Your bank account is your best friend when you operate your business using the Profit First Methodology. Unfortunately, NZ banks don’t seem to share the love! Besides the fact that they are slowly disappearing from our main streets, it’s almost impossible to open new business trading bank accounts. For this reason, if you are converting to Profit First cash management system, I suggest making an appointment with your bank asap because the process can be painful! Here’s the list of the best banks in New Zealand for small businesses, based on criteria such as fees, overdraft rates, reputation in lending, and mobile banking app usability:
# 1. ANZ
- Fees: Current monthly trading account fee is $8.50, with 200 free transactions a month. Business premium call accounts have no monthly account or transaction fees. You would use this type of account to save for GST, Income Tax and Profit.
- Overdraft Rates: ANZ provides functional overdrafts with 200 fee-free transactions per month.
- Lending Reputation: ANZ has been rated the No. 1 bank for small businesses in NZ by Canstar for four consecutive years, highlighting its strong support for business customers.
- Mobile Banking App: The ANZ GoBiz app is known for usability, with no specific limits on the number of accounts you can manage through it. It is easy to personalise by re-ordering accounts and uploading pictures.
# 2. ASB
- Fees: There is no monthly base fee on our standard business accounts including Business Account, Business Saver, Commercial Flexible Finance Facility, and Business Credit Facility. Transactions are also free on standard business accounts.
- Overdraft Rates: Available, with flexible options – Although a little confusing on their website.
- Lending Reputation: ASB is popular for its competitive business banking services and seamless integration with accounting software like Xero and MYOB.
- Mobile Banking App: User-friendly, but no specific limits on the number of accounts noted, making it suitable for managing multiple Profit First accounts. Also easy to personalise the App.
# 3. Westpac
- Fees: $7 monthly account maintenance fee; fees apply after 100 free transactions per month.
- Overdraft Rates: Offers overdrafts and options for EFTPOS and direct debit facilities.
- Lending Reputation: Well-regarded for supporting local businesses.
- Mobile Banking App: Westpac One app allows for easy management of funds but be aware of potential transaction limits. I have had clients struggle when wanting to add extra Profit First accounts and they’re often getting the third degree about why!
# 4. BNZ
- Fees: No monthly base or account fee and no electronic or manual transaction fee.
- Overdraft Rates: Flexible with reasonable interest rates.
- Lending Reputation: Known for accessible business loans and tailored support for small businesses.
- Mobile Banking App: The BNZ app is noted for ease of use and integration with multiple accounts, which can be beneficial for Profit First clients.
# 5. Kiwibank
- Fees: Account management fee is $5 per month on their trading account. They have a .20c per item on bulk payments fee (for multiple payments and batch uploads). No account management or payment fee on the Notice Saver or Business Online call account.
- Overdraft Rates: Competitive rates with flexible terms.
- Lending Reputation: Known for supporting local Kiwi businesses and offering straightforward lending criteria.
- Mobile Banking App: Easy to navigate, though it’s best to check specific account management features for any limitations.
A note regarding lending, in my opinion, you can’t go past using a mortgage broker to look after this. It’s simple, much faster than the bank and they always know the best deals. We love Fiona de Barre from NZ Mortgage Advice. She has efficiently helped many of our clients secure Personal and Business lending.
These banks offer a range of services that are beneficial for small businesses, especially those looking to implement a Profit First system. When choosing a bank, consider the specific needs of your business (including branch location) and whether the bank's account fees and app usability work for you.
Disclaimer: Content accurate as at 24.2.25
