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Kiwibank Review 2026 — Is New Zealand's Own Bank Worth Using?

Updated

Kiwibank is New Zealand’s largest NZ-owned bank, and rebuilt its app and digital banking in 2024. Here’s an honest review.

Quick answer

Kiwibank is NZ-owned and offers a $0/month everyday account. Its Zero Visa credit card has no annual fee and a 12.90% p.a. interest rate, with a 1.85% fee on transactions processed overseas (as at October 2026). Its branch network is smaller than the big 4's, and it rebuilt its app in 2024.

What Is Kiwibank?

Kiwibank was founded in 2002, originally operating through NZ Post outlets. It’s now majority government-backed:

Owner Stake
NZ Post ~53%
NZ Superannuation Fund ~25%
ACC ~22%

Kiwibank is a registered NZ bank under the Reserve Bank of NZ. Its deposits are covered by the Depositor Compensation Scheme (DCS) up to $100,000 per depositor, as at any licensed deposit taker.

Kiwibank Products

Everyday Banking

  • Free Account — $0/month, standard Visa Debit, online banking
  • Notice Saver — higher-rate savings with notice period
  • No minimum balance requirements on standard accounts

Savings and Term Deposits

Kiwibank offers savings accounts, including a Notice Saver, and term deposits.

Home Loans

Kiwibank is an active home loan lender and participates in Kāinga Ora first home loan and Welcome Home Loan schemes. Check directly for current mortgage rates.

KiwiSaver

Kiwibank offers KiwiSaver funds through Kiwibank Investment Management, in partnership with NZ Funds. Product range includes conservative, balanced, and growth options.

Credit Cards

Kiwibank offers two credit cards, the Zero Visa and the Platinum Visa (as at October 2026):

Card Annual fee Interest rate Highlights
Kiwibank Zero Visa $0 12.90% p.a. No account fee; 1.85% fee on transactions processed overseas
Kiwibank Platinum Visa $50 ($25 every six months) 12.90% p.a. 1.85% fee on transactions processed overseas

The Kiwibank Zero Visa

The Zero Visa’s main features:

  • No annual fee: no account fee for you or any joint or additional cardholders
  • Interest rate: 12.90% p.a. on purchases and cash advances (as at October 2026)
  • Overseas transactions: a 1.85% international transaction fee applies to transactions processed overseas, including some online purchases made from NZ
  • Accepted worldwide — Visa network

The 12.90% interest rate only matters if you carry a balance. Pay in full monthly and, with no account fee, the only cost is the 1.85% fee on any overseas transactions.

See the full Kiwibank Zero Visa review.

Kiwibank Features

Feature Detail
NZ-owned Profits stay in NZ; owned by NZ government entities
Zero Visa No annual fee; 12.90% p.a. interest
Platinum Visa $25 account fee every six months; 12.90% p.a. interest
First home schemes Participates in Kāinga Ora schemes
Digital rebuild Major app and digital banking rebuild in 2024
No-fee account $0/month with no minimum balance conditions

Kiwibank Limitations

Limitation Detail
Smaller branch network Operates through NZ Post outlets, with fewer dedicated branches than ANZ/Westpac
Post office dependency Some NZ Post outlets have reduced hours
Smaller lending team Smaller business and commercial lending team than the big 4

Kiwibank vs the Big 4

Feature Kiwibank ANZ ASB BNZ
NZ-owned ✅ ❌ (Australian) ❌ (Australian) ❌ (Australian)

Current Kiwibank Offers

Check kiwibank.co.nz directly for current sign-up promotions — Kiwibank periodically offers cash bonuses or fee waivers for new customers. See bank sign-up bonuses NZ.

Where to check the latest data

Rates, fees and returns change often. Before deciding, check current figures yourself:

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