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NZ Business Bank Accounts 2026: Fees and Features Compared

Updated

Choosing the right business bank account affects your day-to-day operations, accounting efficiency, and transaction costs. Here’s how NZ’s major banks compare for businesses in 2026.

Quick answer

All the major banks offer business accounts with Xero bank feeds, merchant services and online tools, and most have a ~$0 entry-level account. ANZ has the widest branch network and BNZ has the tightest Xero integration. Co-operative Bank and Kiwibank are NZ-owned and charge lower fees.

What Businesses Need from a Bank

Need Key consideration
Accounting integration Xero bank feed — direct connection to your accounts
Low transaction fees Cost per transaction for EFTPOS, transfers, cheques
Monthly account fee $0–$30/month depending on account type
EFTPOS terminal Merchant payment solutions (Windcave, Paymark)
Online banking for multiple users Role-based access for bookkeeper, staff
Payroll support Direct credit to employee accounts
Business credit card For business expenses with rewards or low interest
Lending access Overdrafts, business loans, asset finance

Business Account Monthly Fees

Monthly fees vary considerably — check the current fee schedule directly with each bank as these change:

Bank Entry-level account Mid-tier Premium
ANZ ~$0 (Business Now) ~$10/month Higher for complex needs
ASB ~$0 (Business Online) ~$10/month Custom
BNZ ~$0 (Business Basic) ~$12/month Custom
Westpac ~$0–$5 ~$15/month Custom
Kiwibank ~$0 ~$10/month Custom
Co-operative Bank Low/no fee Low N/A

Transaction fees and included transaction counts vary by account tier — review carefully based on your monthly transaction volume.

Bank-by-Bank Comparison

Providers are listed alphabetically.

ANZ

ANZ is New Zealand’s largest bank.

Features:

  • Xero bank feed integration
  • ANZ gomoney business app
  • Merchant services via Worldline (formerly Paymark)
  • Business lending team and relationship managers
  • Widest branch network

Limitations:

  • Higher fees at mid-tier accounts than some competitors

ASB

Features:

  • ASB Business app for iPhone/Android
  • Xero integration with direct bank feeds
  • Merchant services through ASB’s payment solutions
  • Online account management with multi-user access

Limitations:

  • Fewer branches than ANZ or Westpac

BNZ

BNZ has a long-standing relationship with Xero.

Features:

  • Xero integration with automated bank feeds and reconciliation
  • BNZ Partners centres for business customers
  • Business term deposits
  • Business credit cards

Limitations:

  • Monthly fees can be higher than competitors at similar tiers

Co-operative Bank

The Co-operative Bank is member-owned.

Features:

  • Low fees
  • NZ-owned, member-governed
  • Simple product range

Limitations:

  • Fewer branches than the major banks
  • Smaller product range for complex banking needs

Kiwibank

Features:

  • Lower fees than the big 4 for comparable accounts
  • NZ-owned
  • Xero integration

Limitations:

  • Smaller business lending team, with less capacity for complex financing
  • Fewer merchant services options

Westpac

Westpac NZ has a business banking division with a range of account tiers.

Features:

  • Extensive branch network
  • Online business banking with multi-user access
  • Merchant services
  • Business overdraft and lending products

Xero Integration in NZ

All the major banks support Xero bank feeds, but integration varies:

Bank Xero direct feed
ANZ Yes
ASB Yes
BNZ Yes (tightest integration)
Westpac Yes
Kiwibank Yes

Direct bank feeds update automatically in Xero, eliminating manual CSV imports.

EFTPOS and Merchant Payment Solutions

NZ businesses accepting card payments need a merchant services provider. Options:

Provider Typical use
Windcave (formerly Payment Express) In-person EFTPOS terminals — most common in NZ
Paymark Another major NZ payment network
Stripe Online payments and e-commerce
Square Mobile and small-business payments — no monthly fee
Tyro For hospitality

Your bank often provides access to Windcave or Paymark terminals. Stripe and Square are independent of your bank.

Opening a Business Bank Account

Documents needed:

  • NZ Companies Office registration (if incorporated) — company number
  • Certificate of incorporation
  • IRD number for the business
  • Personal ID (passport or driver licence) for all directors/shareholders
  • Constitution or partnership agreement (if applicable)

Sole traders need: personal ID, IRD number, and proof of trading (invoice or business registration).

Where to check the latest data

Rates, fees and returns change often. Before deciding, check current figures yourself:

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