New Zealand’s Co-operative Bank has taken out the top spot in Consumer’s 2025 banking satisfaction survey, with a score of 77% of customers who are very satisfied.
This score is 20% higher than New Zealand’s biggest bank and 15% higher than the average score across all banks – and means the bank, which is fully owned by its customers, has been voted No.1 by customers in the Consumer People’s Choice Award for nine out of the past 10 years.
“It shows that bigger is not necessarily better,” said CEO Mark Wilkshire. “The Co-operative Bank punches well above our weight because we focus relentlessly on doing better for our customers, who also own the bank.
“As owners of the Co-operative, our customers can expect better from us than they can from other banks. They can expect better accountability, transparency and customer experiences.”
The banks says one of the ways it delivers better is through competitive rates. This month, it announced a drop to its floating home loan interest rate from 6.2% to 5.95% p.a., which would make it the lowest standard rate of this type currently being offered by any bank in NZ, as well as offering competitive one and two-year fixed rates at 4.99% per annum.
“The cut to our floating rate reflects the importance of offering customers more options,” said Wilkshire. “Customers can opt for floating rates while they decide when to fix or, for some customers, having some or all of their mortgage on floating gives them flexibility.
“We remain committed to helping our customers to bank better every day and we are actively working on more improvements to our products and services that our customers have asked for.”
The bank was also rated first in four individual categories: mobile app, digital banking features, interest on savings and personal loan interest rates.
The floating rate change is effective for new loans from 15 May and existing loans from 29 May.
