In just five years, Kiwis signed up for BNZ’s TotalMoney offset bank account have saved $101 million in interest charges.
Since BNZ extended TotalMoney to include small business, the rate of savings has accelerated with $27 million in savings accruing in the five months since. This savings success and the innovation behind the TotalMoney account has been recognised yet again with the bank picking up the annual CANSTAR CANNEX innovation award.
TotalMoney allows customers to pay back loans faster by offsetting their accounts, or grouping accounts to earn higher interest. In September last year TotalMoney was extended to Small Business, giving a world-first product of this kind.
BNZ Director, Retail, Andy Symons says the latest win reflects the hard-work and focus that the bank placed on the small business sector, as well as the strength of the bank’s Total Money offering.
“The money saved by New Zealand small businesses using the Total Money for Business product are vital funds that can go back into the business.
“We’ve known BNZ is the best bank for small business for a long time, and it’s great to see the customer offering team getting the recognition they deserve. Our Small Business hub specialists are available seven days a week on the phone or, via video technology in each of our 178 stores nationwide, and we’ve recently opened our small business Edge centre in Auckland’s CBD, all part of BNZ’s commitment to innovation.”
The innovative Total Money product also allows small business sole-traders the ability to include personal accounts as part of their Total Money package, which offsets their mortgage against their business accounts.
This is the second consecutive year BNZ has won the CANSTAR CANNEX Innovation award, after winning in 2011 for its credit cards. BNZ was also named CANSTAR CANNEX Best Small Business bank last year.