Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


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

- ENDS -

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Half A Billion Accounts: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Half Full: Fonterra Raises Forecast Payout As Global Supply Shrinks

Fonterra Cooperative Group, the dairy processor which will announce annual earnings tomorrow, hiked its forecast payout to farmers by 50 cents per kilogram of milk solids as global supply continues to decline, helping prop up dairy prices. More>>

ALSO:

Results:

Meat Trade: Silver Fern Farms Gets Green Light For Shanghai Maling Deal

The government has given the green light for China's Shanghai Maling Aquarius to acquire half of Silver Fern Farms, New Zealand's biggest meat company, with ministers satisfied it will deliver "substantial and identifiable benefit". More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news