ANZ Bank Review — Products, Fees, and Services in NZ

ANZ is one of New Zealand’s largest and most recognised banks, serving millions of customers through a wide network of branches, ATMs, and digital platforms. Whether you’re looking for everyday banking, home loans, credit cards, or investment options, ANZ offers a comprehensive range of products. But how does it stack up in terms of fees, features, and overall value? This review covers the key pros and cons, fees, target audience, and our verdict for the New Zealand market.

Pros and Cons

Pros Cons
Extensive branch and ATM network across NZ Some account fees can be higher than competitors
Strong digital banking platform (ANZ goMoney app) Customer service wait times can be long during peak periods
Wide range of products: home loans, credit cards, savings, investments Limited high-interest savings options compared to some smaller banks
Competitive home loan rates and flexible options International transfer fees can be steep
Good for businesses with tailored solutions Some fees (e.g., account keeping) may apply to certain accounts
Offers KiwiSaver and managed funds Overdraft and credit card interest rates can be high

Key Features

  • Everyday banking: ANZ offers a range of transaction accounts including the ANZ Everyday Account (no monthly fee if you meet minimum deposit conditions) and the ANZ Jumpstart account for under-18s.
  • Savings accounts: Options include the ANZ Online Saver (variable interest, no monthly fees) and the ANZ Serious Saver (bonus interest if no withdrawals in a month).
  • Home loans: ANZ provides fixed and floating home loans, with features like offset accounts, revolving credit, and construction loans. Rates are competitive, but check the latest offers.
  • Credit cards: A range of cards from low-rate options to rewards cards (e.g., ANZ CashBack, ANZ Airpoints Visa). Annual fees vary from $0 to $150+.
  • KiwiSaver: ANZ offers conservative to growth funds, with a default option for new members. Fees are mid-range compared to other providers.
  • Investments: ANZ Investments provides managed funds, term deposits, and access to share trading through ANZ Share Investing.
  • Business banking: Tailored business accounts, merchant services, and lending options for SMEs and larger enterprises.
  • Digital tools: The ANZ goMoney app allows bill payments, transfers, card management, and budgeting tools. ANZ Internet Banking is available for desktop users.

Fees and Charges

Fees vary by product. Here’s a snapshot of common ANZ fees in NZ:

Product/Service Typical Fee Range
ANZ Everyday Account $0 monthly fee (if $2,000+ deposited monthly) or $5/month
ANZ Online Saver $0 monthly fee
ANZ Serious Saver $0 monthly fee
Home loan application fee Often $0 (but may include legal/valuation costs)
Credit card annual fee $0 to $150+ depending on card type
International transfer (via ANZ) $15–$30 per transfer + exchange rate margin
ATM withdrawal (non-ANZ in NZ) $0 (ANZ ATMs free; other banks may charge)
Overdraft establishment fee Typically $50–$150

Note: Fees and rates change regularly. Always check the ANZ website or contact them for current information.

Target Audience

  • Everyday consumers: ANZ is a solid choice for those who want a reliable bank with branches nationwide and a strong app. It suits people who prefer a one-stop shop for banking, savings, and loans.
  • Home buyers: First-home buyers and investors benefit from ANZ’s flexible home loan products and first-home buyer support (e.g., First Home Grant advice).
  • Business owners: ANZ’s business banking team offers tailored solutions, including merchant services and business lending, making it a strong option for SMEs.
  • KiwiSaver members: ANZ KiwiSaver is suitable for those who want a simple, managed fund with a range of risk profiles.
  • Students and young people: The ANZ Jumpstart account (for under-18s) and student-friendly options may appeal, though other banks like ASB or BNZ may offer similar or better perks.

Verdict

ANZ is a reliable, full-service bank that works well for most New Zealanders. Its extensive branch and ATM network, strong digital tools, and broad product range make it a convenient choice. However, fees can add up if you don’t meet minimum deposit conditions or use international services frequently. For everyday banking and home loans, ANZ is competitive. For high-interest savings or low-cost credit cards, you might find better value with smaller banks or online-only providers.

Our recommendation: ANZ is a good fit if you value convenience and a wide product range. Compare fees and rates with other banks like ASB, BNZ, and Westpac before committing to a specific product.