[dilanium]

I'm looking into setting up a bank account, but I'm seeing all kinds of fees that I'm not used to. Is it standard in NZ to be charged a monthly account fee? I've never heard of such a thing before.

Any tips or advise on finding the best (least amount of fees) solution for me??

[Joolzr]

Hi dilanium

I'm just looking at the same thing- you might find this useful if you haven't come across it yet:

http://interest.co.nz/chequeaccount1.asp

I'm a bit confused as to what a 'maunal/assieted fee' is? Sounds ike they may charge you to deal with a human in a branch?

Anyone got any bank recommendations?

JoolzR

[dilanium]

I found one with westpac where if I keep a certain amount in the bank I have no fees.
http://www.westpac.co.nz/olcontent/olcontent.nsf/Content/Encore+Gold

I'm just not sure that I'm eligible, or that I'll be able to keep that much in the bank.

it get all the more confusing because I'm eligible for all the international student accounts.

[Pebbles]

Do a search on this forum for banks. Should be plenty to read up on.
I have no experience as yet but feel favourable towards Kiwibank (Kiwi-owned for one)

[dilanium]

I don't think there's a kiwibank branch in Palmy. I did a search on http://yellow.co.nz/index.jsp and all I came up with was Westpac, National Bank, and ANZ. The best account thus far seems to be with Westpac.

Nope, Kiwibank is in Palmy as well.

Well there's another one to look into.

Oh and I'm rubbish at using the search. I can never find what I want.

[Pebbles]

Proven yourself wrong then :yes

[kanatakiwi]

Hi dilanium


I'm a bit confused as to what a 'maunal/assieted fee' is? Sounds ike they may charge you to deal with a human in a branch?


JoolzR

Yep came as a huge shock to me to find that if you deposited money at the bank teller ASB charged $3. If you deposit through an ATM its free. And gthe money doesnt get posted to your account until the next day, not immediately like I was used to in North America.

And I think....... that you can only do that ATM deposit at the bank where your account is. (must have been spoiled, in Canada, I could deposit into any of my bank's ATM machines anywhere in the city) Anyway I have stopped ranting about all the nickel and dime bank fees now, I have just learned to live with them.

Here's another one, I have a savings account, didnt understand that if I was presumptuous as to take my money out of my savings account, I would be charged $5. Naughty girl, I was not supposed to touch my savings!:roll

So it all depends what you were used to in the past. :D

Gloria

[jubjub]

You need to chose the right account for how you are going to use it... we have the ASB account with no monthly account fee, but that charges you $3 for going to the teller for deposits etc, but as we only go into the bank about twice a year its cheaper than, say, their unlimited account which charges a monthly fee, but other things like teller transactions are then free...

there really isnt such a thing as a "free" account, unless you have a mortgage with that bank.

[dilanium]

It's looking like the student accounts with other banks will be the most worthwhile for me as most of them have very few to no fees.

Do you need an IRD # to open a bank account?

[CityBlue]

...

Do you need an IRD # to open a bank account?

No. We opened accounts on our first day with no IRD. They did ask us to let them know when we had an IRD though - its a tax something I think

[jubjub]

If you dont have an IRD number you will automatically be taxed at full whack on any interest you earn, so its best to get one ASAP and let them know what it is.

[dilanium]

ouch. Do "checking" accounts earn interest?

[IanW99]

ouch. Do "checking" accounts earn interest?

Yes, you do earn interest on money you have in the bank even on a checking or current account.

Ian

[dilanium]

Weird. In the US you have to have a lot of money in a checking account to earn interest.

I'm learning how much more I have to learn about life in NZ... oy vey.

[James 1077]

We've got a Westpac Elect account which has no monthly fees provided you don't want printed statements (ie go for online banking).

Manual transactions (ie anything that involves going into the branch) cost $3 but we've only had to do one of them and they waived the charge as we had only just arrived in NZ and didn't have an internet connection.

Electronic transactions are free (ie cash withdrawals from an ATM and electronic payments / transfers).

We also set up an online savings account that is linked into our Elect account so can move money between them online and at ATMs for free.

All in all I'm very happy with Westpac - they give a far better service than any of the UK banks in my experience!

[CityBlue]

We've got a Westpac Elect account which has no monthly fees provided you don't want printed statements (ie go for online banking).

Manual transactions (ie anything that involves going into the branch) cost $3 but we've only had to do one of them and they waived the charge as we had only just arrived in NZ and didn't have an internet connection.

Electronic transactions are free (ie cash withdrawals from an ATM and electronic payments / transfers).

We also set up an online savings account that is linked into our Elect account so can move money between them online and at ATMs for free.

All in all I'm very happy with Westpac - they give a far better service than any of the UK banks in my experience!


I was gonna post the exact same post! (well almost anyway)

Westpac have been nothing but helpful to us and I find the internet banking excellent and dont use the branches at all

[IanW99]

I was gonna post the exact same post! (well almost anyway)

Westpac have been nothing but helpful to us and I find the internet banking excellent and dont use the branches at all

From what I have seen all the banks in NZ offer the same sort of features (no doubt down to competition).

Certainly everything that is posted about Westpac is also true about ASB.

Ian

[KerryS]

Ditto re the Westpac Elect account. I find it's great for day to day banking, primarily via the internet, and I use Westpac for all my other banking as well.
The Westpac customer service people on the phone are incredibly helpful too, I've never had a bad experience with them, and they're always polite and friendly.

[Familyofmonkeys]

We also have the Westpac elect account and also a saving account....they have been nothing but helpful and everything is very straightforward. Also if you need to do teller transactions, you don't get charged a fee normally if you go to the migrant banking teller as opposed to normal teller desk.

[urban78]

If you're under 30, you could go with BNZ, they have a no fee account (Smart Money) for the first 30 transactions (internet banking, deposits, transfers) and you can do free stuff over the counter as well.

I've got that account at the moment and it's really good but because I am turning 30 this year they will most likely switch me to an account with a $5 monthly fee, which I don't think is worth it for the type of banking needs I have. Although I can't fault their excellent customer service and helpful manner, I'll be changing banks before my birthday :laugh

ASB have a no fees account (Streamline), provided you stop paper statements and I'm almost sure Kiwibank have a similar one too. ASB seems to be the best one as far for extra fees like setting up direct debits and automatic payments. I've already got my savings account with them and they have been great all the way through so I'll most likely switch with them very soon :)

Jen