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.
ANZ has the widest branch/ATM network, and Kiwibank is NZ-owned. Mortgage rates differ by only 0.05–0.20% across the major banks. For savings rates, all big banks are similar, while Heartland Bank and Rabobank pay higher notice-saver rates. Fees: all major banks offer fee-free accounts with conditions.
Bank Comparison Overview (2026)
| Bank | Ownership | Customers | ATMs/Branches | RBNZ regulated |
|---|---|---|---|---|
| ANZ | ANZ Group (AU) | ~1.9 million | Largest NZ network | ✅ |
| ASB | Commonwealth Bank (AU) | ~1.3 million | Good coverage | ✅ |
| BNZ | NAB (AU) | ~900,000 | Good coverage | ✅ |
| Westpac | Westpac Group (AU) | ~700,000 | Good coverage | ✅ |
| Kiwibank | NZ Government (100% Crown-owned since 2022) | ~600,000 | Post Shop network | ✅ |
Savings Accounts (September 2026 approximate rates)
On-call and notice saver rates fell sharply through 2025 as the RBNZ cut the OCR to a 2.25% floor, and have only partly recovered since it began rising again in mid-2026 (2.75% as at September 2026). Figures below are noticeably lower than the 2023–2024 highs still quoted on some older comparisons.
| Bank | On-call savings | Notice saver (32-day) | Conditions |
|---|---|---|---|
| ANZ | ~0.50% | Not a standard product | Varies by account type; check current bonus-saver rate |
| ASB | ~0.10% base | Not a standard product | Savvy Saver bonus rate varies; check current rate |
| BNZ | ~2.00% (Rapid Save) | Not a standard product | Rapid Save account |
| Westpac | ~0.20% (Simple Saver) | ~3.00% | Westpac Online/Notice Saver |
| Kiwibank | ~1.90% (online call) | ~2.00–2.75% | Notice Saver account |
| Heartland Bank | N/A (notice-based) | ~3.05–3.25% | Online-only, no branches |
| Rabobank | N/A (notice-based) | ~2.85%+ | Agriculture focus, online |
The big 4 Australian-owned banks pay similar, generally low, on-call savings rates to each other. Kiwibank is comparable. The highest savings rates in this table are from Heartland Bank and Rabobank, both RBNZ-regulated and covered by the Depositor Compensation Scheme ($100,000/depositor), though their higher rates typically require a notice period rather than instant access.
Term Deposit Rates (1-year, September 2026 approximate)
| Bank | 1-year term deposit |
|---|---|
| TSB | ~3.90% |
| Heartland Bank | ~3.90% |
| ANZ | ~4.00% |
| ASB | ~4.00% |
| Westpac | ~4.00% |
| BNZ | ~4.05% |
| Kiwibank | ~4.05% |
| Rabobank | ~4.05% |
| SBS Bank | ~4.05% |
| Co-operative Bank | ~4.10% |
Major and challenger banks now cluster within about 0.20% of each other at 12 months, a much tighter spread than in 2023–2024.
→ Full comparison: 12-Month Term Deposit Rates NZ
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
| Bank | App features |
|---|---|
| ANZ | GoMoney app |
| ASB | KiwiSaver integration, virtual assistant |
| BNZ | Spending insights |
| Kiwibank | Notifications |
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
How the Banks Differ
Widest branch/ATM network: ANZ Mortgages: carded rates differ by 0.05–0.20%; a mortgage broker can compare all banks, so don’t assume your current bank offers the lowest rate Highest savings rates in the tables above: Heartland and Rabobank (outside the big 5) NZ-owned banking: Kiwibank (government-owned, profits stay in NZ) Business banking: ANZ, BNZ, and ASB all have large 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.
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 Kiwibank safer than Australian-owned banks? All five major NZ banks (including Kiwibank) are RBNZ-regulated and covered by the Depositor Compensation 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.
How do bank KiwiSaver schemes compare? All major banks offer KiwiSaver schemes, but bank-affiliated KiwiSaver funds typically charge higher fees (0.70–1.50%) than some specialist providers (for example, Simplicity charges 0.23% with no member fee). Your KiwiSaver provider doesn’t have to be your everyday bank, so you can compare fees across all providers on Sorted.
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.