ANZ, ASB, BNZ, and Westpac collectively hold around 85% of New Zealand banking assets. All four are Australian-owned, all four offer the same core products, and all four compete intensely on mortgage rates. The differences lie in digital experience, service quality, savings rates, and which products they lead on.
ANZ has the largest network. ASB leads on digital banking experience. BNZ has strong business banking and YouMoney budgeting. Westpac offers Hotpoints rewards. On mortgages, all four are broadly equivalent — negotiate or use a broker. On savings, all four lag behind Rabobank, SBS, and TSB. Kiwibank is a strong NZ-owned alternative to all four.
Quick Comparison — April 2026
| Feature | ANZ | ASB | BNZ | Westpac |
|---|---|---|---|---|
| Parent company | ANZ Group (AU) | CBA (AU) | NAB (AU) | Westpac (AU) |
| NZ customers | ~1.7m | ~1.4m | ~1.2m | ~1.1m |
| ATMs | 750+ | 300+ | 450+ | 400+ |
| Branches | 160+ | 100+ | 100+ | 100+ |
| App rating | ★★★★ | ★★★★★ | ★★★★ | ★★★★ |
| Rewards | Airpoints | None | None | Hotpoints |
| 1-yr fixed mortgage | ~5.59% | ~5.55% | ~5.59% | ~5.55% |
| Best savings rate | ~4.00% | ~4.15% | ~4.25% | ~4.10% |
ANZ New Zealand
ANZ is New Zealand’s largest bank by assets and customers. It absorbed the National Bank of New Zealand in 2012 and has the widest branch and ATM footprint.
Strengths
- Largest network: 160+ branches, 750+ ATMs — best for those who value physical access
- ANZ Airpoints: Credit cards earn Air New Zealand Airpoints — one of the better card rewards programmes in NZ
- Digital: ANZ Internet Banking is well-established and functional; the app has improved significantly in recent years
- Business banking: Strong business lending and transactional banking capability
- goMoney (ANZ): Well-rated mobile app with card controls, spending insights, and PayID
Weaknesses
- Savings rates lag behind smaller banks
- Historically slow to pass on OCR cuts to mortgage rates
Best for
People who value branch access nationwide and Air New Zealand Airpoints card rewards.
ASB Bank
ASB is owned by Commonwealth Bank of Australia and is consistently rated the best digital bank in New Zealand. Based in Auckland.
Strengths
- goMoney app: Regularly ranked the top NZ banking app — intuitive, reliable, feature-rich
- KiwiSaver: ASB KiwiSaver Scheme is one of the largest and most accessible, managed directly through the app
- Digital-first: Account management, mortgage applications, and financial insights all well-executed online
- Savings rates: Marginally higher than ANZ and Westpac among the big four
- FastNet Classic: Web banking platform with strong business functionality
Weaknesses
- Fewer branches than ANZ
- No card rewards programme beyond select premium cards
- Savings rates still below specialist banks
Best for
Customers who prioritise a seamless digital banking experience, and those who use ASB KiwiSaver.
BNZ — Bank of New Zealand
BNZ is owned by National Australia Bank. It has strong roots in New Zealand (founded 1861) and a reputation for business banking.
Strengths
- YouMoney: BNZ’s budgeting app feature assigns spending categories to help customers track finances — genuinely useful for personal finance management
- Business banking: BNZ consistently ranks well for small-to-medium business banking, including international payments
- Rapid Save: BNZ’s bonus saver account offers competitive rates within the big four (around 4.25%)
- ATM network: Strong ATM presence
Weaknesses
- App experience generally rated below ASB
- Consumer mortgage rates not standout vs the big four
- Smaller savings product suite vs competitors
Best for
Business owners and people who want built-in spending categorisation and budget tracking.
Westpac New Zealand
Westpac is owned by Westpac Banking Corporation of Australia and was one of the first banks to establish in New Zealand.
Strengths
- Hotpoints: Westpac’s rewards programme earns points redeemable for gift cards, travel, and merchandise — useful for regular credit card users
- Competitive mortgage rates: Consistently competitive on fixed home loan rates
- Business banking: Solid business banking and cash management
- Choices Everyday: Well-designed transaction account with no monthly fees
Weaknesses
- App historically rated below ASB and ANZ
- Savings rates among the lowest of the big four
- No automatic sweep to savings like some competitors
Best for
Customers who want credit card rewards (Hotpoints) and competitive mortgage rates.
Head-to-Head: Mortgages
All four banks compete intensely on mortgage rates. Carded (advertised) rates are starting points — actual rates are negotiated, especially through a mortgage broker.
April 2026 indicative rates:
| Term | ANZ | ASB | BNZ | Westpac |
|---|---|---|---|---|
| 6 months | 6.09% | 6.05% | 6.09% | 6.05% |
| 1 year | 5.59% | 5.55% | 5.59% | 5.55% |
| 2 years | 5.39% | 5.35% | 5.39% | 5.35% |
| 3 years | 5.49% | 5.45% | 5.49% | 5.45% |
| 5 years | 5.69% | 5.65% | 5.69% | 5.65% |
| Floating | 7.39% | 7.35% | 7.39% | 7.35% |
Kiwibank’s carded rates are typically 0.10–0.20% below the big four.
Key point: Use a mortgage broker. They can access rates below carded pricing at all five banks, often 0.2–0.5% lower.
Head-to-Head: KiwiSaver
All four big banks offer KiwiSaver, but their investment performance varies:
| Provider | 10-yr balanced return (indicative) | Fees | |
|---|---|---|---|
| ANZ | ~6.8% p.a. | Mid | |
| ASB | ~7.1% p.a. | Mid | |
| BNZ | ~6.9% p.a. | Mid | |
| Westpac | ~6.5% p.a. | Mid–High |
Note: Returns vary by fund type and market conditions. Dedicated KiwiSaver providers (Simplicity, Kernel, Generate, Milford) often have lower fees and strong returns. Consider switching if your bank’s KiwiSaver performance lags.
Should You Switch Banks?
Switching your main bank in NZ takes 1–2 hours to set up online. Consider switching if:
- Your current bank’s mortgage rate is 0.3%+ above the market
- You’re frustrated with the app experience
- You want to earn rewards (Airpoints or Hotpoints) that you’re not currently getting
- You’d prefer an NZ-owned bank (Kiwibank)
The partial switch: Many New Zealanders keep their transaction account at one bank but move their mortgage or savings elsewhere. This is perfectly fine.
Frequently Asked Questions
Is ANZ or ASB better in NZ?
For digital experience, ASB leads — its goMoney app is consistently top-rated. For network coverage and Airpoints cards, ANZ has the edge. On mortgage and savings rates, both are broadly similar; shop around rather than defaulting to either.
Which NZ bank has the best mortgage rates?
Mortgage rates change weekly. Kiwibank often leads by a small margin, with the big four broadly equivalent. Use a mortgage broker to access the best available rate across all lenders at no cost to you.
Which NZ bank has the best app?
ASB’s goMoney app consistently receives the highest ratings among NZ banking apps. BNZ’s YouMoney budgeting feature is also popular. ANZ and Westpac have both improved their apps significantly since 2022.
Should I use an NZ-owned bank?
If NZ ownership matters to you, Kiwibank (government-linked), TSB (community trust), SBS Bank (member-owned), and Co-operative Bank (member-owned) are all NZ-controlled. Among these, Kiwibank is the largest and most directly comparable to the big four.
Can I have accounts at two big four banks?
Absolutely — and there’s often a reason to. Some people have their mortgage at one bank (for the best rate) and everyday banking at another (for the better app or branch access). There’s no penalty for holding accounts across multiple banks.