Please see information on Transaction Accounts below.


What is a Transaction Account?

A transaction account is the most common type of bank account offered by banks and online providers.

The account can be used for everyday purposes, from receiving your income to paying bills. You may also be able to link it to a credit or debit card. The majority of people in New Zealand have at least one transaction account.

Note that not all banks will call their transaction accounts under that name – they may have their own branding (such as the Westpac "Access” account, which is a type of transaction account).

Can I Open a Transaction Account?

The likely answer to this question is "Yes". However, as with most bank products you may have to receive approval from the bank. They may ask for a number of criteria to be fulfilled (such as minimum age or income) and may carry out a credit check.

In the unlikely event that you get turned down for a regular transaction account you may be offered a more basic alternative form of transaction account.

In general you will need:

  • Full New Zealand residency
  • Minimum age (set by the bank)
  • Proof of address

Different banks will have different eligibility criteria so make sure you find out about these in advance.

Are there any Fees?

Most transaction account providers will charge a regular fee for use of the account, which will usually be automatically withdrawn from the account on a regular basis (typically, once a month). They may also offer a 'pay as you go' system which means you only pay when you make transactions. Find out what – if any – fees are involved when you compare accounts.

How Do I Manage my Account?

Most transaction accounts have a variety of ways for you to manage your money. You may be able to receive account statements in the post, at ATM machines, via the telephone or online. Withdrawal is usually made with an ATM/EFTPOS card and deposits can also generally be made by visiting a bank branch, via an ATM machine or via electronic transfer.

You can generally set up automatic transfers either into or out of the account. This is useful for such things as rent payments or receiving income.


Please note that Which Way To Pay New Zealand ( is not authorized to give personal financial advice under New Zealand's financial services regulations, including the Financial Advisers Act (Securities Commission New Zealand).

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