Zero Monthly Fee Current Accounts in New Zealand
Current Deals in NZ:Other pages of interest:
Best Savings Accounts in NZ
Compare Zero Monthly Fee Transaction AccountsThere's no need to be paying monthly fees on your bank account any more.
Usually you have to stop receiving your paper statements to get these accounts and get your statements online or via email.
- Most require you to do most of your transactions ONLINE / ELECTRONICALLY to avoid fees (KiwiBank doesn't charge for using their branch network).
- Most don't have a cheque book (Not suitable for those who need this but remember you can do an online payments)
BEST Transaction Bank Deal in NZ:
KiwiBank Free up
Electronic Fees FREE
Manual transactions FREE Deposits & withdrawals in branch
free setup of automatic payments for 1st month (Other banks charge up to $2 to set each payment you have so a great deal if changing bank)
THE REST:
ASB Streamline
No Monthly fee if you don't get paper statements
Electronic fees FREE
Manual Transaction fees $3
Westpac Elect Account
No Monthly fee if don't get paper statements.
Electronic Transaction fees FREE
(EFTPOS, Westpac ATM transfers/withdrawals,
automatic payments, direct debits / credits, bill payments, online and
phone banking payments)
Manual Fees $3
(Cheques, ATM deposits, deposits and withdrawals at the branch)
ANZ Go Account
No monthly Fee
Electronic transactions FREE
Manual transaction fees $3
National Bank Classic
No Monthly fee
40cent Automated transaction fee
80 cent manual transaction fee
BNZ don't offer a free transaction account!!
EXCEPT:
BNZ Except to those under 29!
Otherwise $5 a month if you want free transactions.
Kiwibank seems to offer the best service as you can still use over the counter services as well and it's Kiwi Owned!
Always check the terms & conditions before you change your account to make sure the fees are better than your own account.
NOTE whenever you change your bank you need to set up new automatic payments etc. Each of these are often charged even if the account is free as they are deemed special fees and so will still be charged.
Kiwibank Fees list Please check your own bank for info re these charges.
Bank FeesEveryone hates bank fees so it's worth knowing what each bank charges.
All are quoted in NZ$ unless stated otherwise.
NOTE: These rates are can
change at any time but gives you a guide to what they have charged in the past.
| | ANZ | ASB
| BNZ
| Kiwibank
| National
Bank
| TSB
| Westpac
|
Stop Cheque
| 20
| 15
| 25
| 20
| 15
| 10
| 25
|
Cheque dishonour
| 30 | 25
| 35
| 30
| 30
| 25
| 25
|
Bill Payment
dishonour
| Nil if payment by
internet banking
| 25
| 5
| 30
| 7.5
| 7
| 25
|
Overdraft Establishment
fee
| 20
| 25
| 30 | 15 | 1%
min $25
| 400 | 25
|
Monthly Fee (arranged)
| $5 | 0.12%
of limit
| $5 | $3 | 0.12% | 2% on amount
of unused overdraft
| 5 |
Monthly Fee
(unarranged overdraft)
| 10 | 0.12%
(min $20)
| $5/mth +
$20 fee per item
| $15 if more than
$30 overdrawn
| 15
| 5 | 5 |
| | | | | | | |
Credit Card Late
Payment
| 25
| 25
| 25
| 20
| 25
| 25
| 25
|
Over Credit Limit
| 20
| 20 if >10%
of limit
| 20
| 20
| Nil
| 20
| 25 |
Fee Reversals
The other thing the banks don't make you aware of is if you make an honest mistake, like went overdrawn by a small amount for say a day, then you may be able to ask if they would consider reducing the fee.
I have been successful with this and they refunded a $30 unauthorised overdraft fee when I called them the same day this happened and put the money into my account straight away. Well you can only ask if you have been a good customer so far.
It also goes for credit card fees too. You can only ask and if the operative doesn't offer it then it may be worth talking to the manager to plead your case.