New Zealand has four large Australian-owned banks, one state-owned bank, and a range of smaller banks and credit unions. Choosing the right bank depends on your priorities — everyday banking, mortgage rates, savings returns, or digital experience.
For most New Zealanders, the choice comes down to Kiwibank (NZ-owned, improving digital, competitive rates), ANZ (largest network, established), or ASB (historically strong digital banking). For savings, smaller banks like Rabobank, SBS, TSB, and Co-operative Bank consistently offer higher rates. For mortgages, the big five compete closely — use a broker to compare across all lenders.
NZ Bank Overview — 2026
| Bank | Ownership | ATMs | Branches | Digital | Notable for |
|---|---|---|---|---|---|
| ANZ | ANZ Group (Australia) | 750+ | 160+ | Good | Largest NZ bank, widest network |
| ASB | Commonwealth Bank (Australia) | 300+ | 100+ | Excellent | Digital experience, goMoney app |
| BNZ | National Australia Bank | 450+ | 100+ | Good | YouMoney app, business banking |
| Westpac | Westpac Group (Australia) | 400+ | 100+ | Good | Hotpoints rewards, business |
| Kiwibank | NZ Government | 250+ | 230+ (PostShop) | Good | NZ-owned, improving app |
| TSB | TSB Community Trust | 20+ | 24 (Taranaki base) | Good | Low fees, competitive rates |
| SBS Bank | Member-owned | 25+ | 20+ | Adequate | Savings rates, Southland base |
| Co-operative Bank | Member-owned | NZCB ATMs | 12 | Adequate | Member ownership, competitive |
| Rabobank | Rabobank (Netherlands) | None | 18 (rural) | Online focus | Savings rates, rural/agricultural |
| Heartland Bank | NZ-listed (HGH) | None | Online + mobile | Good | Reverse mortgages, car loans |
Fees Comparison
Monthly account fees (standard transaction accounts)
| Bank | Account | Monthly fee | Waiver conditions |
|---|---|---|---|
| ANZ | Go Account | $0 | Always free |
| ASB | Online Saver | $0 | Always free |
| BNZ | PaySaver | $0 | Always free |
| Westpac | Everyday | $0 | Always free |
| Kiwibank | Freedom Account | $0 | Always free |
| TSB | Spend Account | $0 | Always free |
| Co-operative Bank | Everyday | $0 | Always free |
Most NZ banks have moved to fee-free everyday accounts. Watch for fees on premium accounts, international transactions, and over-the-counter services.
International transaction fees
| Bank | Currency conversion | Overseas ATM |
|---|---|---|
| ANZ | 2.10% | $6.00 |
| ASB | 2.10% | $6.00 |
| BNZ | 2.10% | $7.50 |
| Westpac | 2.10% | $6.00 |
| Kiwibank | 2.40% | $6.00 |
| Wise (not a bank) | ~0.5% | Low/free |
Wise (formerly TransferWise) is not a bank but is popular for international spending due to low conversion rates.
Mortgages — Big Five Comparison
The big five banks (ANZ, ASB, BNZ, Westpac, Kiwibank) all offer home loans. Rates move frequently and are negotiable — always use a broker or compare directly.
April 2026 indicative 1-year fixed rates:
| Bank | 1-year fixed | 2-year fixed |
|---|---|---|
| ANZ | 5.59% | 5.39% |
| ASB | 5.55% | 5.35% |
| BNZ | 5.59% | 5.39% |
| Westpac | 5.55% | 5.35% |
| Kiwibank | 5.49% | 5.29% |
Rates are discounted through broker or negotiation. These are carded rates — actual rates will differ.
See ANZ vs ASB vs BNZ vs Westpac for a detailed big-four comparison.
Savings Rates — Big Five vs Smaller Banks
For savings, the smaller banks and non-bank lenders consistently outperform the big four:
| Bank | Best savings rate (April 2026) |
|---|---|
| Rabobank | 4.75% (Online Saver) |
| SBS Bank | 4.60% (Incentive Saver) |
| TSB | 4.35% (True Saver) |
| Co-operative Bank | 4.40% (Bonus Saver) |
| Kiwibank | 4.30% (Notice Saver) |
| BNZ | 4.25% (Rapid Save) |
| ANZ | 4.00% (Serious Saver) |
| ASB | 4.15% (Savings On Call) |
| Westpac | 4.10% (Bonus Saver) |
The lesson: keep your mortgage at whichever big bank offers the best deal, but consider opening a savings account at Rabobank, SBS, or TSB for higher returns.
Digital Banking Experience
ASB — consistently rated among the best NZ banking apps (goMoney). Strong online functionality, mortgage management, and digital card controls.
ANZ — solid app with good functionality. ANZ Internet Banking is widely used and well-maintained.
BNZ — YouMoney offers useful budgeting categorisation. Good online banking experience.
Westpac — functional but historically behind ASB and ANZ in app ratings.
Kiwibank — has invested significantly in digital since 2022. App now competitive with the big four. Owned by NZ Government (via ACC, NZ Super Fund, and others).
Which Bank Is Right for You?
For everyday banking: All major banks are very similar. Choose based on branch proximity, app preference, or employer banking arrangement (many employers have preferred bank relationships).
For mortgages: Use a mortgage broker — they compare all banks and non-bank lenders on your behalf at no cost. Don’t just go with your existing bank without shopping around.
For savings: Rabobank, SBS, TSB, or Co-operative Bank consistently offer 0.3–0.8% more than the big four. Worth a separate savings account.
For rural/farming: Rabobank (specialist agricultural lender) and ANZ (large rural portfolio) are sector leaders.
Want NZ-owned? Kiwibank, TSB, SBS, and Co-operative Bank are all NZ-owned (or member-owned). Kiwibank is the largest.
Frequently Asked Questions
Which is the best bank in NZ for everyday banking?
All major banks offer solid everyday banking. ASB consistently rates well for its digital experience. ANZ has the largest ATM and branch network. Kiwibank is a strong NZ-owned alternative. Try the app of any bank you’re considering before switching.
Is Kiwibank a good bank?
Yes — Kiwibank is a registered bank, well-capitalised, NZ Government-linked, and has improved its digital offering significantly since 2022. Its rates are competitive, particularly for mortgages and savings. Being NZ-owned is a genuine differentiator for many customers.
Do all NZ banks charge monthly fees?
Most NZ banks now offer fee-free everyday accounts. Premium accounts or accounts with overdraft facilities may still have fees. Always check the account fee schedule before opening.
Can I have accounts at more than one NZ bank?
Yes — and this is often the smart move. Many New Zealanders keep their mortgage at one bank, their savings at a smaller bank with higher rates, and use a digital-only provider for international spending.
Are smaller NZ banks safe?
Yes — TSB, SBS, Co-operative Bank, and Rabobank NZ are all registered banks regulated by the Reserve Bank of NZ (RBNZ). They meet the same capital requirements as the big four. Heartland Bank is also RBNZ-registered.