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Thread: Bank Charges in NZ?

  1. #1
    katiej35 is offline Member
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    Default Bank Charges in NZ?

    Is there any bank in NZ that does not charge a monthly fee for a normal account?

    I opened an ANZ account but they charge $3.50 a month for doing nothing! I appreciate that this is not much money but I am used to free banking here in the UK and if I do pay a monthly charge it is because I am getting extras like travel ins, free money withdraws abroad etc.

    thanks

    Katie

  2. #2
    gecko is offline Junior Member
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    Default New Zealand bank fees as at 19 June 2006

    I found the below information at http://www.consumer.org.nz and it relates to the following banks ANZ, ASB, BNZ, Kiwi Bank, PSIS, WESTPAC etc

    Account Bank Base Fee (per month) Transaction Fees Interest (per annum)
    Beanstalk ANZ None None $0-$199 3.25%, $200-$499 3.50%, $500-$999 4.00%, $1,000-$2,999 4.50% $3,000+ 5.00%
    Equip Saver ANZ None Deposits free, one electronic withdrawal per month free then $5 electronic and manual. $0-$499 1.25%, $500+ 2.25%. For balances over $500, bonus interest of 3.25% is paid for the month if a deposit of $10 or more is made during that monthly key date cycle.
    Key Saver ANZ None 75c electronic and ATM, $3 manual, 30c AP, 35c bill payment (in addition to electronic transaction fee) $0-$499 0%, $500-$2999 0.5%, $3000-$9999 0.75%, $10,000+ 1.5%
    Online Call ANZ None None. No ATM, EFTPOS or branch access $0-$1999 0%, $2000+ 7.0%
    Serious Saver ANZ None Deposits free, first withdrawal per month free then $5. AP 30c, bill payment 35c (additional to withdrawal fee) $0+ 2.00%. Additional 3.25% interest for the month on balances $500+ if deposit of $10 or more made during that monthly key date cycle.
    Accelerater ASB None Deposits free, first withdrawal/transfer out per month free then $5 $0-$999 1%, $1000-$4999 2.00%, $5,000+ 2.75%. Additional 2.4% interest for the month if no withdrawals/transfers out made.
    FastSaver ASB None None 7%
    Headstart ASB None First $20 transaction fees free each month. Then deposits free; 50c ATM, EFTPOS, Electronic, Fastnet; $2 manual; 75c AP / Bill Payments. 4%
    Moneymaker ASB $2 / None* Deposits free; 50c ATM, EFTPOS, Electronic; $2 manual; 75c AP / Bill Payments* $0-$999 1%, $1,000+ 1.50%
    Savings BankDirect None First withdrawal per month free then $5 7%
    Achiever Savings Bank of New Zealand None Deposits free, first withdrawal per month free, then $2.50 each $0-$999 0%, $1000-$4999 0.25%, $5000+ 1%. Additional 2% interest on all balances if no more than one withdrawal made per month.
    Personal Call Bank of New Zealand $5 / None* Deposits and withdrawals free if transaction amount is $500 or more, otherwise $2.50 each $0-$4999 0%, $5,000-$19,999 2.85%, $20,000-$99,999 3.85%, $100,000-$249,999 4.35%, $250,000-$499,999 5.10%, $500,000+ 5.35%
    Rapid Save Bank of New Zealand None Deposits free, first withdrawal per month free, then $5 $0-$999 1.0%, $1,000-$4999 1.25% $5000+ 2.25%. Additional 3.5% interest on all balances if only one withdrawal made per month and the account balance increases net of interest
    Fast Forward Saver Kiwibank None Deposits free, transfers between Kiwibank accounts free, first withdrawal per month free, then $4 (only over-the-counter access is available) $0-$999 0.50%, $1000-$3999 2%, $4000+ 2.50% Additional 2.5% for the month if $20 deposited and no withdrawals made
    Back-up Saver Kiwibank None Deposits free; transfers between Kiwibank accounts free; withdrawals 50c EFTPOS, AP, bill payment, Direct debit; 75c branch; $1 ATM withdrawal. First 5 ATM balance enquiries per month free then 50c. Transaction fee rebates may apply* $0+ 2%,
    First Saver Kiwibank None None 4%
    Online Call Kiwibank None None $2000+ 6.75% Additional 0.45% if no withdrawals made during a calendar month
    Thoroughbred Goal Saver National Bank $2 / None* Deposits free, one withdrawal per month free then $5 electronic, $5 manual. 25c AP (additional to electronic transaction fee) $0-$499 0%, $500-$4999 0.25%, $5000+ 0.5%. Additional 6.00% interest if no withdrawals and min $20 deposit each month.
    Thoroughbred Saver National Bank $2 / None* Deposits free, one withdrawal per month free then $1 electronic, $1 manual. 25c AP (additional to electronic transaction fee) $0-$499 2.00%, $500-$4999 3.00%, $5000+ 3.75%
    Step Saver PSIS None Deposits free, 30c electronic Bill payments, direct debits, external APs; 35c EFTPOS, 50c over-the-counter cash withdrawal, ATM, personal cheque withdrawal; 75c other cheque over-the-counter withdrawal. Or prepay $7.50 each month for the first 30 transactions. May qualify for no transaction fees.* $0-$999 1.25%, $1000-$2999 2.0%, $3000 or more 2.25%. Additional 3.75% interest each month if the balance, exclusive of interest, is higher at the month end than the balance at the start of the month and no more than one withdrawal is made in the month.
    Savings PSIS None Deposits free, 30c electronic Bill payments, direct debits, external APs; 35c EFTPOS, 50c over-the-counter cash withdrawal, ATM; 75c other cheque over-the-counter withdrawal. Or prepay $7.50 each month for the first 30 transactions. May qualify for no transaction fees.* All balances 2%
    Ultra Saver PSIS None Deposits free, 30c electronic Bill payments, direct debits; 50c over-the-counter cash withdrawal; 75c other cheque over-the-counter withdrawal. Or prepay $7.50 each month for the first 30 transactions. May qualify for no transaction fees.* Tier 1: min balance $500 4.25%, Tier 2: min balance $750 4.50%, Tier 3: min balance $1000 5.5%. No interest if balance falls below selected tier. If withdrawal made, interest rate reverts to that for Savings account for that month
    Dosh Account PSIS None None Minimum balance $0 -$249 4.50%, $250 -$999 5%, $1000+ 5.50% No monthly Interest if more than one withdrawal per month.
    Dollars and Sense Account PSIS None None Minimum balance $0 -$99 4%, $100 -$249 4.50%, $250+ 5%
    RaboPlus Savings Account Rabobank None None 7.35%
    SuperSaver Superbank None None 7.40%
    Bonus Saver Westpac $2.50 / None* Deposits free; first withdrawal per month free then $3 $0-$9999 1%, $10,000+ 1.50%. Additional 4.00% interest for months where at least one deposit made and no withdrawals
    Junior Bonus Saver Westpac None None $0-$9999 1%, $10,000+ 1.50%. Additional 4.00% interest for months where at least one deposit made and no withdrawals
    Online Saver Westpac None None 7%
    Save and Win Westpac None Deposits free; withdrawals $1 electronic; $3 manual All balances 0.25%.
    Junior Simple Saver Westpac None None 3%
    Simple Saver Westpac $2.50 / None* Deposits free; withdrawals electronic $1, manual $3 3%
    Advantage ANZ $10 Deposits free, withdrawals free if average monthly balance is $5000 or more, otherwise electronic 60c, manual $1 $0-$4999 0%, $5000-$19999 4.00%, $20000-$49999 4.75%, $50000-$99999 5.25%, $100000+ 6.5%
    Control ANZ None Deposits free, 60c electronic, $1 manual None
    Equip ANZ None None None
    Freedom ANZ $15.00 None None
    Thrifty ANZ None Deposits free, 10 free electronic withdrawals per month then $2, $3 manual None
    Graduate package ANZ None Deposits free. First 10 electronic withdrawals free then 10c each, manual withdrawals 75c. / None* None
    Student package ANZ None None None
    Premier ANZ $10 None $5000-$19999 4%, $20000-$49999 4.75%, $50000-99999 5.25%, $100000+ 6.5%
    Omni ASB $3 / None* 50c ATM, AP and Bill Payment; 75c manual; 30c EFTPOS, electronic, Fastphone/Fastnet Classic*. $0-$4999 0%, $5000+ 1%
    Omni Gold ASB $10 None* / 50c ATM, AP and Bill Payment; 75c manual; 30c EFTPOS, electronic, Fastphone/Fastnet Classic. $0-$4,999 1%, $5,000 - $19,999 4.25%, $20,000 - $49,999 4.50%, $50,000 - $99,999 5.0%, $100,000+ 6.25%
    Graduate ASB None None $0-$4999 0%, $5000+ 1%
    Streamline ASB $3 Deposits free; 50c ATM; 20c EFTPOS, Electronic, AP / Bill Payments, FastCheque; $3 manual $0+ 4%
    Tertiary ASB None None None
    High Interest Cheque Account BankDirect $8 / none* None* / 20c Transfers and Virtual Cheques via NetDirect; 20c EFTPOS; 25c Bill Payment via NetDirect transfers via DialDirect; 30c AP's and Direct Debits; 40c Bill Payment via DialDirect; 50c ATM; 70c Transactions via Call Centre; manual cheques $1; $5 branch assisted deposits. $0-$4999 1%, $5000-$49999 5.25%, $50000+ 6.00%
    Transaction BankDirect $2 / None* 20c Transfers and Virtual Cheques via NetDirect, EFTPOS; 25c Bill Payment via NetDirect, transfers via DialDirect; 30c AP's and Direct Debits; 40c Bill Payment via DialDirect; 50c ATM; $1 Transactions via Call Centre, manual cheques; $5 branch assisted deposits. Min balance $5000 or more daily 4.% , Balance less than $5000 daily 1%
    Campus Pack Bank of New Zealand None Manual transactions $1.25, electronic transactions and cheques written free None
    Graduate Pack Bank of New Zealand None Manual transactions $1.25, electronic transactions and cheques written free None
    Dynamic Money Bank of New Zealand None No charges for the combined 30 most expensive BNZ ATM, internet and electronic transactions each month. Deposits and first two staff assisted withdrawals per month free; 25c internet; 35c electronic; 50c ATM; $1.25 staff assisted; 50c AP. $0-$499 1.5%, $500-$999 2%, $1000+ 2.5%
    Flexi Money Bank of New Zealand None* / $5 No charges for the combined 30 most expensive BNZ ATM, internet and electronic transactions each month. 25c internet; 35c electronic; 50c ATM, AP; $2.50 Freepost deposits, staff-assisted and branch, $1 cheques written. $0-$2499 0%, $2500-$4999 0.5%, $5000+ 1.25%
    Ready Money Bank of New Zealand $3.50 25c internet; 35c electronic; 50c ATM and AP; 65c cheques written and Freepost deposits; $1.25 staff-assisted and branch. May qualify for fee rebate*. None
    Silver Service Bank of New Zealand None None None
    Smart Money Bank of New Zealand None Deposits free; first two staff-assisted withdrawals each month free; No charges for the combined 30 most expensive BNZ ATM and electronic transactions each month. 25c internet banking; 35c other electronic; 50c automatic payment, ATM; $1 cheques written; $1.25 staff assisted transactions. None
    Savings Cheque HSBC None / $10* None 5.05% on all balances
    Online Savings HSBC None Electronic transactions free; branch or call centre assisted deposits and withdrawals $5 $0-$2,999 2.5%, $3,000+ 7%
    Now Kiwibank None Deposits free, transfers between Kiwibank accounts free, withdrawals 30c EFTPOS, AP, bill payment, direct debit; 50c cheques, ATM, branch. First 5 ATM balance enquiries per month free then 50c. May qualify for transaction fee exemptions. None
    Bill Blaster Kiwibank None Deposits free, transfers between Kiwibank accounts free, withdrawals 30c AP, bill payment, direct debit; 50c branch. May qualify for transaction fee exemptions* $0-$99 0%, $100+ 2%
    Front Runner Kiwibank None / $15* None. First 5 ATM balance enquiries per month free then 50c $0-3,999 0%, $4,000-14,999 4%, $15,000-49,999 4.5%, $50,000-99,999 5.5%, $100,000 6.90%. Interest rate level can be determined by the combined balance of more than one Front Runner account
    Current (pay as you go) National Bank $3/ None* 30c electronic, 60c manual None
    Current (all inclusive) National Bank $12 None None
    Current with Thoroughbred benefits National Bank $5 None None
    Freedom Years National Bank None None None
    Graduate Plus (pay as you go) National Bank $2.50 / None* Deposits free; withdrawals 20c electronic, 40c manual None
    Graduate Plus (all inclusive) National Bank $12 None None
    School Plus National Bank None None $0-$499 2.50%, $500-$2499 3.25%, $2500+ 3.75%
    Tertiary Plus National Bank None None None
    Thoroughbred Select National Bank None / $15* None* $0-$4999 0%, $5000-$19,999 4.50%, $20,000-$49,999 5.00%, $50,000-$99,999 5.50%, $100,000+ 6.75%
    Workstart Plus (pay as you go) National Bank $2.50 / None* Deposits free; withdrawals 20c electronic, 40c manual None
    Workstart Plus (all inclusive) National Bank $12 None None
    Current PSIS None Deposits free. None*, or 30c electronic Bill payments, direct debits, external APs; 35c EFTPOS, 50c over-the-counter cash withdrawal, personal cheque withdrawal, ATM; 75c other cheque over-the-counter withdrawal. Or prepay $7.50 per month for first 30 transactions that normally attract a fee. None
    Smile On Call PSIS None Deposits free. None*, or 30c electronic Bill payments, direct debits, external APs; 35c EFTPOS, 50c over-the-counter cash withdrawal, personal cheque withdrawal, ATM; 75c other cheque over-the-counter withdrawal. Or prepay $7.50 per month for first 30 transactions that normally attract a fee. $0-$4999 0%, $5000-$14,999 4.75%, $15,000-$49000 5.5%, $50000-$99000 7.0%, $100000+7.2%
    SuperAccess Superbank none / $7.99 / $10.99* None / 50c ATM*. ANZ, BNZ, National Bank, TSB and Westpac ATMs can be used. None
    Premier Cheque TSB Bank None / $10* 25c AP, direct debit if to another bank; 40c bill payments. $1-$19,999 5.00%, $20,000-$34,999 5.25%, $35,000-$49,999 6.00%, $50,000-$99,999 7.00%, $100,000+ 7.5%
    Elect Westpac $3.50 5c EFTPOS; 60c ATM; 40c phone banking, online banking, direct credits/debits, APs, bill payments; $3 manual None
    Active Westpac $3.50 5c EFTPOS; 60c ATM; 40c phone banking, online banking, APs, direct credits/debits, bill payments; $3 manual None
    Easy Access (student) Westpac None None None
    Easy Access (graduate) Westpac $3.50 None None
    Encore Classic - Pay as you go Westpac $3.50 40c EFTPOS, ATM, phone banking, online banking, direct credits/debits, AP, bill payments; 55c manual None
    Encore Classic - Flat monthly rate Westpac $12.50 Free all EFTPOS, ATM, telephone, online; up to 20 Manual transactions free per month then 55c None
    Encore Rewards Westpac Total business with Westpac below $25,000: $12.50; $25-100,000: $5; over $100,000: none Free all EFTPOS, ATM, telephone, online; up to 20 Manual transactions free per month then 55c; None
    Encore Gold Westpac $12.50 Monthly balance below $5000: 40c EFTPOS, ATM, phone, online, direct credits/debits, AP, bill payments; 55c manual. Monthly balance above $5000: free electronic; up to 20 free manual transactions per month then 55c. $5000 -$19,999 3.50%, $20000+ 4.5%

  3. #3
    MotherBear's Avatar
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    Default Bank Charges in NZ?

    There's a good site here that lets you look at the best deals around that are related to financial matters. Take a look at the Account Fees item.

    I've also heard that some banks let you off paying charges if you take out a mortgage with them.
    Mother Bear

    Try to bloom wherever you are planted.

  4. #4
    SteveyC's Avatar
    SteveyC is offline Right Royal Pain In The Posterior
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    Default Bank Charges in NZ?

    Or one of those fluid accounts that does everything, like the virgin one account.

    You can get away without paying a fee, I could have with National (owned by ANZ) but then you have to pay fro everythig else...cash withdrawals, cheque cashing etc etc.

    I think we pay $7.50 per month to get eveything free with national and anz.

  5. #5
    jamesthecarman's Avatar
    jamesthecarman is offline Oh Masterful One
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    ASB's Streamline account has a $0.00 monthly fee and $0.00 for transactions (as long as any ATM withdrawals are done from ASB ATM's, and you don't do any manual transactions at a branch)

    From http://asb.co.nz/section367.asp?

    "We thought $0.00 sounded like a great amount for a fee, so that's what we've made the transaction fee on all of our electronic transactions. You'll get the monthly base fee waived if you choose to monitor your accounts online instead of receiving paper statements."

    I was with KiwiBank for a while, wanting to be patriotic and all.....but ASB (owned by the Aussies) won me over with the $0 monthly fee and $0 transaction fees.

  6. #6
    Dawn's Avatar
    Dawn is offline All Knowing Deity
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    Our Westpac online account doesn't have any fees either.

    Where y' bin James?
    Passionate about the unfathomableness opportunities of kiwi-a-gogo-land

  7. #7
    MotherBear's Avatar
    MotherBear is offline The missing link
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    Quote Originally Posted by Dawn View Post
    Where y' bin James?
    He's been jet-setting , Dawn. He found his way 'home' again though, so all is well.
    Mother Bear

    Try to bloom wherever you are planted.

  8. #8
    jamesthecarman's Avatar
    jamesthecarman is offline Oh Masterful One
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    Quote Originally Posted by Dawn View Post
    Our Westpac online account doesn't have any fees either.

    Where y' bin James?

    I was searching for the meaning of life.

    Which is the sun.

    See MotherBear's 'missing link' ;-)

  9. #9
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    Did you fnid the sun, James?
    Taffy

    The greatest mistake you can make in life is to be continually fearing you will make one.

  10. #10
    kokopeli is offline God like figure
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    Quote Originally Posted by jamesthecarman View Post
    I was searching for the meaning of life.
    It's 42 isn't it? The Meaning of Life that is.

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