For the second year in a row, Canstar has named BNZ as the bank that provides the best value for small businesses.
After evaluating a number of SME banking products including 27 term loans, 80 credit cards, 21 overdrafts and 25 deposit accounts, Canstar's research highlighted "highlighted how tuned in to business needs BNZ was,” according to national manager Derek Bonnar.
“BNZ has a full suite of products and services for small business. This ranges from outstanding banking products to value added services that are as valuable as having extra staff on board.”
According to Canstar, BNZ's star attractions are its products MyMoney and TotalMoney, tailored to small businesses with a turnover of less than a million dollars.
MyMoney is a transaction account with unlimited transactions for a flat fee of $5 a month while TotalMoney offsets all credit balances against business loans.
“BNZ has also gone to the trouble of providing helpful extras. Their small business banking managers are available seven days a week. Video conferencing hook ups are regularly used for communication and BNZ also has The Edge, a newly opened office facility in central Auckland which small business clients can use for free,” Bonnar said.
While banks rely on small business customers being too busy to find the time to switch, he said small business owners should ask their bank or small business manager to review their current banking ararngements.
One area where small businesses can make savings is on business transaction accounts. The range of monthly account fees is wide; the difference between the cheapest and most expensive was $34 a month.
“Our research found that if your business does around 120 transactions per month, the difference between the cheapest and the most expensive acount was $34 per month. That’s $408 per year,” Bonnar said.“That may not appear to be a lot of money but if you could save that much on a number of aspects of your business then the 'pounds' will take care of themselves.”