goes into them.
Table of different accounts and standard fees e.g. Card fee, interest rates etc.
Changing Banks:
It can be quite a hassle changing banking providers, however because banks are vying for your business, they make the changeover as easy as possible for you. Of course, we’d only recommend changing if you are unsatisfied with your current provider, or are paying too much.
If you are paying more than you would with another provider for your banking services, it’s worth contacting your bank. Their retentions department can often be quite flexible and may give you a better deal or reduced fees in order to keep your loyalty.