Compare Zero Monthly Fee Transaction Accounts
There's no need to be paying monthly fees on your bank account any more.
Usually you have to stop receiving your paper statements to get these accounts and get your statements online or via email.
Most require you to do most of your transactions ONLINE / ELECTRONICALLY to avoid fees (KiwiBank doesn't charge for using their branch network).
Most don't have a cheque book (Not suitable for those who need this but remember you can do an online payments
BEST Transaction Bank Deal in NZ:
KiwiBank Free up
Electronic Fees FREE
Manual transactions FREE Deposits & withdrawals in branch
free setup of automatic payments for 1st month (Other banks charge up to $2 to set each payment you have so a great deal if changing bank)
No Monthly fee if you don't get paper statements
Electronic fees FREE
Manual Transaction fees $3
Westpac Electronic Account
No Monthly fee if don't get paper statements.
Electronic Transaction fees FREE
(EFTPOS, Westpac ATM transfers/withdrawals, automatic payments, direct debits / credits, bill payments, online and phone banking payments)
Manual Fees $3
(Cheques, ATM deposits, deposits and withdrawals at the branch)
ANZ Go Account
No monthly Fee
Electronic transactions FREE
Manual transaction fees $3
BNZ On Call Account
No monthly fee
Only electronic transactions
Kiwibank seems to offer the best service as you can still use over the counter services as well and it's Kiwi Owned!
Always check the terms & conditions before you change your account to make sure the fees are better than your own account
NOTE whenever you change your bank you need to set up new automatic payments etc. Each of these are often charged even if the account is free as they are deemed special fees and so will still be charged.
Everyone hates bank fees so it's worth knowing what each bank charges.
All are quoted in NZ$ unless stated otherwise.
NOTE: These rates are can change at any time but gives you a guide to what they have charged in the past.
Free Debt Advice
A useful site for debt advice is Sorted NZ
It is setup by the Retirement Commission to help you save for your future or help you find your way out of debt.
There is a section called Managing Debt which can help you find ways to get support to help improve the situation.
If you are in debt what should you do?
First accept you have a problem & take steps to find help to sort it out.
There are numerous organisations that can help you.
If you are concerned you may be facing financial difficulties get free advice and counselling from
Contact your creditors (ie mortgage holders, loan holders etc) and explain your situation. You can always do this after talking to debt agencies but try to do this soon as they have seen this before and are likely to deal with you more positively.
So what do you need to do?
Try not to miss a repayment if you can.
Contact your lender as soon as you can to draw up plans for repayment.
Make a budget to try to get you out of this debt. There are many budget planners online.
Prioritise your debt. Pay your mirtgage to keep the roof over your head & pay utility bills so that you can keep on the power, water etc!
Draw up a repayment plan. You can draw up a plan with your ceditors to reduce this at a rate that is suitable to both of you.
Consolidate your debts, if you can. You may be able to get a lower interest rate.