Westpac wins best-value gong

RICHARD MEADOWS
Last updated 13:20 31/07/2014

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Westpac has been named the best-value everyday bank by ratings agency Canstar, which said its digital offerings were particularly strong.

Canstar researched 36 credit cards, 51 deposit accounts and a range of other factors across 10 different banks.

The research firm's New Zealand general manager, Derek Bonnar, said the cost of transacting and ease of use were the two most important factors.

"Increasingly, ease of use means great online service," Bonnar said.

Westpac has made a public commitment to being the best digital bank in the world, and has led the way in several areas.

Bonnar said the bank's digital offerings, deposit account and credit cards had earned it the award.

Westpac's fee-free electronic account was user-friendly and cost-effective, making it a "standout performer", he said.

Westpac product manager Mark Lenaarts said in the last 12 months there had been substantial growth in customers using online banking, led by mobile.

Customers increasingly wanted to be able to do much more than just move their money around while on the go, Lenaarts said.

The Canstar report shows it is definitely worth consumers' while to shop around.

For one case-study couple, the difference between "three star" and "five star" products added up to $594 a year.

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