2021 Editors Choice Awards

We Recognise the Best New Zealand Financial Products and Services in this Dedicated Guide

Updated 29 April 2021

Our Awards. And Why They Matter.

• ​At MoneyHub, we believe you deserve to know about the best-of-the-best financial products and services. Our renowned research team takes the utmost care in helping everyday New Zealanders understand the options available for all their money needs.
• Our awards are not based on 'surveys' or 'reader views'. We don't award 'star ratings' or 'medals'. Instead, we read the small print, interpret performance and compare fees and rates to determine the best financial products available.
• Our awards are at a granular level - there's no confusion about what they mean. This lets you identify what we believe are the best products and services as of March 2021.

Our Editor's Choice Awards Highlight the Best Products from MoneyHub's Research and Guides

• Our Editor’s Choice Awards 2021 are the result of countless hours of research that go into every MoneyHub guide.
• We’re proud to publish our exclusive list of the best financial products New Zealand has to offer.
• We cover credit cards, insurance, KiwiSaver, lending, consumer finance, banking and investment platforms; each of our winners has earned our utmost respect.​
• MoneyHub may work with award winners, receiving a licensing fee from winners for the right to use the MoneyHub badge in their own marketing materials.

​2021 Editor's Choice Awards

Our Editor's Choice Awards cover nine categories:

1. ​Investing Platforms
2. ​KiwiSaver Schemes and Funds
3. Bank Accounts and Banking Products
4. ​​Credit Cards
5. Insurance
6. Personal Lending
7. Phone and Mobile
8. Consumer Finance​

Leading Investment Platforms

There have never been more investment platforms and tools available. Our favourite platforms below stand out where it matters and aim to grow your wealth in the long-term with innovative and cost-effective offerings.

Favourite US Investing Platform - Hatch

Our view:

• Hatch Invest offers an easy-to-use platform with 4,000+ investment options in the US market, all supported by an experienced and trusted New Zealand team. 100% Kiwi-owned and backed by Kiwi Wealth, investors have the peace of mind Hatch is in it for the long-haul.
  
• The platform charges a simple USD $3 per trade and 0.50% FX fee, so investors holding for the long-term avoid relatively higher fees on FX and brokerage when selling. Hatch has the benefit of zero monthly subscriptions fees.
  
• Hatch gives you your own US brokerage account with their US partner, DriveWealth. This means you own your shares directly and get full shareholder voting rights on any whole shares you own.

MoneyHub's editor Christopher Walsh says:
"Hatch offers a tremendous number of options for exposure to US-listed shares and ETFs. With a focus on long-term investing, New Zealanders have options such as auto-invest and maximise returns by avoiding ongoing account management fees. Hatch is meeting the needs of New Zealanders looking to invest long-term in US-listed shares or ETFs".

​Favourite Index Fund Platform - Kernel

Our view:

• Kernel Wealth offers eight sector-based index funds, covering everything from New Zealand commercial property to electric vehicles. With fees as low as 0.29% p.a. (and a $3/month account fee), Kernel Wealth has innovated index investing beyond traditional ETFs and NZX-trackers.

MoneyHub's editor Christopher Walsh says:
"Kernel Wealth's focus is on long-term investing, given its product is index funds. The two new Kensho funds specifically cover market disruptors; without buying into an ETF. For investors who prefer low-fee funds backed by a team who specialises in making proven (and promising) market opportunities available, Kernel Wealth delivers eight funds designed to deliver positive returns over a 5 to 10-year period".

Favourite Low Cost Investing Platform - InvestNow

Our view:

• InvestNow offers the widest choice of funds, and makes exclusive funds with otherwise high buy-ins available to anyone with $50+ to invest.
• We're huge fans of the fact there are no account or transaction fees, arguably the second biggest draw next to the fund opportunities.
• With flexible ongoing investing from $50, the low starting costs are perfect for newbie investors looking to get into the sharemarket but not pay brokerage fees on individual trades. As the funds invest in shares, there is direct exposure to local and global markets.

MoneyHub's editor Christopher Walsh says:
"InvestNow keeps improving, and is our low-cost/maximum-choice favourite given its extensive fund options and minimal fees. The recent addition of Morningstar performance tools allows investors to compare the full historical performance of all funds offered by InvestNow. In a market where the likes of popular Vanguard, Pie Funds, Fisher Funds and Mint Asset Management have $2,000+ minimum buy-ins, InvestNow drops this to as low as $50, making investing democratic. There's a lot to like with InvestNow, and MoneyHub believes it is the best low cost investing service available in New Zealand".

Favourite US Trading Platform - Stake

Our view:

• Stake is the market leader when it comes to zero brokerage fee US share trading. Launching in mid-2020, Stake offers web and app-based trading, market insights and a choice of over 4,000+ investment options in the US market, with securities added weekly as new companies complete IPO proceedings.
• The platform charges a simple 1% FX fee on money translated from NZD to/from USD. With no trading fees, Stake offers frictionless re-investment of dividends avoiding the brokerage charges other platforms charge.

MoneyHub's editor Christopher Walsh says:
"Stake emulates the (best points of)  neo-brokers like Robinhood by offering 0% commission brokerage, no ongoing account fees and purposeful research tools. Stake has grown on the back of promoting its fee-free trade feature and is a serious player among New Zealanders focused on short and medium-term share trading, as well as long-term investing".

Hatch vs Stake: Please note, despite Hatch and Stake using the same dealer-broker, we believe Stake is very different by way of its consumer-facing product. Hatch, per their communications, is not a proponent of day trading, whereas Stake, with free trade fee, is geared toward investors who trade frequently (as well as invest for the long term).

Favourite Kids Investing Account - Sharesies (Kids Account)

Our view:

• The Sharesies Kids Account combines the best of Sharesies (4,000+ investment options, auto-investing and transparent brokerage fees) with the benefit of zero membership fees. 
• The choice of managed funds, New Zealand shares, US shares and (soon to be released) Australian shares offers unprecedented access to major local and global markets.

MoneyHub's editor Christopher Walsh says:
"Investment platforms turned their attention to kids in late 2020 and Sharesies' dedicated offering is unrivalled when it comes to diversification. Best of all, there's no ongoing fee and parents can help with auto-investing to compound potential returns. We welcome a platform that puts kids first".

Favourite Crypto Retailer - Easy Crypto

Our view:

• Easy Crypto offers a low-fee, simple-to-use cryptocurrency platform that provides a wide range of 109 coins. Easy Crypto has made the purchase of household names such as Bitcoin, Ethereum and Litecoin cost-effective and safe. 
  
• Unlike global cryptocurrency platforms like Coinbase, Easy Crypto is New Zealand owned and backed by a proven technical and support team.
  

MoneyHub's editor Christopher Walsh says:
"MoneyHub is risk-averse in every way, but we realise the need for New Zealanders to know about safe and trusted cryptocurrency platforms. Easy Crypto stands out as the most accessible to the wider New Zealand, removing the need for large buy-ins or foreign exchange conversions. While we would never advocate cryptocurrency as an investment, Easy Crypto provides a secure and low-fee platform to anyone wanting to get exposure to this popular (but unproven) asset class".

Leading ​KiwiSaver Schemes and Funds

KiwiSaver is our favourite investment product for so many reasons. We believe there is only upside for anyone who joins and contributes. The KiwiSaver plans and schemes below stand out where it matters and offer funds that set them apart from a very crowded market.

​Favourite Index KiwiSaver Growth Fund - Simplicity Growth

Our view:

• The Simplicity Growth Fund is one of KiwiSaver's lowest-fee option, and it's Simplicity's most popular fund, with over $1.1 billion invested in the fund as of 31 December 2020. The total Simplicity KiwiSaver funds totalled around $1.5 billion.
• The growth fund is similar to many other index-based growth funds offered by the banks and specialist fund managers. In that sense, it's not investing in anything unique. The main difference is it has the lowest fees, which means you'll have more in retirement (all things being equal). If you are comfortable with joining, contributing and riding the markets, the Simplicity Growth Fund is the most cost-effective KiwiSaver index fund on offer.

MoneyHub's editor Christopher Walsh says:
"Simplicity is arguably New Zealand's most talked-about KiwiSaver scheme, and its Growth Fund continues to perform alongside (or better than) many actively managed Growth Funds. With its rock-bottom management fees (0.31% p.a.) and $20/year member fee, the Growth Fund is focused on returns without judgement".

Favourite Active KiwiSaver Growth Fund - JUNO KiwiSaver Growth Fund

Our view:

• The JUNO Growth Fund launched in mid-2018 but has already outperformed many other actively-managed growth-focused funds, per Morningstar data.
• In no uncertain terms, the JUNO Growth Fund is all about maximising investor returns while being transparent about charging a single monthly fee.

MoneyHub's editor Christopher Walsh says:
"Right now, there are around thirty KiwiSaver growth funds, but JUNO's version is performing well ahead of the market, which makes it an attractive proposition. With the proven Pie Investments team overseeing the fund's performance, there is a proven record of investment management. We like that the fees are simple - there is one fixed monthly fee based on your fund size. You won't be charged membership fees, nor are there performance fees (both of which are common in high-performing actively-managed growth funds)."

Favourite KiwiSaver Innovation - Nikko AM (ARK Innovation Fund Launch)

Our view:

• Nikko AM KiwiSaver's introduction of a fund that invests into the US-listed ARKK Innovation ETF is innovative. Relatively unknown in New Zealand, the ETF is well-regarded (see this article on Fool.com), and ARK Investment Management has a notable track record.
• It's a wild ride with the highly volatile ARKK and returns are far from guaranteed. We consider Nikko AM's decision to launch a dedicated ARKK-based fund as the most innovative fund launch we have seen from KiwiSaver schemes.

MoneyHub's editor Christopher Walsh says:
"Nikko AM's innovated to meet the needs of KiwiSaver investors looking to go long on a dedicated US-based innovation fund, with recent holdings including Tesla, Square (ecommerce/payments), Zillow (online real estate) and Shopify (ecommerce), among other companies. Throughout 2020, the underlying ETF has produced strong results that are arguably unable to be repeated. However, we recognise Nikko AM's innovation by creating this tech-weighted KiwiSaver fund".

Favourite Aggressive Fund - Booster Geared Growth Fund

Our view:

• This specialist fund has a target to invest 99% of its money into growth assets (equities) while also borrowing money at a fixed interest rate to invest in shares. When it comes to KiwiSaver, we don't believe any fund is more aggressive in its mission.
• As of 31 December 2020, the fund was the top-performing Aggressive fund for 3, 5 and 10 years, per Morningstar data.

MoneyHub's editor Christopher Walsh says:
"If you are comfortable with taking an aggressive approach to your KiwiSaver retirement fund, the Booster Geared Growth Fund has a solid track record. It's not without its risks, and this is as far away from an index fund as you can get. Booster is a top-performing KiwiSaver scheme, with a solid track record. For those comfortable paying higher-than-average fees with the aim of earning above-market returns (and are happy to ride the markets), the Booster Geared Growth Fund is as aggressive as they come".

Favourite New KiwiSaver Scheme - Kōura Wealth

Our view:

• Kōura shares our belief that many New Zealanders have not set up their KiwiSaver correctly. Specifically, that people don’t have the right fund type and have not adequately considered their contribution rates to give them what they expect in retirement.
• Kōura's response to this is to offer digital advice; every kōura customer is told what their KiwiSaver outcomes will be before signing up, and kōura builds a personalised portfolio based on a person's retirement objectives, salary and stage of life.

MoneyHub's editor Christopher Walsh says:
"We like ANY KiwiSaver scheme that focuses on saving as much as possible - the problem is very few push this agenda. Its funds are index-based and you can mix and match to suit your retirement views. We believe most KiwiSaver members aren't saving enough, especially when compared to the retirement savings rates of Australia and the UK. If you want to control how much you retire with, rather than just arrive at a lump sum,  kōura helps you save the right amount.

Most Charitable KiwiSaver Scheme - Simplicity

Our view:

• Simplicity is a not-for-profit KiwiSaver scheme. Simplicity donates 15% of the fees charged to the Simplicity Charitable Trust, who chooses which charities receive the donations. which is over $1 million per year.
• As of March 2021, it had donated about $1.7 million to dozens of charities. 

MoneyHub's editor Christopher Walsh says:
"Simplicity is, at its heart, a charity that is committed to its investors (to minimise fees and maximise returns) while redistributing a non-insignificant amount of money month after month. Simplicity remains a popular KiwiSaver scheme which means as people contribute to it, and as it reports positive returns, its funds under management (i.e. total invested money) will increase. This will compound the dollar amount it can donate. This means great things for the charities Simplicity supports".

Favourite KiwiSaver Scheme - Milford

Our view:

• Milford is, arguably, New Zealand's KiwiSaver champion. With six funds and billions under management, there is no other scheme that reports consistently above-market and has such an extensive track record. Milford continues to make everyday New Zealanders wealthier with proven management and market-timing.

MoneyHub's editor Christopher Walsh says:
"It's hard to suggest a more robust, trusted and proven KiwiSaver scheme than Milford. With 10+ years of returns, Milford's investment managers have led the market and delivered strong returns for their KiwiSaver members. While we can't attest to any other awards, it is worth noting that Milford won Morningstar's New Zealand Fund Manager of the Year for 2021. For many reasons (including, but not limited to, fund performance, transparency, fund choice diversification, the management company's ownership structure and client communications), Milford is our favourite KiwiSaver scheme.

Leading Bank Accounts and Banking Products

New Zealand banks innovate on a spectrum - our favourite products listed below go beyond the norm and champion the consumer. It may come as less of a surprise that most of our favourite products listed below are provided by challenger banks. Nonetheless, we need more innovation in banking, and our list is recognition of the most cost-effective offerings.

Favourite Bank for Savings - Heartland Bank

Our view:

• Heartland Bank's YouChoose bank account consistently offers the highest everyday deposit interest rate, doesn't charge monthly account fees, allows unlimited withdrawals and deposits and unlimited use of an EFTPOS card.
• Interest rates are at record lows, but Heartland has stayed committed to offering a bank account that outperforms the competition.

MoneyHub's editor Christopher Walsh says:
"Most banks no longer focus on providing an attractive everyday savings account - Heartland Bank is the exception. Beyond offering consistent above-market deposit interest rates, Heartland protects account holders from sky-high overdraft fees by charging a flat 10% p.a. which is well below market". 

Favourite Student Bank Account - ASB Bank Tertiary Student Package

Our view:

• When some banks are cutting back on student account offerings, ASB remains the frontrunner and most innovative.
  
• With free account fees, free debit card and the option of a free credit card, there's a lot to like. Helpfully, the ASB app encourages account holders to track their spending, which will help form good money habits in the years to come.

MoneyHub's editor Christopher Walsh says:
"The ASB goes the distance for students, with fantastic benefits and a reasonably priced overdraft facility fee. Best of all, the ASB also has a number of branches, some on-campus, which makes university life a bit easier."

Favourite Bank for Kids - The Co-operative Bank Youth Account

Our view:

• The Co-operative Bank continues to pay above-market interest rates to young savers, and with these rates applying to balances up to $4,000, we believe this is very generous. 
• With free cards, varying levels of adult-control, and transaction sharing, the Co-operative Bank's Youth account is easily the best kids bank account in the market. 

MoneyHub's editor Christopher Walsh says:
"The Co-operative Bank's generous young saver interest rates have long been its signature drawcard for its kids accounts, but there's a lot more to like. Most parents would like to know where their children are spending their money, so parental access is part of the package. The innovative offering will help children to see the benefits of saving (with interest payments) and money management (with internet banking)". 

Favourite Credit Union - First Credit Union

Our view:

• We place a lot of weight on fees and fairness, hence our comfort in awarding First Credit Union our favourite Credit Union.
• First Credit Union is ideal for consumers looking for a better deal on deposits and loans. And despite only having a handful of branches, all products can be applied and activated online.
• First Credit Union does not charge account fees for loans and mortgages, making it highly beneficial to New Zealanders looking for help to get ahead.

MoneyHub's editor Christopher Walsh says:
"First Credit Union is a lender who does more for the consumer - with no early repayment fees for any loan, no loan application or issue fees and 100% re-investment of profits to help keep services affordable. Unlike most New Zealand banks, it doesn't pay fat dividends to shareholders. Instead, it helps the local community with more affordable services. We really like that anyone who takes a personal loan must also contribute at least $5/week to a savings account - this means every borrower finishes their loan with savings".

Favourite Money Transfer Service - Wise

Our view:

• Wise (previously TransferWise) is the leading money transfer service, a statement backed up by continuous MoneyHub research and data.
• Fast, transparent and easy - Wise has the customer at the centre of its service. Unlike bank money transfer services, Wise lets the sender and recipient track the delivery of a payment much like you would with a courier or tracked-parcel service. 
• The fees are low, the ways to pay are extensive and the speed near-instant for many currencies.

MoneyHub's editor Christopher Walsh says:
"​We believe Wise outperforms traditional money transfer services by delivering value for money, convenience and speed. Whether you are looking to make a one-off transaction or send money overseas regularly, Wise beats the banks and PayPal".

Leading Credit and Debit Cards

We believe most credit cards on offer lack rewards, have too high an interest rate and charge too much as an annual fee. However, for those who look, there are some value-adding credit cards on offer. We list the best of the best below.

Favourite Year-Round Balance Transfer Credit Card - ASB Visa Light

Our view:

• We consider ASB to offer the best year-round Balance Transfer credit card. 
• The card has a $0 annual fee, low interest rate (13.50% p.a.) to and 0% p.a. interest on any purchase of $1,000 for six months. 
  
• Balance transfers are 0% for six months.
  
• Banks always offer short-term balance transfer deals, but the ASB offers this year-round making it a dependable choice for many New Zealanders looking to step up financially with a fairer (0% vs 20%+ p.a. interest rate) option to help pay off credit card debt.
  

MoneyHub's editor Christopher Walsh says:
"Other banks routinely offer short-lived balance transfer deals to win new customers. The ASB, and full credit to them, offers their Visa Light 0% six-month balance transfer offer year-round. With a $0 fee, low long-term interest rate for purchases and six-months interest free on significant purchases, we believe this is a credit card that makes a difference. We don't often get enthusiastic about credit cards, but the ASB Visa Light is one of our favourites".

Favourite Airline Credit Card - Kiwibank Platinum Airpoints Visa

Our view:

• We consider this the best card for a number of purposes if you travel with Air New Zealand at least a few times a year. We see the card as a widely accepted all-rounder for anyone prepared to spend at least $20,000 a year on a credit card. 
• For overseas purchases, the card has a 1.85% fee on the New Zealand dollar amount when converted, which is lower than many other banks and American Express.
• In a nutshell, there are a number of perks - the card earns Airpoints at a high rate ($75 spent = A$1), offers status points, entitles cardholders to use the Koru Club ($30,000 spend = two single-use vouchers) and offers free international travel insurance. 
• The $150/year cardholder fee is on the higher-end, but if cardholders go overseas, the international travel insurance benefits offset that amount. This is a card where the more a cardholder spends, the more 'efficient' the costs of the card become, as the benefits (Airpoints, status points and Koru vouchers) add up.

MoneyHub's editor Christopher Walsh says:
"The Kiwibank Platinum Airpoints Visa is a long-standing achiever, earning a generous amount of Air New Zealand benefits from every spend. It won't be for everyone, but our view is that its ease of use and benefits meet the needs of every New Zealander who wants a card accepted everywhere".

Favourite Rewards Credit Card - The American Express Platinum Edge Card

Our view:

• Banks in New Zealand are notoriously stingy with cashback and rewards, but American Express offers significantly better value when redeeming its Membership Reward points for credit (this equals up to 1.50% cashback, which is more than double other cashback-focused cards). 
• Better yet, if you don't want cashback, American Express lets you use the points you earn to travel; cardholders can redeem points for vouchers at Bunnings, Countdown, Event Cinemas, Harvey Norman, New World, Westfield, Z Energy and other known retailers.
• Beyond this, the annual $149 card fee entitles the cardholder to one free return flight (annually) to anywhere in New Zealand, arguably worth more than $149 if you flew Auckland to Queenstown etc. Add on insurance benefits and this card delivers a lot of value for its annual fee.

MoneyHub's editor Christopher Walsh says:
"We're big fans of the American Express Platinum Edge Card for many reasons. No other credit card offers so much flexibility and generosity, and as more major retailers take American Express, cardholders will compound their rewards and cashback without friction. The free annual domestic flight is an added perk to make this the ultimate rewards and cashback credit card for anyone earning over $50,000 a year".

Favourite Low-Interest Credit Card - Kiwibank Low-Interest Visa

Our view:

• Kiwibank has reliably led the market with its low-interest credit card offering, and their Low-Interest Visa is as transparent as credit cards can be. 
• Cardholders won't earn awards, cashback or any kind of points, but they do get a record-low interest rate (currently 9.95% p.a.) and a low annual fee.

MoneyHub's editor Christopher Walsh says:
"This is our favourite credit card for anyone who needs a credit card but, for whatever reason, can't always clear the balance. We believe that the low-rate is, by definition, a low rate and a very fair one considering most others charge a circa 20% p.a. interest rate. The low annual fee makes the card an affordable option".

Favourite No Annual Fee Credit Card - The American Express Airpoints Card

Our view:

• Free credit cards usually don't offer much, but the American Express Airpoints Card is the exception. Cardholders earn A$1 for every $100 spent, which can be used on flights or at the Airpoints Store (which has thousands of reward options). 

MoneyHub's editor Christopher Walsh says:
"American Express' free credit card generously offers a 1% reward rate, unrivalled among other card issuers. While it is an Airpoints-earning card, the choice of awards offered is extended to cover thousands of options via the Airpoints online store. The card has a lot of power and no annual fee, and an interest rate that's in line with the market".

Favourite Travel Debit Card - Wise Platinum Mastercard

Our view:

• Wise's borderless debit card beats every bank-issued debit card with the lowest FX conversion charges. 
• Right now, banks charge between 2.10% and 2.8% of your purchase price in 'overseas currency conversion' fees when using a debit card. This means if you spend NZ$100 overseas, your bank charges you $2.10 to $2.80 on top of that. It is these fees that soon add up.
• The Wise debit card offers a much better deal. For popular currencies such as AUD, GBP, USD and EUR, you'll pay around 0.50%. Additionally, you can withdraw up to NZ$350 free every 30 days from ATMs around the world free of charge.

MoneyHub's editor Christopher Walsh says:
"We do not know of a better debit card that offers cardholders so much for so little. New Zealanders are routinely charged too much in fees when paying in foreign currency, whether it be online or while travelling overseas. Wise delivers a solution that cuts the fees, gives you an app to track/block/review your card use, and no-ATM fees (within limits). It's a perfect card for anyone in New Zealand or looking for the ultimate travel money card without the fees, risk and inconvenience".

Leading Personal Loan Products and Credit Services

Personal lenders in New Zealand offer rates and service from excellent to terrible, and sadly, there is far too much of the latter. MoneyHub continues to be approached by lenders with appalling reputations for 'promotion' - we would never provide coverage to lenders who directly or indirectly damage the communities they operate in. 

Thankfully, there is a handful of personal lenders who excel at looking after their customers. For example, one lender (Lending Crowd) offers secured loans with interest rates as low as 5.03%. Another lender (First Credit Union) doesn't charge application fees or early repayment penalties. Our shortlist below recognises those we believe have the borrower of the consumer at heart.

Favourite Peer to Peer Lender - Lending Crowd

Our view:

• Lending Crowd continues to drive down the cost of borrowing, advertising (and, more importantly, issuing) hundreds of loans every month with interest rates as low as 5.03% p.a. 
  
• With a 100% online process, Lending Crowd rewards those with good credit with laser-targeted interest rates that boost a borrower's affordability.

MoneyHub's editor Christopher Walsh says:
"It's arguable that Lending Crowd is New Zealand's best personal lender despite the fact most people haven't heard of it. We hear Lending Crowd talked about by other finance companies who are all too aware of its ability to craft a niche and help those with strong affordability. Borrowing is, generally, expensive - Lending Crowd continues to impress us with how they operate".

Favourite Car Loan Lender - Simplify Loans

Our view:

• Simplify is a specialist broker who works with a number of lenders (including Heartland Bank) to get the best car financing. 100% online, we think their transparent approach makes financing a car easier. 
• Simplify isn't all things to all people - it's 100% car-lending focused. 

MoneyHub's editor Christopher Walsh says:
"Simplify doesn't muck around with debt consolidation, personal lending or lifestyle lending. Instead, it delivers affordable car loans to hundreds of New Zealanders every month. We routinely hear from MoneyHub users about their (positive) experiences - rare in an industry which has historically not been the most transparent".

Favourite Personal Lender - First Credit Union

• First Credit Union is ideal for consumers looking for no-fee personal loans, with $500 being the minimum balance.
  
• We're fans of the fact that First Credit Union refuses to charge account fees - almost unheard of in the personal loans space.

MoneyHub's editor Christopher Walsh says:
"First Credit Union's personal loans put the customer first - with no early repayment fees, loan application or issue fees and branch service available (if you live locally in Waikato and the Bay of Plenty). We really like that anyone who takes a personal loan must also contribute at least $5/week to a savings account - this means every borrower finishes their loan with savings in the bank to help them on their financial journey".

Favourite Online Lender - Harmoney

Our view:

• Harmoney is arguably the go-to lender for middle New Zealand, carving out its place as a mass-scale online lender. Unlike banks and traditional lenders, applications are made online and only take a few minutes. Loan approvals are provided within 24 hours, giving borrowers certainty about the interest rate charged.
• Harmoney markets itself by saying it offers "Total transparency and no sneaky business". We agree with this comment; Harmoney is upfront with its interest rates and fees, borrowers can make early repayments without penalty, and access loan balances 24/7 via the Harmoney website.

MoneyHub's editor Christopher Walsh says:
"We like lenders that provide highly competitive interest rates and fixed fees - Harmoney champions this in the mass market. Harmoney innovated personal lending when they launched in 2014 with yes/no assessments within 24 hours, and their reputation and customer loyalty has seen them exponentially grow their reach. Other mainstream lenders struggle to offer the rates and deliver the speed of Harmoney".

Leading Insurance Providers

Insurance is a tricky market - there is no "best" car insurer, nor is there one insurer who always offers the lowest prices for home and contents. For this reason, it's impossible to single out one provider in crowded markets such as car, home and contents. Instead, we've listed our favourite insurers (and products), which go beyond the standard policies and deliver real value and benefits to a policyholder.

Car Insurance Innovation - ​GoCarma by Tower

Our view:

• GoCarma by Tower is the first driving app to reward safer drivers a lower excess. While it can be confronting to allow a third-party app to track your driving, the data is not used in any way other than to lower your insurance excess and give rewards.
• Each trip is given its own score, and your overall score is recalculated and updated after each trip. The app uses averages to show an overall score of up to 100 based on your driving habits.
• You're measured on your acceleration, braking, cornering, exceeding the speed limited, and mobile phone use.

MoneyHub's editor Christopher Walsh says:
"Excesses heavily influence the annual cost of an insurance policy. Tower's innovative GoCarma app allows policyholders to discount any potential excess costs by doing one thing - driving well. With up to $300 excess reduction offered for the best drivers, policyholders who consistently drive carefully will get a lot of upside should they later need to claim. Insurance isn't an industry that's innovated too often in New Zealand, but we believe GoCarma is a strong signal of things to come".

Favourite Pet Insurer - Petplan

Our view:

• Pet Insurance costs vary depending on an animal's age, health and cover required. Petplan has simplified pet insurance and presents its policy inclusions clearly. While our sample pricing is limited, Petplan continues to, in many cases, outperform other pet insurers.

MoneyHub's editor Christopher Walsh says:
"Deciding on a favourite insurer is, for most products, impossible. Pet insurance is not different, given the various cat and dog breeds, ages, locations and pre-existing health. Despite this, Petplan dominates the New Zealand pet insurance market and, based on everything we've seen, read and heard, it's a position we believe it deserves to be in. Unlike many other pet insurers which charge a co-payment to process a claim, Petplan does not (except for older animals, i.e. above 8 years of age). Petplan's commitment to $150 excesses means there are no surprise bills should disaster or tragedy strike a loved pet. The fixed excess anticipates an already stressful time, and reduces the financial worry".

Favourite Dental Plan Provider - Lumino

Our view:

• Lumino offers a $299/year plan, which includes two standard hygiene visits, one exam and x-ray appointment and a fixed discount on any additional dental work required. 
• Dental costs have, historically, lacked transparency. Lumino's approach is to offer essential services for a fixed annual price. 

MoneyHub's editor Christopher Walsh says:
"Lumino innovates with its My Dental Plan, with a cost of less than $1/day. While the annual fees charged don't include dental work, Lumino's reputation supports its position as a trusted dentist with practices all over New Zealand. While it's reasonable to believe Lumino's My Dental Plan is a revenue and loyalty generator, the pricing of the services is discounted and offers identifiable value for money. Preventative dental care keeps teeth healthy, but a trip to the dentist is often something that is routine to most New Zealanders. Lumino's approach is to make sure plan holders regularly visit their local practice to pre-empt any dental problems before they become big issues".

Leading Phone and Mobile Plans

We know one thing - the cost of phone plans varies significantly between providers despite the services being nearly identical. For this reason, we have one favourite provider that specifically targets the consumer market. That provider is Skinny. 

Favourite SIM-only Mobile Network - Skinny

Our view:

• Skinny offers several different plans, all rolling 7-day and 28-day plans that run off the comprehensive Spark mobile network.
• We like the fact that tethering is permitted within your data allowance, you can keep your existing number, and you can roll over unused data. 

MoneyHub's editor Christopher Walsh says:
"Skinny is, arguably, a five-star service at a 2-star price and a welcome alternative to the established network operators. Customer service is largely web-based (although there is a free phone to call). Skinny delighted its customers over the 2020-21 summer with free data weekends. We see Skinny gaining market share with its first-rate product, and it deserves to do so".

Leading Consumer Finance Services

We showcase the best and most-helpful consumer services that champion the consumer and are offered for no cost. From budgeting apps, 0% interest loans to comprehensive support, these providers go above and beyond by delivering a high-quality service with nothing but benefits to its user.

Favourite Budgeting App - mybudgetpal by Booster

Our view:

• mybudgetpal is New Zealand's answer to the popular overseas budgeting app Mint, and is provided free of charge without any limitations. 
• It syncs with your bank account(s) every day and automatically sorts your transactions into expense categories. This means you can have a single view on where you're spending your money - we believe that spending limits and seeing where your money goes, helps change behaviour (for the better).

MoneyHub's editor Christopher Walsh says:
"mybudgetpal is free for everyone, regardless of whether you're a client of Booster or not. MoneyHub users repeatedly tell us how great it is, and what matters most to us is that there's no tie-in to any bank, nor do you need to pay for it. New Zealand is expensive and money needs to be allocated carefully - mybudgetpal avoids the bore of a spreadsheet and makes it app-tastic. We rarely get this excited about a budgeting tool, but in this case the product is so authentic we've made an exception". ​

Favourite Assistance Service - Citizens Advice Bureau

Our view:

• CAB branches can be found all over New Zealand, providing a scope of service that helps those who need it. 
• Beyond in-person assistance, CAB offers a freephone service, a resource-rich and up-to-date website and email/online chat support.

MoneyHub's editor Christopher Walsh says:
"The Citizens Advice tirelessly helps millions of New Zealanders every year via its on-site and online service. The scope of knowledge their teams cover is endless, including consumer, employment and business, family and personal, government and law, health and wellbeing, housing, land, money, travel and transport. The team at MoneyHub routinely refers users to CAB knowing that they'll be in the best hands".

Favourite Money Management Service - The Ngā Tāngata Microfinance Trust

Our view:

• The Ngā Tāngata Microfinance Trust offers 'no interest loans' (‘NILS’) which can be used to make asset purchases, and debt relief loans (‘DRLS’) which are used to help ease the burden of excessive debt.
• The debt relief loans are to a maximum of $3,000, with capital generously provided by Kiwibank.
• The applicant must pay back the loan in full within two years, and they must have been working with a budget advisor for at least six months.

MoneyHub's editor Christopher Walsh says:
"The Ngā Tāngata Microfinance Trust is an unsung hero for many New Zealanders struggling to get on top debts. Their small team, powered by Kiwibank consistently provides safe, fair and affordable loans that change lives. Their service continues to help low-income New Zealanders get ahead in life without the problems of crushing personal debts.