*I’m including Booster Savvy, which offers many bank-like services but is classified as a financial services company.

There are a lot of extremely detailed articles on how to choose a bank in New Zealand, but I thought I’d provide a hopefully simple and visual guide. Look for the factors you care about to see which banks meet them or don’t qualify.

You want to support a Kiwi-owned bank

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You need Apple Pay

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You need to set up direct debits or international money transfers

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You want to bank with a B-corporation

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You want a bank that is recognised for customer satisfaction*

*Canstar, ConsumerNZ

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You want a bank that has received awards for its innovative offerings*

*Canstar

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You want a bank with a mobile app considered to be the best*

*4.8 stars, 28k reviews on App Store

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You want a bank that is not corporate-owned

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You want the highest return on savings with unlimited withdrawals*

*Currently 5% (not counting potential dividends from excess profits) as of 18 June 2024.

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You want a bank that is customer-owned

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You want a bank that shares profits with customers

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Conclusion

I can’t speak for everyone, but when discussions about which banks to choose come up, I most often hear that people want:

• Kiwi-owned bank
• ApplePay
• Earn competitive rates on savings
• Comfortable with digital-only banking
• Banks that are less driven by maximising corporate profits
• Direct debits are a critical feature

That leaves only one bank that meets all the criteria:

And two that meet all but one criterion:

From speaking to The Cooperative Bank, they are working to support Apple Pay, so if that comes to pass, that makes them a top choice.

From an article about Booster Savvy, there is a claim that they are working on adding direct debit functionality. If that’s unimportant, Booster Savvy may be your top choice. See the article linked above for some other interesting features unique to their offerings.