We take a look at the most popular banks in New Zealand for 2016 according to the CANSTAR results.
Below you’ll find a list of the six most popular banks in 2016 according to this CANSTAR survey of their customers.
The list features ratings on overall satisfaction, customer service, interest rates, and the fees/charges of the bank.
1. Cooperative Bank
The Cooperative Bank of New Zealand has taken out the title of the most popular bank for 2016. We speculate that as the bank is owned by Kiwi’s, built by Kiwis, and focused on serving Kiwi’s, they have an extremely high focus on exceptional customer service.
Overall Satisfaction: ✶✶✶✶✶
Customer Service: ✶✶✶✶✶
Fees/Charges: ✶✶✶✶
Interest Rates: ✶✶✶✶✶
2. Kiwibank
Kiwibank has secured a strong second position in the ratings this year. As you would think, a bank that names themselves after the colloquial name for New Zealander’s has a strong focus on providing customer service that far exceeds their competitors.
Overall Satisfaction: ✶✶✶✶
Customer Service: ✶✶✶
Fees/Charges: ✶✶✶✶
Interest Rates: ✶✶✶
3. TSB Bank
We are actually unsure how TSB Bank was unable to secure the second position. If you take a look at their stars below, you’ll see they have actually beaten out Kiwibank in 3/4 of the customer ratings. If you are curious as to why one was listed above the other, we urge you to call CANSTAR themselves as see what their reasoning is.
Overall Satisfaction: ✶✶✶✶
Customer Service: ✶✶✶✶
Fees/Charges: ✶✶✶✶✶
Interest Rates: ✶✶✶✶
4. BNZ Bank
BNZ, the official Bank of New Zealand, as their name most subtly announces. Being one of the oldest banks in New Zealand, you would expect they have got a grasp on what they’re doing. And they have. Coming in fourth place for the most popular bank amongst the New Zealand citizens. Not a bad effort!
Overall Satisfaction: ✶✶✶✶
Customer Service: ✶✶✶
Fees/Charges: ✶✶✶
Interest Rates: ✶✶✶
5. ANZ Bank
Big old ANZ is currently unable to keep up with more of the popular banks listed above. The Australian and New Zealand Bank may be overstretching its reach in New Zealand. After being forced to close some branches around the country, we suspect this may be one of the reasons ANZ have dropped down the list of New Zealand’s most popular banks.
We can only assume one of the reasons ANZ bank has been so popular with its customers, is their widely available use of SWIFT codes (used to send international money transfers between bank). As one of the largest banks in the country, it’s quite important they’re codes are 99% accurate, ensuring timely and consisteny transfers.
Overall Satisfaction: ✶✶✶
Customer Service: ✶✶✶
Fees/Charges: ✶✶✶
Interest Rates: ✶✶✶
6. Westpac NZ
Last, but certainly not least, we have Westpac. Let it be known that there are far more than six banks in New Zealand. So even making the list is something definitely to be proud of. Westpac has achieved a solid three stars across all of the categories except interest rates as seen below. Well done!
Overall Satisfaction: ✶✶✶
Customer Service: ✶✶✶
Fees/Charges: ✶✶✶
Interest Rates: ✶✶
