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Deposit accounts that shine

Deposit accounts that shine

Financial services researchers, CANNEX, reviewed 79 deposit accounts in their latest deposit account star ratings report released today. The second report since its launch last year now reviews deposit accounts from 40 institutions and showcases 27 five star products.

In the report HSBC’s Online Account came out on top with a five star rating across four categories.

ANZ (NZ) had the most five star products in the report; with a total of five products. Kiwi Bank was the next most competitive institution with three 5-star deposit products for consumers to choose from.

CANNEX’ Head of Institutional Services, Steven Anderson, commented that most New Zealand institutions surveyed had at least one five star product.

“This is an excellent indication of the strong competition and value being offered in New Zealand’s retail finance sector,” he said.

Popularity of online banking continues but online banking is just one of the star rating categories covered by CANNEX in its deposit account star ratings report. CANNEX has developed six rating categories, each reflecting the different ways in which New Zealand consumers use their bank accounts. This helps consumers to quickly narrow the search for an account.

The additional categories include High Transactor and Low Transactor, as well as High Saver and Low Saver. There is even a category for the young or Junior Saver. The ratings look at an enormous range of account features as well as fees and interest rates. Account keeping fees, number of free transactions, eftpos fees, online access, phone banking, international ATM access, minimum balances, Billpay, interest rates on balances, cheque facilities are among the many fees and features taken into account in the ratings process; and award five stars to those accounts that offer consumers superior value for money.

The full report, released every six months, is free to download from the CANNEX website – http:// http://www.cannex.co.nz/starrate.html

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