Best Zero-Fee Bank Accounts in New Zealand: Options, Features, and Fees

Most New Zealand banks offer one or more accounts which have no monthly fees and some free electronic transactions to help you minimize the costs of transacting. These accounts offer helpful ways to spend and save - but it’s important to know that while these types of bank accounts can have very few fees for common transactions, they’re not usually completely fee-free.

This guide walks through some great zero fee bank accounts for NZ customers, with a look at some common costs which are harder to avoid. Plus, we’ll introduce Wise account, a non-bank alternative which can help you limit many of the costs associated with transacting internationally.

Table of contents
Type of Bank Accounts in New Zealand Best Zero Fee Bank Accounts in New Zealand ASB Streamline account Kiwibank Free Up account  Heartland YouChoose account ANZ Go account Westpac Everyday account Wise Account (Non-Bank Alternative) Summary

Type of Bank Accounts in New Zealand

When choosing the best bank account in NZ for your needs you’ll need to pick the type of account you want first. The most common account types include:

• Everyday/Transaction accounts - intended for day to day use, including a linked card for spending and withdrawals
• Savings/Notice Saver accounts - interest bearing account products which may not have a linked card, and which may have fees for frequent or early withdrawals

In this guide we’ve picked out account products which are suitable for use on a day to day basis, including a debit or EFTPOS card for convenient spending.

Tips on Choosing a Bank Account 

Before you choose the right account for your needs it’s worth thinking through the types of transactions you’ll need to make, so you can select an account which minimizes costs here. 

It’s helpful to know that while the zero fee accounts we feature in this guide usually have no monthly fee, there are some common costs to know about, including:

• Unarranged overdraft costs - fees or interest
• Manual deposit or withdrawal charges - if you need to deposit cash for example
• Card replacement costs - if you’re unlucky enough to have your card stolen
• International fees - for card spending or when you send or receive an overseas payment

While you may be able to manage your money in ways to avoid most of these charges, the costs of transacting internationally can be trickier. If you travel or spend online with a foreign retailer you may find a foreign transaction fee creeps in which pushes up the costs of overseas spending.

To help with this we’ve included an international account - the Wise Account - in our round up. Wise lets you hold multiple currencies all in one place, receive payments in foreign currencies using local account information for free, and spend or withdraw in 160+ countries. More on that later.

Best Zero Fee Bank Accounts in New Zealand

Here we’ve picked out some of the best zero fees bank accounts for NZ customers, to help you decide if one suits you. We’ve focused on transaction or savings accounts which have no monthly charges, which also offer a linked debit or EFTPOS card to allow you to manage your money and spending easily. 

We’ve got a quick overview of the best features of each account - with a look at key features and fees to be aware of right after.

Account selected	Best for
ASB Streamline account¹	Simple transaction account with online and in app money management tools
Kiwibank Free Up account ²	Budgeting tools, with transaction fees waived for under 19s and over 65s
Heartland YouChoose account³	Interest earning on every dollar in your balance, with a card for easy spending
ANZ Go account⁴	No fees for most electronic transactions, and help to switch from another bank if needed
Westpac Everyday account⁵	Spending with your New Zealand Air Airpoints earning debit card
Wise Account (Non-Bank Alternative)	40+ supported currencies and low, transparent costs for international services

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ASB Streamline account

The ASB Streamline account is an everyday transaction account which has no set up or monthly fee to pay. You get a Visa debit card with the account for no additional cost which allows for easy spending and withdrawals at home and abroad.

Key features:

• No monthly fees
• Visa debit card available for spending
• Real time transfers to other ASB accounts 

Fees to consider⁶:

• Unarranged overdraft fees of 3 NZD apply
• Visa card charges foreign transaction fee of 2.1%
• Incoming foreign payment fee of 15 NZD
• Outgoing foreign payment fee of 5 NZD

Kiwibank Free Up account 

You can open one or more Kiwibank Free Up accounts online or in the Kiwibank app, with no opening fee and no monthly costs. Accounts come with either an EFTPOS or Visa debit card which means you have easy access to your money.

Key features:

• Many transaction fees waived for under 19s and over 65s
• No monthly or set up fees
• Open multiple accounts to make budgeting easier

Fees to consider⁷:

• Unarranged overdrafts incur interest
• 3 NZD in person deposit or withdrawal fee
• Foreign transaction fee of 1.85%
• Incoming foreign payment fee of 12 NZD⁸
• Outgoing foreign payment fee from 10 NZD

Heartland YouChoose account

Apply for a Heartland YouChoose account online or in app for convenience, and start to earn interest on your account balance. You’ll still have an EFTPOS card to make purchases and withdrawals, with no cost for local ATM usage for the first 10 transactions.

Key features:

• No domestic ATM fees, monthly fees or set up costs
• No minimum opening balance required
• Interest bearing savings account

Fees to consider⁹:

• Unarranged overdrafts incur interest
• 6 NZD overseas ATM fee, plus currency conversion costs
• 13 NZD card replacement fee

ANZ Go account

The ANZ Go account is a helpful everyday account which comes with a debit card for no additional fee. You can apply for the account online or in app, and then manage your transactions and account with the ANZ goMoney mobile app.

Key features:

• No monthly or set up fees
• Free debit card which can be personalised
• Manual withdrawal fee waived if you’re under 21

Fees to consider:

• Unarranged overdraft fees of 3 NZD apply
• 3 NZD manual withdrawal fee
• Foreign transaction fee of 1.3%
• Incoming foreign payment fee of 15 NZD¹⁰
• 5 NZD card replacement fee

Westpac Everyday account

The Westpac Everyday account offers the only New Zealand Air Airpoints earning debit card on the market, which can be a great option if you fly frequently. The account has no day to day fees and comes with tools to track your spending, budget and plan your money easily.

Key features:

• Earn Airpoints when you spend with your debit card
• No ongoing fees, EFTPOS or debit card available
• Budgeting tools and online account management

Fees to consider¹¹:

• 4 NZD unarranged overdraft fee
• 2.5 NZD manual withdrawal fee
• Foreign transaction fee of 1.95%
• Incoming foreign payment fee of 15 NZD¹²
• 10 NZD card replacement fee

Wise Account (Non-Bank Alternative)

Wise isn’t a bank, and so doesn’t offer all the same services that a bank might, but it does have the Wise Account which is a low cost account product optimised for international use. You can hold a balance in 40+ currencies and get paid in a selection of foreign currencies easily. Plus for day to day spending, you can get a Wise debit card which has no foreign transaction fee and no charges to spend a currency balance held in the account.

Key features:

• Hold 40+ currencies and exchange with the mid-market rate
• Spend globally with the Wise card, with no charge to spend a currency you hold in your account
• Receive payments through local account information in 8+ currencies 

Fees to consider:

• 14 NZD card issue fee
• ATM fees apply once you’ve made 2 withdrawals and withdrawn over in a month - 1.5 NZD + 1.75%
• Currency conversion and international payments from 0.25%
• Low fixed fees for incoming payments received through SWIFT or as a wire (varies by currency)

🚀 Open a Wise account

Conclusion: Zero Fee Bank Account NZ

Having a zero fee account can help you minimise the costs of everyday transactions, but might not let you escape international costs. Pairing an everyday account from a NZ bank with a specialist product like the Wise Account can be a neat solution, giving you the best of both worlds, and lowering the costs of transaction both at home and abroad.

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💻 Open a Wise account online for free in minutes 💻

Sign up for Wise 🚀

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Sources:

1. ASB Streamline account
2. Kiwibank Free Up account
3. Heartland YouChoose account
4. ANZ Go account
5. Westpac Everyday account
6. ASB fees
7. Kiwibank fees
8. Kiwibank international fees
9. Heartland fees
10. ANZ international fees
11. Westpac fees
12. Westpac international fees