Best banks

[macfod]

Hi
Can anyone help advise on the better banks to look at opening up from the UK prior to arriving in NZ.

Someone mentioned the bank of New Zealand previously.

thanks


Mark

just starting to plan more and completing our LTBV soon!!

[jamesthecarman]

Most of the banks charge lots of fees. I'm not sure what your used to in the UK though.

Kiwibank has pretty low fees, and their branches are the post offices, so there are quite a few around.

TSB (Taranaki Savings Bank) usually gets good reviews, and has extremely low fees (if any). But you have to have $5,000 NZ to open an account (coming from the UK there's probably a good chance you'll have that).

[nattydread]

we were planning to go with Westpac..

any horror stories about them that we should be aware of?

[Daisyspop]

We have been with Westpac for the time that we have been here. They have given us mortgage and insurances, credit cards etc. They are fine but really no better or worse that any other bank here. They charge for everything, even using atms.
That said, once you obtain a mortgage therough the Westpac all charges disappear.

[Daisyspop]

Forgot to mention that they are the only bank, as far as I am aware, that does a special rate for goverment employees - such as teachers and nurses.

We're with The National Bank, who have always been good. Their fee's aren't great, but you don't get charged any if you have a balance over $5000 like many other banks. They are a bit behind the times though, and still firmly believe in paperwork for everything. National was founded by Lloyds Bank, and has a pommy feel to it.

BNZ are more of a trendy, technology savvy bank. They always seem to be the first in with the new stuff, and their fees are comparable with the other major banks.

ANZ now own National Bank, so they are pretty much the same. The manager I spoke to in Auckland when opening our account said that ANZ was renowned for bad service, which is why they bought National Bank to help improve! They do seem to be on a service drive.

Our friends had an ASB account and had nothing but problems with them, but that could have just been that particular branch. They are also comparable with fees etc to the others.

Kiwibank is still a very young bank, with branches in most post offices. Their rates and fees are pretty good, with their savings account paying a whopping 7% interest (excluding withholding tax). No fees charged on balances over $4000.

Westpac have never really grabbed me. They seem to charge the highest fees and pay the lowest interest. Their credit card rates are also high. I haven't researched them for a few months now, so would be worth checking for yourself. Daisyspop seems happy with them!

TSB only have branches in Taranaki, Auckland, Wellington and Christchurch according to their website, so might make access a little tough!

All in all:

If you like trendy, technology and forward thinking - BNZ
If you prefer a more 'British' feeling traditional bank - The National Bank
If you want young, fresh and cheap, with good branch accessability - Kiwibank

Research them all though as rates and fees often change to meet competition.

[saraian]

We are with the National Bank. I have to say they have been very good. Brilliant customer service. We opened the account from the UK, then because short on time before leaving, we activated it in NZ. We receivied our check book and EFTPOS cards there and then once activated. All very easy and pleasant.


If you can manage to keep your balance above $5000 you get none of the ATM charges. Don't know about their mortgage rates etc, we have'nt got that far yet.

[SteveyC]

I was planning on going with Westpac also, loads of branches and very immigrant friendly from what I've heard. At one stage they were offering mortgages based on your UK earnings, but couldn't find anything on there website about this.

[netchicken]

Here we go..

http://www.auckland.ac.nz/uoa/about/.../survey_05.cfm

Summary...

Most people will switch from Westpac and ANZ banks
Least - Kiwibank and TSB

Most satisfied people are with KIwibank and TSB
Least - Westpac and ANZ.

Guess who have the most excessive fees? Yup, Westpac and BNZ and ANZ
Least - TSB and Kiwibank

People love to hate westpac :)

Hope this helps

[jamesthecarman]

Oh, TSB (Taranaki Savings Bank) does have nationwide branches - through Kiwibank (who have their branches at the post office).

Yeah, to go along with that last post, TSB and Kiwibank generally are held in high regard amongst people I've spoken to.