The BNZ has been named the Canstar Bank of the Year for the institution offering the best value in everyday banking across the country.
Canstar NZ general manager Jose George yesterday said the BNZ's strong product offering topped the score this year.
For the budget conscious, BNZ's YouMoney account charged a $5 account fee with unlimited transactions.
It also allowed customers to open multiple sub-accounts which could be opened or closed in seconds.
With internet banking, the drag and drop functionality made paying bills quick and simple, he said.
Also, BNZ excelled in offering a great range of credit cards to suit the needs of customers.
The bank had wide coverage across New Zealand, having 434 free ATMs available and 178 branches available nationally.
While use of branches and ATMs was declining, they were still an important resource customers needed access to, Mr George said.
To arrive at the overall score for bank of the year, everyday banking award, Canstar assessed two components consumers looked for when seeking the best institution for their everyday banking needs.
While an institution's product offering made up the majority of the institution's overall score, consideration must be given to how accessible the institution was through the number of branches and free ATMs, as well as the practicality of its online banking functions.
In order to calculate the award, Canstar analysed 13 institutions in New Zealand, he said.
In a separate report, Mr George said New Zealanders loved flashing the plastic and paying for just about everything by a credit card.
When it came to determining value for everyday banking, the credit cards on offer were an important consideration.
''If you pay your credit card balance in full each month, the interest rate attached to your credit card is irrelevant. But, almost $4 billion worth of credit doesn't manage to be paid off our cards in full.''
In that case, the interest rate on the credit card became important, he said.
At present on Canstar's database, credit card interest rates ranged from a low of 12.69% up to 25.45% - a significant difference if you owed debt.
Users were attracted to rewards and flexibility offered by credit cards.
Plenty of credit cards had a rewards programme attached and they could be useful to get something for nothing, Mr George said.
''With rewards programmes, just make sure you really are getting something for nothing. Sometimes, you might find the interest cost and annual fees mean you you're getting something you are indirectly paying for.''
Other features such as the number of interest-free days per month could be important.
Add-on features and perks of credit cards, such as free travel insurance and concierge services could be a ''fantastic benefit''.
