UKNZAUS

Hi all - another question lol

My hubby set up a bank account at the NZ Expo a couple of weeks ago with Bank of New Zealand! I'm wanting to do the same now but I'm lost as to which bank offers the best deal ... I don't want to have to 'pay' to access my own money or whatever!!

Please give me the pro's and con's of the banks from your experience - if you don't mind that is

Michelle & Carl

Apple12

All NZ banks charge fees, unless you have a mortgage with them or a very high balance (>$5k). Often this fee is around $5 a month and/or transaction fees.
www.kiwibank.co.nz is one of the best, easy to set up from overseas, just click on the "migrant banking" link.

newkiwi

The big banks all have charges on their accounts, i think BNZ has a "flat fee" account, some of the other banks may have the same. In terms of service Westpac, ASB and National Bank rate pretty good, but BNZ and ANZ are fine too. It depends more on teh branch and branch manager than the actual bank i think. Those five are the main banks, and you should be fine with any of them, but they do all charge for accounts.

i think Kiwi Bank has a free acount, but they are a small bank, much smaller than the others, although i have read good reports on them.

If you want the security of a large aussie bank looking after your money, any of the five above are fine, lots of branches, ATMs etc, but if you dont mind a small kiwi bank taking your money for (potentially) less fees check out Kiwi Bank

Apple12

KiwiBank is growing fast in NZ, precisely because it is not Australian-owned ...

lardyl

thanks for the info - another question though how about internet banking??

lardyl

that's banking with a BEE .......

lardyl

shut up Lardy, just RTF Website.......
kwibank do mobile and internet banking......

P2L

Appears to be available online everywhere; the Banking!!!!! that is

planty

We set up our accounts with Kiwibank before we got here and can't see any problems with them, was a bit surprised when we arrived and went to check our account to see the money transfers had gone through from HIFX, only to find that Kiwibank was the like the Girobank, its in the post office.
They do offer a term deposit for 7.25% for 150 days, which we thought was a good deal whilst we look around at where we want to buy, as the rental is locked in for six months, this should be enough to decide when and where we buy just in time for our cash to be released. Plus with free banking if you keep more than 4K in your account.
Kiwibank is New Zealand owned and we're sticking with it.

dlmckay

If you want to avoid the bank charges, have your mortgage and current account with the same bank...

Am Loolah

But presumably you can still access your cash at ATM's with Kiwibank?

Apple12

Yes. There are Kiwibank specific atms all over the place (not just at post offices), and you can get money out over the counter at post offices. This is also good as many post offices and agencies are open on Sat, and there is one near me open on a Sun.
If you use other bank atms you get charged an extra 50c, which is the same as all the other banks do anyway.
I swicthed from Kiwibank from NatBank, it all went very smoothly and I thoroughly recommend them. The internet banking is excellent and they have always answered the phone within two rings (no ghastly sitting on hold to Seeedney).

No I don't work for them =)