24 Apr 2017

Kiwis rate NZ-owned banks - survey

5:13 pm on 24 April 2017

New Zealanders rate locally-owned banks the highest when it comes to customer satisfaction, according to a Consumer NZ survey.

Left to right: TSB Bank, Kiwibank, Co-operative Bank

Left to right: TSB Bank, Kiwibank, Co-operative Bank Photo: RNZ / Supplied / Wikicommons

New Zealand-owned TSB Bank topped the list for a second year in a row, with an overall customer satisfaction rating of 87 percent.

It was followed by Co-operative Bank (77 percent) and Kiwibank (71 percent).

Those banking with Australian competitors Westpac and ANZ were the least happy, giving the banks an overall rating of 52 percent.

Consumer NZ general manager Derek Bonnar said customers clearly felt they got better service locally.

"Our survey found these three New Zealand-owned banks were a step ahead when it came to customer satisfaction. Two thirds of TSB Bank and Kiwibank customers rated doing business with a New Zealand-owned company as a key benefit," he said.

"Local bank customers were also less likely to be paying monthly account fees; as a result they were more likely to feel the bank's fees were reasonable."

Twenty-four percent of local bank customers reported paying fees, compared to to 47 percent of customers with Australian banks.

ASB had the worst customer rating for bank fees, and the lowest score for competitive interest rates.

Consumer NZ said about one in eight customers reported a problem with their bank in the past year.

Some were eventually handled by the Banking Ombudsman, which dealt with 2704 cases and complaints. About 77 percent of those cases related to the Australian banks.

The survey was based on a sample of 1085 New Zealanders aged 18 and over.

Banks' customer satisfaction ratings:

  • TSB Bank: 87%
  • Co-operative Bank: 77%
  • Kiwibank: 71%
  • BNZ: 62%
  • ASB: 58%
  • ANZ: 52%
  • Westpac: 52%

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