Jan 6, 2008

why do you bank where you do?

i chanced upon a blog entry about the subject (a question actually) and made me think. unfortunately i couldn't find it again. of course i have my reasons for banking where i do and not "just because".

when i started this blog, i was wary about sharing specifics like bank names. but now it seems that i get more and more comfortable sharing stuff like that if it means that my opinions could assist my (very few) readership. so here goes my list of banks and my reasons for investing in them.
when they introduced the Elect Account with no electronic transaction fees, i knew i had to switch my checking account with them. i think they were the first, if not the only, bank here in NZ to introduce a zero-transaction fee on checking and the first to introduce 8.2%pa on their online savings account. after that, more and more banks have followed suit. they are innovative in my opinion. the way they present information in their booklets and leaflets is simple and pleasing to the eyes.

when you read about them, you will find out why i like them. i also have started investing in managed funds and i do that with them. i'm still new to investing and they allow me to learn as i go forward.

although j and i are immigrants here, we support local businesses. these 2 are the only fully-Kiwi operated/owned banks in NZ. actually PSIS isn't a bank, it's a cooperative.

what about you? have you ever asked this question to yourself?


  1. From USA, reasons why i bank where i bank are

    1. easy access to ATMs
    2. no fees for all the sevices that i use
    3. great rates for CD an online savings

  2. hi yeehaa99,

    thanks for the comment. does your bank offer investment too?

  3. Hi Tasha
    It's been a while.. :-) I bank with:

    ASB Bank
    My friend banked there and I followed suit. I haven't paid a cent in bank fees so far -- having started with the Tertiary account (free) then their Graduate (also free with some conditions). Once that expires, I'll move on to their Streamline account (similar to your Elect Account). This has since become my account for buying and selling on TradeMe. I also maintain a FastSaver on-call savings account. I personally think that ASB's online banking interface is one of the better ones.

    TSB Bank
    Another 100% Kiwi-owned bank. I switched my main checking account to TSB last year mainly because they okayed my credit card application after ASB rejected mine. You have to maintain a minimum of $5,000 in their Premier Cheque account to avoid a monthly management fee ($10) but that's not a problem for me. Plus, every $1,000 in the checking account gains you an entry for a monthly cash prize draw. I'm quite happy with them so far.

    You'd be silly not to.

    Nothing personal, but I don't really like Westpac.

  4. oh, didn't know TSB was 100% Kiwi too! thanks for that info! :)

    Dang, you don't like Westpac. May I ask why? I'm really curious!