Best Bank For Small Business Nz: If you’re a small business owner in New Zealand, finding the right bank can be crucial for managing your finances effectively. With numerous banks to choose from, it can be challenging to determine which bank is the best for your business needs. In this article, we’ll provide an overview of the best banks for small businesses in New Zealand, comparing their fees, features, and benefits to help you make an informed decision.
Table of Contents
- Introduction
- Criteria for Choosing a Bank for Small Business in New Zealand
- Top Banks for Small Businesses in New Zealand
- ANZ
- Features
- Fees
- Benefits
- Westpac
- Features
- Fees
- Benefits
- BNZ
- Features
- Fees
- Benefits
- ASB
- Features
- Fees
- Benefits
- ANZ
- Comparison of the Best Banks for Small Businesses in New Zealand
- Conclusion
- FAQs
Criteria for Choosing a Bank for Small Business in New Zealand
Before we dive into the details of the top banks for small businesses in New Zealand, let’s discuss the criteria used to evaluate these banks.
- Account fees: Small businesses often have limited budgets, so we considered banks with low fees and charges.
- Transaction fees: We looked at the fees charged for typical small business transactions, such as deposits, withdrawals, and transfers.
- Features: We assessed the range of features and tools offered by each bank, such as online banking, mobile banking, and overdraft facilities.
- Customer support: We considered the quality of customer service, including the availability of support channels and response times.
- Reputation: We evaluated the reputation and stability of each bank.
Top Banks for Small Businesses in New Zealand
Now that we’ve established the criteria for selecting the best bank for small businesses in New Zealand, let’s take a closer look at each bank and what they have to offer.
1. ANZ
ANZ is a popular choice among small business owners in New Zealand. Here’s what you need to know about banking with ANZ:
Features
- Business current account with a checkbook and overdraft facilities.
- Online and mobile banking with real-time account information and transaction history.
- ANZ FastPay is a mobile payment solution for small businesses.
- ANZ Business Start-up Package, which includes business planning tools and advice.
Fees
- $10 monthly account fee for the ANZ Business Current Account.
- Transaction fees range from $0.20 to $2.00, depending on the type of transaction.
Benefits
- ANZ offers tailored business banking solutions, including lending and investment services.
- ANZ has a large network of branches and ATMs across New Zealand.
- ANZ has won multiple awards for its business banking services.
2. Westpac
Westpac is another popular choice for small business owners in New Zealand. Here’s what you need to know about banking with Westpac:
Features
- Business current account with a checkbook and overdraft facilities.
- Online and mobile banking with real-time account information and transaction history.
- Westpac One, is a business banking platform that includes invoicing and payroll features.
Fees
- $5 monthly account fee for the Westpac Business Cheque Account.
- Transaction fees range from $0.20 to $2.00, depending on the type of transaction.
Benefits
- Westpac offers a range of lending and investment solutions for small businesses.
- Westpac has a network of branches and ATMs across New Zealand.
- Westpac offers 24/7 customer support through its call center and online chat.
3. BNZ
BNZ is a reliable choice for small business owners looking for a full range of banking services. Here’s what you need to know about banking with BNZ:
Features
- Business current account with a checkbook and overdraft facilities.
- Online and mobile banking with real-time account information and transaction history.
- BNZ PayClip is a mobile payment solution for small businesses.
- BNZ Partner Network, which offers discounts on a range of business services.
Fees
- No monthly account fees for the BNZ Business First account.
- Transaction fees range from $0.30 to $1.00, depending on the type of transaction.
Benefits
- BNZ offers tailored business banking solutions, including lending and investment services.
- BNZ has a range of support services for small businesses, such as business planning tools and advice.
- BNZ has a network of branches and ATMs across New Zealand.
4. ASB
ASB is another popular choice among small business owners in New Zealand. Here’s what you need to know about banking with ASB:
Features
- Business current account with a checkbook and overdraft facilities.
- Online and mobile banking with real-time account information and transaction history.
- ASB Accepts mPOS, a mobile payment solution for small businesses.
- ASB Visa Business Rewards, a rewards program for business spending.
Fees
- $10 monthly account fee for the ASB Business Classic account.
- Transaction fees range from $0.25 to $2.00, depending on the type of transaction.
Benefits
- ASB offers a range of lending and investment solutions for small businesses.
- ASB has a network of branches and ATMs across New Zealand.
- ASB offers 24/7 customer support through its call center and online chat.
Comparison of the Best Banks for Small Businesses in New Zealand
To help you make an informed decision, here’s a side-by-side comparison of the best banks for small businesses in New Zealand:
| Bank | Features | Fees | Benefits |
|---|---|---|---|
| ANZ | The business current account, online and mobile banking, ANZ FastPay | $10 monthly account fee, transaction fees range from $0.20 to $2.00 | Tailored business banking solutions, a large network of branches and ATMs, award-winning services |
| Westpac | The business current account, online and mobile banking, Westpac One | $5 monthly account fee, transaction fees range from $0.20 to $2.00 | Range of lending and investment solutions, 24/7 customer support, invoicing, and payroll features |
| BNZ | The business current account, online and mobile banking, BNZ PayClip | No monthly account fees, transaction fees range from $0.30 to $1.00 | Tailored business banking solutions, range of support services, a network of branches and ATMs |
| ASB | The business current account, online and mobile banking, ASB Accept mPOS | $10 monthly account fee, transaction fees range from $0.25 to $2.00 | Range of lending and investment solutions, a network of branches and ATMs, a rewards program for business spending |
Conclusion
In conclusion, choosing the best bank for your small business in New Zealand depends on your specific needs and preferences. ANZ, Westpac, BNZ, and ASB are all reliable choices, offering a range of features, benefits, and fees. We hope that this article has helped you understand the different options available to you and make an informed decision based on your business’s unique requirements.
FAQs
- What is the most important factor to consider when choosing a bank for my small business in New Zealand?
The most important factor to consider when choosing a bank for your small business in New Zealand is the bank’s ability to provide tailored banking solutions that meet your specific needs.
- Can I apply for a business loan with any of the banks listed in this article?
Yes, all of the banks listed in this article offer a range of lending and investment solutions for small businesses.
- Do any of the banks offer free business banking services?
Yes, BNZ offers a Business First account with no monthly account fees.
- Can I access my business bank account through a mobile app?
Yes, all of the banks listed in this article offer online and mobile banking services.
- Is it necessary to have a business bank account for my small business?
While it is not legally required to have a separate business bank account for your small business, it is highly recommended as it can help you manage your finances more effectively and make tax reporting easier.