By Chris Schulz
Investigative Journalist | Kaipūrongo Whakatewhatewha
Consumer NZ’s latest annual banking survey found just one bank ranked as “excellent” by its customers – and even that one didn’t meet all the criteria to earn our People’s Choice Award.
It’s the first time in 10 years that no bank met the People’s Choice threshold, something Consumer CEO Jon Duffy calls disappointing.
“Everyday banking hasn’t kept pace with what customers expect,” he says. “Many customers don’t feel they’re getting fair value, especially when it comes to fees, interest rates and how banks respond when something goes wrong.”
Our survey was conducted online between 20 February and 23 March 2026 and included a nationally representative sample of 1,958 participants. Check out the full results below.
Best and worst banks in NZ 2026
Which bank is right for me?
How to switch banks
Our research shows many consumers don’t switch banks because they feel it will be too hard. But the switching process may be easier than you think.
First, decide which bank you’d like to join.
Once you’ve made your decision, get in touch with the bank you want to switch to. They’ll tell you what you need and guide you through the process.
If you have everyday cheque and savings accounts, the switch is easy. All your recurring payments – direct debits and automatic payments – will be transferred to your new account through a single authorisation.
If you have a mortgage or other loans with your existing bank, it may take longer, especially if you’re breaking a fixed-term mortgage.
For more information, see our guide to switching banks.
