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 offers KiwiSaver management in its app. BNZ has a large business banking arm and YouMoney budgeting. Westpac offers Hotpoints rewards. On mortgages, all four are broadly equivalent, so negotiate or use a broker. Kiwibank is the largest NZ-owned bank.
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+ |
| 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% |
Providers are listed alphabetically.
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.
Features
- Network: 160+ branches, 750+ ATMs, the largest of the four
- ANZ Airpoints: Credit cards earn Air New Zealand Airpoints
- Digital: ANZ Internet Banking, and the goMoney app with card controls, spending insights, and PayID
- Business banking: Business lending and transactional banking
ASB Bank
ASB is owned by Commonwealth Bank of Australia. Based in Auckland.
Features
- KiwiSaver: ASB KiwiSaver Scheme, managed directly through the app
- Digital: Account management, mortgage applications, and financial insights online
- Savings rates: Marginally higher than ANZ and Westpac among the big four
- FastNet Classic: Web banking platform with business functionality
Limitations
- Fewer branches than ANZ
- No card rewards programme beyond select premium cards
BNZ: Bank of New Zealand
BNZ is owned by National Australia Bank. It was founded in New Zealand in 1861.
Features
- YouMoney: BNZ’s budgeting app feature assigns spending categories to help customers track their spending
- Business banking: Small-to-medium business banking, including international payments
- Rapid Save: BNZ’s savings account allows one free withdrawal each bank month, then $3 per withdrawal, and you still earn the full interest rate on the money left in the account
- ATM network: 450+ ATMs
Limitations
- Consumer mortgage rates in line with the other big four banks in the table below
Westpac New Zealand
Westpac is owned by Westpac Banking Corporation of Australia and was one of the first banks to establish in New Zealand.
Features
- Hotpoints: Westpac’s rewards programme earns points redeemable for gift cards, travel, and merchandise
- Mortgage rates: Carded fixed rates in line with or slightly below ANZ and BNZ in the table below
- Business banking: Business banking and cash management
- Choices Everyday: Transaction account with no monthly fees
Limitations
- No automatic sweep to savings
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% |
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) |
|---|---|
| ANZ | ~6.8% p.a. |
| ASB | ~7.1% p.a. |
| BNZ | ~6.9% p.a. |
| Westpac | ~6.5% p.a. |
Note: Returns vary by fund type and market conditions. Dedicated KiwiSaver providers (Simplicity, Kernel, Generate, Milford) are also available, and some charge lower fees. Sorted’s Smart Investor compares fees and returns for every provider’s funds.
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.
Where to check the latest data
Rates, fees and returns change often. Before deciding, check current figures yourself:
- The provider's own website: has its current rates, fees and full terms; these change more often than any comparison page.
- interest.co.nz savings account rates: tables of current call and online savings account rates.
- Financial Service Providers Register: shows whether a provider is registered to offer financial services in New Zealand.
Frequently Asked Questions
Is ANZ or ASB better in NZ?
ANZ has the larger network and offers Airpoints cards. ASB offers KiwiSaver management in its app and marginally higher savings rates. On mortgage and savings rates, both are broadly similar, so it pays to shop around rather than defaulting to either.
Which NZ bank has the lowest mortgage rates?
Mortgage rates change weekly. The big four’s carded rates in the table above are within 0.04% of each other. Use a mortgage broker to access the best available rate across all lenders at no cost to you.
How do NZ bank apps compare?
All four offer mobile apps. Features differ: ANZ’s goMoney has card controls, spending insights and PayID; ASB’s app includes KiwiSaver management; BNZ’s YouMoney assigns spending categories.
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.