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2024 Editor's Choice Awards

We Recognise New Zealand's Leading Financial Products and Services in this Dedicated Guide.
Updated 19 August 2024

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, most innovative offerings and top services as of August 2024.

Our Editor's Choice Awards Highlight the Best Products from MoneyHub's Research and Guides
  • Our Editor's Choice Awards 2024 result from countless research hours going 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.​

​2024 Editor's Choice Awards

Our Editor's Choice Awards cover nine categories:
  1. ​Investing Platforms
  2. ​KiwiSaver Schemes and Funds
  3. Money Accounts, Bank Accounts and Banking Products
  4. ​​Credit and Debit Cards
  5. Personal Lending
  6. ​Insurance
  7. Money Management and Consumer Finance Services​

1. 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 long term with innovative and cost-effective offerings.

Favourite US Investing Platform - Hatch

Our view:
  • Hatch Invest offers an easy-to-use platform with 7,000+ investment options in the US market, all supported by an experienced and trusted New Zealand team. 100% Kiwi-owned and backed by FNZ, investors have the peace of mind Hatch is in it for the long haul.
  • The platform charges a simple USD3 per trade and a 0.50% FX fee, so investors holding for the long term avoid relatively higher fees on FX and brokerage when selling.
  • Hatch gives you a 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 many 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 maximising 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 numerous sector-based index funds, covering everything from New Zealand commercial property, global infrastructure, green investing to electric vehicles. With super low fees, innovative funds and a team who educates and informs, Kernel Wealth has innovated index investing beyond traditional ETFs and NZX trackers.

MoneyHub's editor Christopher Walsh says:
"Is there a more proactive online fund manager than Kernel? We've been super impressed since their innovative 2019 launch, and five years later with over 1 billion dollars invested, they are not slowing down their introduction of funds and features.

Beyond various index funds, they also offer a cash fund (PIE, of course) that lets investors park their money and earn interest, something you won't see on some popular share apps, and the launch of new funds that cover what's important. Kernel is committed to low fees, education and fund choice – we love what we've seen and feel there's much more to come".

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. We're also thrilled to see a proactive launch of low-fee Vanguard funds, outlined in a dedicated guide, and earning InvestNow a dedicated award as a result.
  • 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 its offering, and it 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 leading low-cost investing service available in New Zealand".

Favourite Fund Innovation - The InvestNow Foundation Series

Our view:
  • Vanguard funds are widely known overseas but, until recently, not that cheap to invest in from New Zealand. However, the arrival in 2023 of the InvestNow Foundation Series has changed that, with two popular funds being available for record-low fees (0.03% for the ​Foundation Series US 500 Fund and 0.07% for the ​Foundation Series Total World Fund).
  • In 2024, we're thrilled to see these funds feach more New Zealanders and support InvestNow's mission to ensure low-priced funds that track the US economy.

MoneyHub's editor Christopher Walsh says:
"InvestNow offers Vanguard funds with fees that align with the underlying Vanguard ETFs; investors can take advantage of Vanguard’s super low annual fees. Furthermore, because they're Portfolio Investment Entity (PIE) funds, investors earning at higher tax rates can benefit from tax efficiencies compared to directly investing in the same Vanguard ETFs.

The fee structure of the two Foundation Series Funds is highly beneficial for those investors with a multi-year investment horizon, as the benefits of the super-low annual management fees, competitive one-off transaction fees alongside the tax advantages of the PIE structure means that the after-fees-and-tax returns (or the returns that you as an investor get to keep) will be some of the highest out of all Vanguard investment options available to New Zealanders".

Favourite Low-Cost Shares Platform - Tiger Brokers (NZ)

Our view:
  • Tiger Brokers (NZ) is a low-cost broker. Currently, the broker offers USD0.0099 per share commissions, 0.35% FX fees and free level-2 data on US-listed shares and ETFs. For US shares, it's a lower-cost alternative to Hatch, Sharesies, Stake and Interactive Brokers.
  • The company offers access to US, Hong Kong, Singaporean and Australian stock markets and China A-Shares. Altogether, over 7,000 shares are listed on the platform.
  • Full US trade comparison pricing is published by Tiger Brokers (NZ) here.

MoneyHub's editor Christopher Walsh says:
"Tiger is focused on US investing, and at a time when some other platforms have raised their fees, Tiger Brokers is around half the cost of its nearest competitor for stock trades. Unlike overseas apps, which can offer even cheaper fees, Tiger Brokers is one of the few global players regulated and licenced in New Zealand. It focuses on delivering low fees to global market investors looking to build wealth."

Favourite Crypto Retailer - Easy Crypto

Our view:
  • Easy Crypto offers a low-fee, simple-to-use cryptocurrency platform that provides a wide range of 100+ 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".

2. ​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 KiwiSaver Innovation - InvestNow KiwiSaver Scheme

Our view:
  • InvestNow doesn't charge an annual membership or administration fee, just the fund management fee (which ranges based on the fund). 
  • There is a choice of dozens of funds (both active and passive), and you can invest in as many (or as few) funds as you want. InvestNow does not manage funds; managers include well-known investment companies such as Castle Point, Fisher Funds, Harbour, Hunter, Milford, Mint and Russell Investments, with many funds previously unavailable to KiwiSaver investors.
  • The scheme will appeal to people who want a range of funds to diversify or because they like the underlying funds.

MoneyHub's editor Christopher Walsh says:
"There's a lot to like about InvestNow KiwiSaver, and we believe it has strong appeal for the DIY investor types who want more control of where their money goes. We also like that InvestNow doesn't charge the annual membership or administration fee and gives access to exclusive fund managers who don't offer their funds to KiwiSaver outside of InvestNow members".

Favourite New KiwiSaver Scheme - Kernel KiwiSaver

Our view: Kernel has been a pioneer of returns-focused index investing, and its KiwiSaver scheme closely follows the principles of its fund management origins. Kernel's unique and low-fee funds are available to KiwiSaver members, which offers investors a huge choice. Members can also pick and mix funds to create a portfolio that meets their needs. 

MoneyHub's editor Christopher Walsh says:
"Kernel KiwiSaver is highly innovative. We're delighted to see this KiwiSaver scheme win again in 2024 given its popularity with existing Kernel investors and those prepared to switch their KiwiSaver. Low fees, vital funds and a user-friendly online experience position Kernel to attract a wide member base every day".

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.
  • As of August 2024, it had donated over eight million dollars to dozens of charities. 

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

Favourite Ethical KiwiSaver Scheme - Pathfinder KiwiSaver Scheme

Our view:
  • Pathfinder offers ethical investing and charitable in a way that has seen its funds under management grow to an all-time high.
  • The Pathfinder KiwiSaver Growth fund was the third top-performing Growth Fund for three years ended 30 June 2024, evidenced in the June 2024 Morningstar Reports.

MoneyHub's editor Christopher Walsh says:
"Pathfinder isn't a KiwiSaver scheme that went 'green'. Its genesis was ethical investing at a time when SRI was barely mentioned. It's also an actively managed scheme and its Growth Fund has delivered a super-strong three-year performance. There's a lot to like about Pathfinder KiwiSaver, and we are pleased to see they are leading the way in ethical investing".

Favourite Member-Focused KiwiSaver Scheme - MAS KiwiSaver Scheme

Our view:
  • MAS KiwiSaver offers seven KiwiSaver funds with the aim of delivering market-beating returns by outsourcing management and investing to decision to trusted external managers.
  • Unlike schemes like Milford, Fisher Funds and Pie Funds, MAS doesn't employ in-house investment managers, which likely keeps costs (invariably passed on to the investors) lower. Fund industry giants JBWere, Blackrock, Bancorp and Hunter Investment Management make all investment decisions.
  • Most KiwiSaver schemes have two fees - an annual membership fee (usually a flat amount of money) and an annual management fee (usually a percentage of your fund balance). MAS KiwiSaver has one fee - just the annual management fee.

MoneyHub's editor Christopher Walsh says:
"MAS KiwiSaver is one of the best-kept KiwiSaver secrets, with over $1.3 billion invested as at 30 June 2024 per Morningstar data. Its early years saw it innovate and grow the pension funds of tens of thousands of medical professionals, but now it's open to every New Zealander looking for proven returns, competitive fees and highly engaging communications.

MAS is a "mutual society" - this means each customer becomes a MAS member. All profits are held for the benefit of the community and members. This differs from many other KiwiSaver schemes, which charge fees and report high profits (and pay staff and owners very high salaries).

Members benefit from free counselling sessions, speaker circuit talks and discounted financial products; we look forward to more innovations from a scheme that operates with its members' interests first".

3. Money Accounts, Bank Accounts and Banking Products

New Zealand banks innovate on a spectrum - but there are alternatives to banks who offer similar products and services that champion the consumer. Our list recognises the most customer-focused and cost-effective offerings.

Favourite Student Account - Booster Savvy

Our view:
  • Savvy is our Favourite Student Account Winner for 2024 and is designed to meet students' unique financial needs.
  • It functions as an interest-paying transactional account and offers comprehensive spending-tracking features. These help monitor spending habits by categorising expenses, providing insights into spending patterns, and highlighting areas where costs can be cut.
  • Being a student means lots of money flowing in and out of an account from various sources and destinations. With Savvy's detailed reports and visualisations, Savvy customers can easily see where their money is going and make informed decisions to improve their financial habits.
  • As a student, managing finances is critical - saving money and tracking expenses helps avoid debt and maximise a typical student's limited resources.
  • When most banks are cutting back on student account offerings, Booster Savvy offers something so useful for students we are thrilled to see it launch.​

MoneyHub's editor Christopher Walsh says:
"Booster Savvy is not merely a student account but a financial revolution for students. Offering substantial returns on transaction accounts and incorporating extensive features that aid in personal financial management, Savvy has set a new benchmark in the student banking sector. It exemplifies our commitment to promoting products that meet but exceed student expectations regarding value, functionality, and innovation."

MoneyHub recognises Savvy for its forward-thinking design and exceptional benefits tailored for students. By combining robust financial tools with an easy-to-use digital interface, Savvy supports everyday student financial needs and encourages a savvier approach to saving and spending. It's more than just a student account; it's a comprehensive financial management tool that aligns with modern student needs and expectations".

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 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 Debit Card - Booster Savvy

Our view:
Booster Savvy redefines everyday banking by merging the convenience of a debit card with the profitability of an investment fund. This product stands out for its innovative approach to daily financial transactions, making it a beacon of financial innovation in New Zealand. Unlike traditional bank accounts that typically offer minimal or no interest on transaction balances, Savvy introduces a high rate of return at 5% p.a., making every dollar work harder for the user.

Highlights:
  • Return on Every Dollar: Unlike typical transaction accounts, Savvy offers a remarkably high interest rate, which is reviewed monthly to ensure competitiveness.
  • Digital-First Convenience: With the entire service managed via a dedicated app, users enjoy full control over their finances from anywhere, anytime.
  • Innovative Features: Features like 'Boost' for automatic savings and 'Sweep' for optimising leftover pay set Savvy apart in promoting effective money management.
  • Accessibility: No minimum investment required, and the ability to earn interest on every cent makes it accessible to everyone, irrespective of their financial standing.

MoneyHub's Editor, Christopher Walsh says:
"Booster Savvy is not merely a financial product; it is a financial revolution. Offering substantial returns on transaction accounts and incorporating extensive features that aid in personal financial management, Savvy has set a new benchmark in the financial sector. It exemplifies our commitment to promoting products that meet but exceed consumer expectations in terms of value, functionality, and innovation."

MoneyHub recognises Savvy for its forward-thinking design and exceptional user benefits. By combining robust financial tools with an easy-to-use digital interface, Savvy supports everyday financial needs and encourages a savvier approach to saving and spending. It's more than just a debit card; it's a comprehensive financial management tool that aligns with modern consumer needs and expectations".

Favourite Money Transfer Service - Wise

Our view:
  • Wise 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 is 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. So whether you want to make a one-off transaction or send money overseas regularly, Wise beats the banks and PayPal".

4. 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 leading options below:

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

Our view:
  • We consider ASB to offer the leading year-round Balance Transfer credit card. 
  • The card has a $0 annual fee, a low-interest rate (13.50% p.a.) 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, offer their Visa Light 0% six-month balance transfer offer year-round. With a $0 fee, a 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 - The American Express Airpoints Platinum Card

Our view:
  • The numbers don't lie - $70 spent gives cardholders 1 Airpoints Dollar, whereas, with bank-issued platinum cards, you'll spend about double to get the same Airpoints Dollar. 
  • The card also offers lounge passes (four per year), a treat that bank-issued cards discontinued in 2022 and early 2023 as part of their 'enhancements'.
  • The card is competitive for anyone needing to top up status points to renew Air NZ Gold or Gold Elite, providing a great tailwind to reach the 810/1350 point thresholds (assuming sufficient qualifying flights are taken).
  • Add in travel insurance benefits and a sign-up bonus, and it's easy to be convinced that the $195 annual fee offers a lot of value, given all the benefits and earning potential.

MoneyHub's editor Christopher Walsh says:
"Banks have scaled down what they offer regarding airline credit cards; we consider this the leading Air New Zealand card, bar none, for any of the 500,000+ New Zealanders with a 'platinum' card".

Favourite Rewards Credit Card - The American Express® Gold Rewards Card

Our view:
  • Banks in New Zealand are notoriously stingy with cashback and rewards, and this was before the 2022-2023 downgrade of rewards. American Express offers much 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.
  • With $200 annual dining credits, free domestic and international travel insurance (when you use your card to book the flights), a one-off $200 statement credit on signing up and AMEX's protection for chargebacks, it's a leading rewards card that banks cannot compete with.

MoneyHub's editor Christopher Walsh says:
"We're big fans of The American Express® Gold Rewards 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 travel insurance and annual dining credit are added perks to make this the ultimate rewards credit card for anyone who likes to dine out and travel locally or overseas".

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, no annual fee, and an interest rate in line with the market".

Favourite Travel Credit Card - Flight Centre Mastercard

Our view:
  • The Flight Centre Mastercard is an innovative product that gives travellers rewards for everyday spending which can be seamlessly redeemed against your next travel booking with Flight Centre.
  1. We are fans of the fact the card has no international transactions and currency conversion fees, which means you won't pay any FX fees (saving you around 2% compared to most other credit cards).
  2. Straightforward reward system for earning and redeeming - cardholders earn 1.00 Flight Centre Reward for every NZ$150 spent at any retailer that accepts Mastercard in NZ, 1.00 Reward for every $100 spent internationally and 2.00 Rewards for every NZ$150 spent at Flight Centre NZ.
  3. And, you can spend rewards on ANY airline, hotel or travel package booked through Flight Centre.
  4. Redeeming is easy; Flight Centre credit is automatically deducted from any Flight Centre purchase made with the card. Flight Centre reward credit is valid for three years. 
  5. It also gives you room to breathe with long term interest free deals in-store at Flight Centre and thousands of participating retailers throughout New Zealand.

MoneyHub's editor Christopher Walsh says:
"A credit card that offers free FX fees and a 1.33% rebate on Flight Centre bookings is a win-win. New Zealanders can spend $15,000+ on a trip of a lifetime before leaving New Zealand and get a $200 credit for future travel at a time when bank credit card rewards have been scaled down, makes this our favourite travel card. Flight Centre launched this card in 2018 (per our research published in interest.co.nz) and continues to lead the market with a Mastercard that offers excellent value. There's a lot to like about this card".

Favourite Travel Money Card - Wise Debit Card

Our view:
  • Wise's borderless debit card beats every bank-issued debit card with the lowest FX conversion charges. 
  • Right now, banks charge a good percentage (averaging around 2%) of your purchase price in 'overseas currency conversion' fees when using a debit card. This means if you spend NZ$100 overseas, most banks will charge you around $2 on top of that to spend your money. 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.
  • Our popular video has been viewed thousands of times and is proof of the best-in-class product Wise offers.

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 has 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".

5. Personal Lending Products

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 Car Loan Lender - Simplify Loans

Our view:
  • Simplify is a specialist broker that works with several lenders (including Heartland Bank) to get the cheapest car financing for its customers. 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".

6. 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.

While some insurers sit back and sell policies and process claims, our list below recognises the innovation that is helping everyday New Zealanders get a better deal.

Home Insurance Innovation - ​Initio

Our view:
Initio has developed technology to give prospective customers a high-quality insurability assessment and property premium in under six seconds. This has helped New Zealanders using our hard to insure areas and insurance risk guides.

MoneyHub's editor Christopher Walsh says:
"The cyclone and flood devastation in early 2023 highlights the need for insurers to prioritise technology for claims and risk-pricing. Further to this, immediate quotes for renewals and new policies are crucial for customers to compare and save. Initio, an insurer at the forefront of technological innovation, has received industry award nominations  for its quoting and claim technology advancements. Insurance seldom experiences innovation unless necessary.

​Initio is future-focused and propelling the industry forward to enable ordinary New Zealanders to obtain insurance pricing as swiftly as possible."

7. Money Management and Consumer Finance Services

We showcase the most helpful services that champion the consumer and are offered for no cost. From budgeting apps and 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 of 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. Unfortunately, the Auckland Council does not fully recognise the CAB for its excellence given the planned funding cut"

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 a to maximum of $3,000, with capital generously provided by Kiwibank.
  • The applicant must pay back the loan in full within two years  and have worked 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 repay debts. Their small team, supported 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.