New Zealand has five main retail banks — and switching accounts is easier than most people think. Here’s how the major banks compare across the things that actually matter.
ASB and Kiwibank consistently score highest for customer satisfaction and digital banking. ANZ has the widest branch/ATM network. BNZ and Westpac compete strongly on mortgages. For savings rates, all big banks are similar — consider Heartland Bank or Rabobank for higher savings/term deposit rates. Fees: all major banks offer fee-free accounts with conditions.
Bank Comparison Overview (2026)
| Bank | Ownership | Customers | ATMs/Branches | App rating | RBNZ regulated |
|---|---|---|---|---|---|
| ANZ | ANZ Group (AU) | ~1.9 million | Largest NZ network | Good | ✅ |
| ASB | Commonwealth Bank (AU) | ~1.3 million | Good coverage | Excellent | ✅ |
| BNZ | NAB (AU) | ~900,000 | Good coverage | Good | ✅ |
| Westpac | Westpac Group (AU) | ~700,000 | Good coverage | Average | ✅ |
| Kiwibank | NZ Government (via NZ Post) | ~600,000 | Post Shop network | Excellent | ✅ |
Savings Accounts (May 2026 approximate rates)
| Bank | On-call savings | Notice saver (32-day) | Conditions |
|---|---|---|---|
| ANZ | 3.50–4.00% | 4.20% | Varies by account type |
| ASB | 3.50–4.00% | 4.20% | FastSaver introductory bonus |
| BNZ | 3.60–4.10% | 4.25% | Rapid Save account |
| Westpac | 3.50–4.00% | 4.15% | Westpac Online Saver |
| Kiwibank | 3.50–4.10% | 4.25% | Notice Saver account |
| Heartland Bank | 4.50%+ | N/A | Online-only, no branches |
| Rabobank | 4.40%+ | 4.50%+ | Agriculture focus, online |
The big 4 Australian-owned banks pay similar savings rates to each other. Kiwibank is comparable. For the highest savings rates, consider Heartland Bank or Rabobank — both RBNZ-regulated and covered by the Crown Retail Deposit Guarantee Scheme ($100,000/depositor).
Term Deposit Rates (1-year, May 2026 approximate)
| Bank | 1-year term deposit |
|---|---|
| ANZ | 4.50–4.60% |
| ASB | 4.50–4.65% |
| BNZ | 4.50–4.65% |
| Westpac | 4.45–4.60% |
| Kiwibank | 4.50–4.65% |
| Heartland Bank | 4.90–5.10% |
| Rabobank | 4.80–5.00% |
| SBS Bank | 4.70–4.90% |
Major banks cluster within 0.10–0.20% of each other. The most competitive rates come from smaller, deposit-funded banks like Heartland.
→ Full comparison: Best Term Deposit Rates NZ — 12 Month
Everyday Banking and Fees
All major NZ banks offer a fee-free everyday account if you meet basic conditions (typically: use online/app banking, not over-the-counter for standard transactions).
| Bank | Fee-free account | Fee if conditions not met |
|---|---|---|
| ANZ | Go Money / ANZ Access Advantage | $0 with digital banking |
| ASB | ASB Streamline | $0 with digital banking |
| BNZ | BNZ Classic | $5/month if conditions not met |
| Westpac | Westpac One account | $5/month if conditions not met |
| Kiwibank | Everyday account | $0 with digital banking |
ATM fees: All major banks offer free ATM withdrawals at their own ATMs. Cross-bank ATM fees have been reduced (Kiwibank, ANZ, ASB, BNZ, and Westpac all participate in reciprocal ATM networks in most cases). Check with your specific bank.
Mobile Banking Apps
App quality has become a key differentiator for everyday banking:
| Bank | App quality (2026) | Key features |
|---|---|---|
| ASB | ⭐⭐⭐⭐⭐ | Best-in-class UI, excellent KiwiSaver integration, virtual assistant |
| Kiwibank | ⭐⭐⭐⭐⭐ | Strong app, NZ-owned feel, good notifications |
| ANZ | ⭐⭐⭐⭐ | Reliable, wide functionality, GoMoney app |
| BNZ | ⭐⭐⭐⭐ | Solid app, good spending insights |
| Westpac | ⭐⭐⭐ | Functional but less polished |
Mortgage Rates (Owner-Occupier, May 2026 approximate)
| Bank | 1-year fixed | 2-year fixed | 5-year fixed |
|---|---|---|---|
| ANZ | 5.79% | 5.59% | 5.49% |
| ASB | 5.79% | 5.55% | 5.45% |
| BNZ | 5.75% | 5.55% | 5.49% |
| Westpac | 5.79% | 5.59% | 5.49% |
| Kiwibank | 5.75% | 5.55% | 5.49% |
Rates are competitive across all major banks. The difference between banks is typically 0.05–0.20% — on a $500,000 mortgage this is $250–$1,000/year. A mortgage broker can negotiate across all banks simultaneously and often achieves rates below carded (advertised) rates.
→ See: Mortgage Rates NZ — Compare All Banks
Customer Satisfaction
Annual consumer surveys (Consumer NZ, Canstar) consistently find:
Highest satisfaction: Kiwibank, ASB Middle tier: BNZ, ANZ Lower satisfaction: Westpac (though still widely used)
Key drivers of satisfaction: digital banking quality, responsiveness to problems, fees and charges transparency, and branch availability for those who need in-person service.
Choosing the Right NZ Bank
For everyday banking + best app: ASB or Kiwibank For widest branch/ATM network: ANZ For competitive mortgages: Use a mortgage broker to compare all banks — don’t assume your current bank offers the best rate For highest savings rates: Look beyond the big 5 — Heartland, Rabobank For NZ-owned banking: Kiwibank (government-owned, profits stay in NZ) For business banking: ANZ, BNZ, and ASB all have strong business banking arms
Switching Banks in NZ
Switching your everyday bank is easier than it sounds:
- Open a new account with your chosen bank (online, takes 15 minutes)
- Update your pay-in (employer payroll to new BSB/account number)
- Update autopayments (power, internet, insurance)
- Transfer savings balance
- Close old account
The Payments NZ system handles direct debit redirections if you contact your old bank. Allow 2–4 weeks for all autopayments to transition.
Frequently Asked Questions
Is Kiwibank safer than Australian-owned banks? All five major NZ banks (including Kiwibank) are RBNZ-regulated and covered by the Crown Retail Deposit Guarantee Scheme ($100,000/depositor). None is government-guaranteed beyond this. Kiwibank’s NZ-government ownership doesn’t make it safer per se, but it does mean profits return to NZ.
Which bank has the best KiwiSaver? All major banks offer KiwiSaver schemes, but bank-affiliated KiwiSaver funds typically charge higher fees (0.70–1.50%) than specialist providers (Simplicity 0.31%, Milford, Generate). Consider separating your KiwiSaver from your everyday bank for better value.
Do I have to use the same bank as my mortgage? No — and you often shouldn’t. Having your salary paid into a different bank from your mortgage can make cash flow management cleaner and removes any assumption that your mortgage bank gets your savings.