Which bank accounts are the best?
New Zealand banks offer a wide range of bank accounts and services. The key issue when determining which bank account is best for you, is to create a personal profile detailing your requirements and goals as well as your individual preferences of money management. This profile will guide you in deciding which bank account features are most important to you and which are less so. In this way you will get the right bank account to match your needs. Some credit unions assist their members in this regard with what is called a "Member Analysis Profile". Read more about this service here.
Types of bank accounts
There are many different types of bank accounts, each for a particular purpose, such as:
· Current (cheque) account
· Transaction account
· Savings account
· Term deposit account
· Credit card account, and more...
In New Zealand, there are generally more cashless transactions than there are cash transactions and for this reason, a current account or transaction account is best for day-to-day use. These generally come with an EFTPOS card which can be used at cash machines and in the majority of retail stores, cafes and restaurants. You may also want a Debit Card which works in the same way as EFTPOS but can also be used in other countries and for online transactions. Most banks will offer you the choice of opening a savings account as well as a current account. If the institution you choose provides Internet banking, both your savings and current account can be displayed when you log on and money can be transferred into, and out of, these accounts easily. Apart from looking at interest rates, make sure you compare features when deciding which bank account is best. They might appear to be the same, but could be very different when it comes to the small print.
In the final analysis, the question you need to ask is "which bank account is best for me" We are all different, and our habits, goals and personalities differ. In New Zealand the credit unions have made this uniqueness an integral part of their approach. If a tailor-made bank account package is what you are after, a credit union is probably where you should be heading.
NZCU South serves hundreds of New Zealanders every day, helping them reach their financial goals faster by providing packages of banking products and services especially tailored to meet individual needs.
Call us and talk to one of our friendly banking professionals today to find out how we can customise a bank account package which is just right for you. Click here for branch contact details.