you money is a great product i was wondering of you would consider wipeing the $5. account fee if customers deposit over $2500 in a month into there you money account from customers pay etc but not transfering from there rapid save account . a great wasy to reward customers who dont have credit cards etc love your thoughts
Monthly account fee
Hi @speckles,
Thanks for your feedback, we regularly review our accounts and fees and are looking at several ideas. I have passed on your comment to our product team, but obviously, I can’t make any guarantees.
FYI - with a Personal OnCall account, you can gain interest on your deposits, and still be able to access your money online.
See details here - https://www.bnz.co.nz/personal-banking/everyday-banking/personal-oncall
Perhaps BNZ could review its policy on credit scoring, given that points are lost against a customer’s report when they open new accounts.
Your suggestion about wiping account fees based on deposits is common with Australian banks. NAB (National Bank of Australia who own BNZ), where I have an account, is literally fee free for personal accounts, with no minimum deposit requirement. Even the Visa Debit card is free. (1)
On the flipside I also have a business account with BNZ which only costs $5 per month, which is cheaper then what a business account would cost at NAB or any of the Australian banks. So all in all, I am am quite happy with the $10 combined charge per month. I could get a “free” account at Kiwibank but I am quite happy to pay the $60 per year to have free counter transactions, shorter/no queues and not be pushed the marketing message that patriotism is the main reason to be a client all the while being charged among the highest fees.