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.
Kiwibank is NZ-owned and had the lowest carded mortgage rates in our April 2026 table, and ANZ has the largest network. For savings, Co-operative Bank, Rabobank, SBS and TSB pay higher rates than the big four in our April 2026 table. For mortgages, the big five compete closely, so a broker can compare across all lenders.
NZ Bank Overview — 2026
| Bank | Ownership | ATMs | Branches | Notable for |
|---|---|---|---|---|
| ANZ | ANZ Group (Australia) | 750+ | 160+ | Largest NZ bank, widest network |
| ASB | Commonwealth Bank (Australia) | 300+ | 100+ | Digital experience |
| BNZ | National Australia Bank | 450+ | 100+ | YouMoney app, business banking |
| Westpac | Westpac Group (Australia) | 400+ | 100+ | Hotpoints rewards, business |
| Kiwibank | NZ Government | 250+ | 230+ (PostShop) | NZ-owned |
| TSB | TSB Community Trust | 20+ | 24 (Taranaki base) | Low fees |
| SBS Bank | Member-owned | 25+ | 20+ | Savings rates, Southland base |
| Co-operative Bank | Member-owned | NZCB ATMs | 12 | Member ownership |
| Rabobank | Rabobank (Netherlands) | None | 18 (rural) | Savings rates, rural/agricultural |
| Heartland Bank | NZ-listed (HGH) | None | Online + mobile | 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) |
In this table, Rabobank, SBS and TSB pay more on savings than the big four, so where you hold savings and where you hold a mortgage don’t have to be the same bank.
Digital Banking Experience
ANZ: app plus ANZ Internet Banking.
ASB: online functionality includes mortgage management and digital card controls.
BNZ: YouMoney offers budgeting categorisation.
Kiwibank: has invested significantly in digital since 2022. Owned by NZ Government (via ACC, NZ Super Fund, and others).
Westpac: app and internet banking.
How the Banks Differ by Need
Everyday banking: All major banks are very similar. The differences are branch proximity, app features, or employer banking arrangement (many employers have preferred bank relationships).
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.
Savings: Co-operative Bank, Rabobank, SBS and TSB pay more than the big four in the April 2026 savings table above, and a savings account can sit at a different bank from your everyday account.
Rural/farming: Rabobank (specialist agricultural lender) and ANZ (large rural portfolio) both lend heavily to the sector.
Want NZ-owned? Kiwibank, TSB, SBS, and Co-operative Bank are all NZ-owned (or member-owned). Kiwibank is the largest.
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
How do NZ banks compare for everyday banking?
All major banks offer similar everyday banking. ANZ has the largest ATM and branch network. Kiwibank is the largest NZ-owned bank. Try the app of any bank you’re considering before switching.
Is Kiwibank a good bank?
Kiwibank is a registered bank, NZ Government-linked, and has invested significantly in its digital offering since 2022. Its carded mortgage rates were the lowest of the big five in our April 2026 table. It is the largest NZ-owned bank.
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. 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.