Current Accounts
Look at changing your bank account?
Now you don't have to pay a monthly fee. Read on to find out more.
Best deals with current accounts are available if you stop your paper statements and get them online or via email.
- All are mainly operated online (KiwiBank doesn't charge for use of branch network).
- No cheque book (Not suitable for those who need this but remember you can do an online payment
Here's the best on offer:
KiwiBank Free up
0% interest on money in the account
free use of branch network & 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)
ASB Streamline 0% on money in account
Westpac Elect Account 0% on money in account.
National Bank, ANZ & BNZ don't offer a free transaction account!!
EXCEPT:
(ANZ has free accounts for youths or students or balance over $5000!!,
NATIONAL BANK has free accounts for balance over $5000
BNZ Except to those under 29!)
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.
Currently KiwiBank allows you to set up any number of automatic payments and bill payments free for the 1st month of the account. After that it charges $2 if done online
Kiwibank Fees list Please check your own bank for info re these charges.
Bank FeesEveryone hates bank fees so it's worth knowing what each bank charges.
All are quoted in NZ$ unless stated otherwise.
NOTE: These rates are can
change at any time but it give you a guide to what they have charged.
| | 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.