Free Financial Products that Have Valuable Benefits
We list eight financial products that don't charge ongoing fees and offer valuable benefits.
Updated 14 March 2023
New Zealand's living costs continue to rise while wages remain steady. We believe insurance costs, credit card interest rates and housing costs are some of the highest in the world. However, not everything costs - we've published this list of free financial products that offer everyday benefits and don't take an upfront fee for doing so.
To generate the list, we combed hundreds of MoneyHub guides. However, we always want to improve - if you know of any free financial products we're not aware of, please contact our research team.
Our current list of valuable and free financial products is as follows:
New Zealand's living costs continue to rise while wages remain steady. We believe insurance costs, credit card interest rates and housing costs are some of the highest in the world. However, not everything costs - we've published this list of free financial products that offer everyday benefits and don't take an upfront fee for doing so.
To generate the list, we combed hundreds of MoneyHub guides. However, we always want to improve - if you know of any free financial products we're not aware of, please contact our research team.
Our current list of valuable and free financial products is as follows:
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Air New Zealand Airpoints MembershipAir New Zealand Airpoints is arguably one of New Zealand's best loyalty schemes. Best of all, it offers 6,000+ award choices via its Airpoints Store so you're not limited to redeeming your balance for flights or hotels. Airpoints has 50+ partners, including Z, New World, Mitre 10 and insurers such as Tower and AIA. You can also grow your Airpoints Dollars balance by flying Air New Zealand (or a partner airline) and spending using an Airpoints-earning credit card (such as the free American Express Airpoints Card below).
Airpoints are valid for four years before they expire which means there's plenty of time to earn an award. Best of all, the Airpoints store has awards starting from around 15 Airpoints Dollars, so you don't need to spend a lot to get something back. Related guides and links:
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Airpoints Card by American ExpressMost credit cards charge an annual fee, meaning you need to pay to spend your money via card. We also don't like the interest rates charged if you're late paying your balance. For these reasons, we are fond of any credit card which refrains from charging an annual fee.
The American Express Airpoints Card is the only credit card in New Zealand that's free to hold and pays a reward as a percentage of your spend. As the name suggests, cardholders earn Airpoints Dollars at a rate of $100 spent = 1 Airpoints Dollar. We believe this card offers significant benefits beyond many bank-issued credit cards that typically charge annual fees ranging from $50 to $150. The American Express Airpoints Card in a nutshell:
How do I get this free credit card? Visit American Express or read our review of American Express cards. |
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Kids bank accounts and investing platformsOpening a savings account for your kid is a great way to teach money management skills and start him or her on the way to financial success. The best savings accounts for kids have high interest rates and zero fees. They also have tools for parents to help their kids set goals and watch their money grow.
Right now, all New Zealand banks offer a fee-free account. This means no monthly account fees, free New Zealand ATM withdrawals and teller deposits. Interest rates range from 0% to 2.00% p.a., indicating a significant range in benefits and features. A bank account for a kid is a zero-cost investment that has many life-shaping benefits. If you want to set up an investment platform for a child, there are three kid-specific options. Hatch and Sharesies are free to join and charge transaction fees, whereas InvestNow's platform is free but doesn't offer as many investment options:
How do I get a free Kids bank account and/or investing service? Visit our Best Kids Bank Accounts review and Investing for Kids guide. |
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mybudgetpal by BoosterThere are hundreds of budgeting tools but very few sync with New Zealand bank accounts, and those that do often charge a subscription. One budget tool does not - Booster's mybudgetpal. It's simple to set up and not only is it free, we believe seeing how it analyses your expenses will shape behaviour to save you money.
mybudgetpal gives you a complete view of your finances; it tracks your spending so you can compare spending over different periods and isolate areas or habits that need attention. The app makes spending limits are feature (meaning you have a direct line of sight to where your money goes). How do I get this free tool? Visit Booster mybudgetpal (please note, the tool is an online app and is not available on the Apple App Store or Google Play). |
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Robo KiwiSaver advice (by Milford KiwiSaver Plan and kōura KiwiSaver Scheme)Robo advice tools are similar to having a financial advisor - they ask you questions and suggest how you should invest. The difference is they're free to access. We've reviewed the tools available in New Zealand and two stand out as offering something of value. We believe that everyone should be able to access financial advice regardless of income or assets, and robo advice tools make this possible.
There has been a recent emergence in digital KiwiSaver advice to take the subjectivity out of traditional financial advisory. These tools are provided either by specialist platforms or KiwiSaver schemes. We like them because they give you a financial report that helps you to make important decisions for your future. How do I get free robo advice?
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Free Streaming ServicesSubscriptions to streaming services can add up. Netflix, Amazon Prime, Sky Go, Neon and Apple+ are affordable individually but having two or three can cost you $400+ a year. While not a "financial product" per se, reducing your monthly streaming costs will make a difference to your finances.
There are quite a few streaming services that don't have any ongoing charges - TVNZ, Threenow, Kanopy, Māori Television, NZ on Screen and Tubi. Together there are thousands of movies and TV shows to select from and the adverts are minimal. How do I get free streaming services? Visit our list here and sign up for services that suit you. |
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Free Debit Card for FX TransactionsRight now, banks charge between 2.10% and 2.80% 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 most currencies (i.e. AUD, GBP, USD and EUR), you'll pay around 0.50%. It's a popular card that has benefits in New Zealand and, when travel resumes, for saving money when travelling overseas. The Wise debit card is easy to sign up to and packed with features. We see it as very similar to a travel money card, but cheaper in seemingly every sense. How do I get this debit card? Apply via Wise.com Important - there is a one-off $14 charge to issue the Wise debit card which covers postage and account setup. After you pay the $14, there is no further ongoing charge (i.e. when the card renews). Despite the upfront fee, we consider the ongoing savings to be considerable, especially when compared to a travel money card. The Wise debit card is available to all New Zealand customers. It also offers a free New Zealand bank account number. |
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Dosh (to help avoid a credit card and get rewarded for using a debit cardDosh is a mobile wallet and financial services provider that offers a fast and simple way to pay for purchases in New Zealand. Cardholders earn 1% cashback on everyday spending and will enjoy higher cashback rates and special offers with certain merchants during promotional periods - you can see the latest offers here.
The Dosh app allows you to track your spending, set budgets, and manage your money in real time, making it easy to stay on top of your finances. Plus, you can use Dosh to split bills with your friends, and all these services are 100% free (excluding offshore transactions). How do I get a Dosh account? Read our Dosh Review |
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