Best Joint Bank Account NZ 2025: ANZ, ASB, Kiwibank, Westpac

Few financial decisions feel as personal as merging your money with someone else’s. Whether you’re splitting rent with a partner or managing household bills as a couple, getting the right joint bank account in New Zealand can save you hundreds in fees each year. We’ve compared ANZ, ASB, Kiwibank, and Westpac on fees, online opening, tax rules, and the fine print that matters in 2025.

NZ couples sharing finances: 68% have a joint account (2023 Finder survey) ·
Joint account holders who split costs evenly: 72% of NZ joint account users ·
Banks offering online joint account opening: 4 major NZ banks ·
Joint account holders who also keep a separate account: 58% of NZ couples

The four major NZ banks each take a different approach to joint accounts, and the cheapest option depends entirely on how you use the account.

Which bank is best for a joint account in New Zealand?

Four banks dominate the NZ joint account market, and the cheapest option depends entirely on how you use the account. One key pattern: most major banks now offer fee-free everyday accounts, but conditions vary.

ASB joint account comparison

• Monthly fee: $0 with ASB Everyday account (no minimum balance required) (MoneyCompare (NZ banking comparison))
• Online application: Yes, but both parties must apply separately (MoneyHub (NZ consumer finance guide))
• Debit card: Standard contactless for each account holder (MoneyBalance (NZ banking analysis))

ANZ joint account comparison

• Monthly fee: $0 with ANZ Everyday account (MoneyCompare (NZ banking comparison))
• Minimum balance: $0 (Steady (NZ personal finance blog))
• Online application: In-person required for joint accounts (MoneyHub (NZ consumer finance guide))

Kiwibank joint account comparison

• Monthly fee: $0 with Kiwibank Everyday account (MoneyCompare (NZ banking comparison))
• Online application: Yes, fastest process — approximately 10 minutes (MoneyHub (NZ consumer finance guide))
• ATM access: Participates in reciprocal networks with major banks (MoneyBalance (NZ banking analysis))

Westpac joint account comparison

• Monthly fee: $5 if fee-free conditions not met ($0 otherwise) (MoneyBalance (NZ banking analysis))
• Minimum balance: $0 (Steady (NZ personal finance blog))
• Online application: Yes, available (MoneyHub (NZ consumer finance guide))
• Potential fee: Up to $5/month if minimum deposit criteria not met (MoneyBalance (NZ banking analysis))

What this means: Kiwibank wins for speed (10-minute online setup), while ANZ and ASB offer the broadest fee-free terms. Westpac is a budget pick only if you meet its deposit criteria — otherwise, you’re paying $60 a year for nothing.

What do you need to open a joint bank account in New Zealand?

Opening a joint account in NZ requires both parties to provide standard identity documents. The process varies by bank, especially whether you can do it online.

Required documents for a joint account

• Passport or driver license (both parties) (Work and Income NZ (government benefit agency))
• Proof of address (e.g., utility bill or tenancy agreement) (MoneyHub (NZ consumer finance guide))
• IRD number (required for tax purposes on interest earned) (Inland Revenue (tax authority))

Step-by-step online application process

1. Visit your chosen bank’s joint account page (Kiwibank and ASB offer online sign-up) (MoneyHub (NZ consumer finance guide))
2. Provide personal details and ID for both parties (Work and Income NZ (government benefit agency))
3. Choose account type (everyday, savings, or both) (MoneyCompare (NZ banking comparison))
4. Complete identity verification (separate sessions for each party at ASB) (MoneyHub (NZ consumer finance guide))
5. Sign the joint account agreement digitally or in person (MoneyBalance (NZ banking analysis))

In-person application process

For banks requiring in-person sign-up (like ANZ), both parties must visit a branch with original ID documents. Work and Income NZ notes that partners must provide identity documents in person at a service centre — similar rules apply for banks (Work and Income NZ (government benefit agency)).

The implication: The simpler your document prep, the faster you open. Couples who gather both IDs and IRD numbers before starting can finish Kiwibank’s process in under 15 minutes.

How are joint accounts taxed in New Zealand?

Tax on joint accounts in NZ centres on interest earned. IRD’s rules are straightforward — but the default might not suit every couple.

IRD tax rules for joint accounts

Inland Revenue says investment income from joint accounts is split equally across account holders who have provided valid IRD numbers (Inland Revenue (tax authority)). The RWT rate applied must generally match each taxpayer’s income tax rate (Inland Revenue (tax guidance)).

Interest splitting options

The default is 50/50, but couples can request a different split via an IRD form (Inland Revenue (tax guidance)). However, you can only use one RWT rate per joint account (Inland Revenue (tax guidance)).

Rental income from a joint property

If the joint account holds rental income from a jointly owned property, standard IRD rules apply — income is attributed based on ownership share, not automatically 50/50 (Inland Revenue (tax authority)).

What are the pros and cons of a joint bank account?

Joint accounts simplify shared finances, but the trade-offs are real — especially for couples who value independence.

The pattern: 58% of NZ joint account holders also keep a separate account (MoneyHub (NZ consumer finance guide)). The smartest setup maintains both — a joint account for shared expenses and individual accounts for personal spending.

Who gets the money in a joint account if one person dies?

This is one of the most misunderstood aspects of joint accounts in New Zealand. The answer is straightforward — but the process has a catch.

Survivorship rules in New Zealand

Under New Zealand law, funds in a joint account pass automatically to the surviving account holder via right of survivorship (MoneyHub (NZ consumer finance guide)). This means the money does not go through probate or the deceased’s estate.

Relationship breakdown and account access

Banks typically freeze joint accounts upon notification of death until proof of survivorship is provided (MoneyHub (NZ consumer finance guide)). For separating couples, either party can withdraw all funds without the other’s permission — a serious risk (MoneyBalance (NZ banking analysis)).

Non-resident access to funds

Non-residents can open joint accounts in NZ but may need to provide a NZ address (Inland Revenue (tax guidance)). If a resident and non-resident hold a joint account, resident withholding tax applies to all interest (Inland Revenue (tax authority)).

With a joint bank account, two or more people share a bank account… all account owners can access the account like it was their own.

— ASB spokesperson (from official guide page)

Our guide explains the purpose of joint accounts, the pros and cons and must-know facts and frequently asked questions.

— MoneyHub editorial team (MoneyHub (NZ consumer finance guide))

What this means: For NZ couples deciding on a joint account, the choice is clear: pick Kiwibank for speed (10-minute online set-up), or ANZ for market familiarity (32% share, fee-free). But the smarter move is to keep a separate personal account alongside it — because 58% of NZ joint account users already do, and the tax rules from IRD make that flexibility worth having.

Frequently asked questions

Related reading: Westpac Login NZ Online Banking: Step-by-Step Guide · Free Invoice Template NZ: 5 Best GST Compliance Options (2025)