[willsken]

Anyone know of a thread around that deals with the fees banks charge. I have been on some of the bank sites and yes as usual it's as clear as mud! :confused:

I would like to know what is the cheapest way to maintain a current account and can these accounts be opened from the UK.

[mossum]

hi nicola,

this is the bit that we're up to too !! eeeekk

as far as i've been able to work out - the most fee friendly way to run a bank account in NZ is to actually have some money in it - kiwi bank has an account thats basically free as long as $4000 nzd in it . I think that this is the one for us as we're going to need to keep that much in - just in case ( & the last few years here have taught me that just in case will probably happen when you really cant afford it too ! )

try the web site www.kiwibank.co.nz


LOL - I've def got nz on the brain - I tried to get argos web site up this afternoon & put .co.nz by mistake LOL

HTH
vic x

[katandbob]

After looking at both Kiwi and the National bank, we chose National, based on the ease of opening the account........we didnt have current utility bills, as we sold our house in Oct 05 we opened a bank over the phone, The Thoroughbred account doesnt charge if you have $5000 in the account and the others are not bad.
http://www.nationalbank.co.nz/personal/ratesandfees/fees/default.htm#everyday

Kat

[jubjub]

The other way to get free banking is to have a mortgage with the same bank.

However we have still found that cos our mortgage bank offers no/low interest on a/cs equivalent to the ones we already had, the interest we earn more covers the charges each month, so we are still ahead.

Other way to avoid eftpos charges is to use the credit card for everything and pay it off once a month. Fot example we probably do around 60 purchases per month, eftpos chges would be $12, BUT credit card transactions incur no fee, and the one off transfer to pay the visa bill costs 20c, hence a saving of $11.80

So if you are cunning, you can pay much lower fees! (or earn enough interest to cover them)

Our bank charges are here..

http://www.asb.co.nz/FastNetNews/download/0604_ASB_Fee_Brochure.pdf

[willsken]

Other way to avoid eftpos charges is to use the credit card for everything and pay it off once a month. Fot example we probably do around 60 purchases per month, eftpos chges would be $12, BUT credit card transactions incur no fee, and the one off transfer to pay the visa bill costs 20c, hence a saving of $11.80



I like the way the lady thinks! :D

Thanks everyone, all great food for thought

[kiwidebs]

The other way to get free banking is to have a mortgage with the same bank.

However we have still found that cos our mortgage bank offers no/low interest on a/cs equivalent to the ones we already had, the interest we earn more covers the charges each month, so we are still ahead.

Other way to avoid eftpos charges is to use the credit card for everything and pay it off once a month. Fot example we probably do around 60 purchases per month, eftpos chges would be $12, BUT credit card transactions incur no fee, and the one off transfer to pay the visa bill costs 20c, hence a saving of $11.80

So if you are cunning, you can pay much lower fees! (or earn enough interest to cover them)

Our bank charges are here..

http://www.asb.co.nz/FastNetNews/download/0604_ASB_Fee_Brochure.pdf

Thanks Sal, I never thought of that with the credit card. We get up to $20 worth of charges free each month on our current account cos we have our mortgage with the bank, and we also have a high interest savings account with them for all our spare dosh (yeah, right!) to work for us!

Debs

[negirl]

We've only been here 3 months & are suffering the bank charges aaarghhh!!!!! Had thought about a credit card but have not yet got round to getting one. Are you getting the bank's credit card or are there others you can get? We're with national bank & their cards have the annual fee.

To think I used to be screaming at the 50 million "you've been approved for this that & the other credit card with 0% financing & no annual fee" we used to get in the mail every week. :roll :laugh

[mossum]

just remembered

My sister uses cer credit card for everything too & pays it off at the end of the month - she does this to collect the flybuy points too .

vic

[jubjub]

We're with national bank & their cards have the annual fee.



Forgot that bit, yup they charge and I think its twice a year?, $12 for one card, and 6 months for the second cardholder, so a total of $36 a year, but still cheaper than multiple eftpos charges.

OUr card was with the bank, ASB, and we also pay the membership for True rewards, but you can get shopping vouchers and the points add up to more value than the charges, so you win with that one.

[Smiler]

I do the same Sal, and get double flybuys on my BNZ card for some outlets, shell garages etc.

I don't get charges now because OH works for the bank and they have a staff account and you can have up to 3 names on it. :D probably the only plus point of working for them.

I have just opened a Superbank account though for savings 7.40% interest. Haven't got the paperwork to hand as I've just sent it all off. See here though http://www.superbank.co.nz/default.asp

You have to raise your right arm and lean forward when you say their name though. ;)

[jubjub]

I have just opened a Superbank account though for savings 7.40% interest. Haven't got the paperwork to hand as I've just sent it all off. See here though http://www.superbank.co.nz/default.asp

You have to raise your right arm and lean forward when you say their name though. ;)

Yay, did not know the rate had gone up :nice1 , we got one of them too... cos the rate was higher than our ASB savings, its even higher now..

[Smiler]

Yeay! love being the bearer of good news. It's also higher (just) than kiwibank. :D