The Kiwi Bank

abourmike · Posted: Sun May 16, 2004 10:07 am Post subject: The Kiwi Bank

Hi.
Can anybody tell me anything about the Kiwi bank?
I know it is run by the post office and its bank charges seem to be quite competitive, but how does it compare with other banks?
Do they have as many branches as others?
They are also sending me an application pack out, so I can join here in the UK, before we get to New Zealand which seems like a good idea in principal, as it is one less thing to worry about when we get there. Is this a wise thing to do, or would I be better waiting till we actually land?

Your thoughts are eagerly awaited.

JCM · Posted: Mon May 17, 2004 10:19 am Post subject:

Hi abourmike. I have an account with the Kiwibank. I use their internet banking and it works very well - no problems. Provided you keep $4000+ in your current/cheque account there are no fees and you get paid interest, 4% at the moment. There are post offices everywhere so finding a Kiwibank branch isn't a problem. I don't see any problem joining in the UK. (If you opt for internet banking, it's not possible to log on and look at your account from overseas locations. )

If you're looking for more sophisticated transactions like currency transfer and business banking, I'd look elsewhere, but for day to day banking Kiwibank is an excellent (and very cost effective) alternative to the high street banks. You've probably also noticed that Kiwibank mortgage rates are cheaper than the high street banks.