Banking

Last Updated on Wednesday, 20 January 2010 08:25

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To examine what was available for young people around banking we looked at the six major banks and found out what was on offer for young people leaving school for tertiary study or work, as well as those leaving tertiary education for the workforce.

Tertiary:

Tertiary banking packages have become very similar over the last few years. Comparisons of the major banks are in the table below. Interest free overdrafts for all accounts is $1000 in the first year and increases up to $2000 by second or third year of study, depending on the account. Although these are interest free, there is still an overdraft facility fee of $3 to $5 on these accounts. Some banks also offer token extras, such as a cheap MP3 player, or a $40 credit on your account. Kiwibank offers a free second account for flatting expenses which may be quite useful for anyone in a flatting situation. Kiwibank also offers no fees on all accounts held with them during tertiary study.Where ATM transaction fees are stated as free, this will normally only apply to your own bank’s ATMs. Typically, a fee of around $0.50 is charged for using other banks’ ATMs.

Bank	Transaction fees	Monthly fees	Overdraft	Extras
National Bank	None	None	$1000-$2000 interest free	MP3 player or backpack
Bank of New Zealand	None	None	$1000-$2000 interest free	EFTPOS card used as student discount card (instead of buying card for $20).
Kiwibank	None, on all accounts	None, on all accounts	$1000-$2000 interest free	A flat account and no ‘other bank’ fees for ATMs on campus
Westpac	None	None	$1000-$2000 interest free	No extras
ANZ	None	None	$1000 interest free	No extras
ASB	None	None	$1000-$2000 interest free	$40 credit when account opened

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