TSB Bank New Zealand is one of New Zealand's oldest financial institutions, known for its community-rooted service ethos, advanced digital technology and strong commitment to sustainability. As a locally owned commercial bank, TSB is 100% owned by the Toi Foundation (formerly known as TSB Community Trust) and all profits are used to support the New Zealand community. Founded in 1850 and headquartered in New Plymouth, TSB supports more than 100,000 individual, corporate and institutional customers through its extensive service network and innovative products. The following is a comprehensive analysis of TSB Bank, covering its fundamentals, financial health, products and services, fee structure, digital experience, customer service quality, security measures, unique services and market position.
Basic Information
TSB Bank is a commercial bank, the full name of TSB Bank Limited, established in 1850 as New Plymouth Savings Bank, later renamed Taranaki Savings Bank in 1964, and changed to its current name TSB Bank in 1989 to reflect its nationwide business expansion. The head office is located at TSB House, 2 Brandon Street, New Plymouth, New Zealand. TSB is wholly owned by the Toi Foundation, a private company whose profits give back to the community through the Foundation to support educational, medical and cultural projects. The bank is led by CEO Kerry Boielle and has a total of more than 7,100 employees by 2025.
TSB has 25 branches across New Zealand, 12 of which are located in Taranaki and others in Auckland, Wellington, Hamilton, Taranaki, Palmerston Northland, Napier, Nelson and Christchurch. The exact number of ATMs is not disclosed in branches and major commercial centers through the rediATM network, but customers can easily deposit and withdraw money through the national ATM network. TSB also has operations in South Pacific countries such as Fiji to support cross-border financial services.
TSB is regulated by the Reserve Bank of New Zealand (RBNZ) and the Financial Markets Authority (FMA) and is designated as a Systemically Important Financial Institution (SIFI) and is subject to strict capital adequacy, liquidity and risk management requirements. Banks participate in the New Zealand Deposit Guarantee Scheme, which covers a maximum of NZ$100,000 (approximately €60,000) per person per bank. In terms of compliance records, TSB has maintained a strong compliance record by strengthening its anti-money laundering (AML) and customer due diligence (KYC) measures. In 2025, TSB partnered with INTERPOL to further enhance its anti-money laundering and anti-financial crime capabilities, without reporting new material compliance issues.
Financial health:
TSB Bank's financial health is a key reflection of its position as New Zealand's leading local bank. Here's an overview of the key financial metrics:
- Capital adequacy ratio: As an RBNZ-regulated SIFI, TSB is required to meet the Basel III standard (minimum core Tier 1 capital adequacy ratio CET1 of 4.5% plus 2.5% buffer). The bank maintains a solid capital base through the Toi Foundation's capital support and customer deposits.
- Non-Performing Loan Ratio: TSB's community-oriented model and rigorous credit assessment indicate good asset quality, and non-performing loan ratios are expected to be lower than industry averages.
- Liquidity Coverage Ratio: Banks maintain sufficient liquidity through diversified financing sources such as customer deposits and capital market borrowings, with an asset market share of approximately 1.4% in 2022.
In 2024, TSB Bank donated more than NZ$23 million to the Taranaki community through the Toi Foundation, demonstrating strong profitability and financial stability. The bank's asset size and market performance have shown that it is able to respond to market volatility, and the successful issuance of bonds in 2023 has further enhanced liquidity.
Deposit & Loan
ProductsTSB Bank offers a wide range of deposit and loan products to meet the financial needs of individual and corporate customers.
Deposits:
- Demand deposits: such as Everyday accounts, which are suitable for daily transactions and have a lower interest rate (about 0.05%).
- Term Deposits: Fixed interest rates are available from 1 month to 5 years, with deposit amounts ranging from NZ$1,000 to NZ$2 million, with a maximum interest rate of approximately 4.85% p.a. (11 months). Customers can choose to pay interest monthly or at maturity, with 31 days' notice required for early withdrawal, otherwise interest rate adjustments may be faced.
- High-yield savings accounts, such as Horizon Savings accounts, offer a base interest rate of 0.10% plus a bonus interest rate (subject to monthly deposits, etc.), up to a maximum of 5.05%.
- Other accounts: including Kids Saver and foreign currency accounts.
Loans:
- Mortgages: Fixed and variable rate mortgages are available, with a minimum floating rate of 5.99% (in May 2025, the loan-to-value ratio is ≤70% over LVR, with a minimum of 20% deposit). Support flexible repayment options such as early repayment or redrawdown.
- Car loans: Interest rates start at 7.99% with a maximum loan of NZ$100,000 and discounts on electric vehicle loans.
- Personal Loan: For example, Personal Loan, the interest rate starts from 7.99%, which is suitable for consumer needs and supports early repayment.
- Green Loans: Supporting energy-efficient and renewable energy projects, such as green housing loans, with sustainable financing support in 2024.
List of common fees
TSB Bank's fee structure is transparent and reasonable, and the specific fees include:
- Account Management Fee: No monthly fee for Everyday accounts, subject to conditions (e.g. students or customers under 25 years old). Other accounts may be charged NZ$5/month.
- Transfer fee: Domestic transfers are usually free of charge, while international transfers cost NZ$20 (sent in NZD via online banking).
- ATM interbank withdrawal fee: ATMs using non-TSB or non-rediATM networks are charged NZ$2.50 per transaction, and overseas withdrawals are subject to a 2.25% foreign exchange transaction fee.
Digital Service
ExperienceTSB Bank's digital services are based on the TSB Mobile app, which supports iOS and Android platforms, and has a rating of approximately 4.7 stars (based on 1,200 reviews) on the App Store and 4.2 stars (based on 1,300 reviews) on Google Play. The core features of the app include:
- Account management: view balances, transaction history, and manage cards (activation, locking, loss reporting).
- Real-time transfers: Support domestic and international transfers, integrated PayID and BSB account transfers.
- Bill management: Pay bills and set up recurring payments.
- Investment Tools: Manage investment accounts and view market data.
- Other features: Support for Apple Pay, Google Pay, MobilePay, locate ATMs and branches, and enhance payment security with the Confirmation of Payee service.
In terms of technological innovation, TSB uses an AI-powered virtual assistant to provide quick queries and personalized budget recommendations, and supports open banking APIs that allow third-party service integration. In 2024, TSB will launch Apple Pay, which enhances payment convenience .
Quality of Customer
ServiceTSB Bank provides customer service through multiple channels, ensuring that customers receive support at all times:
- Phone support: Customers can call 0800 872 226 (New Zealand) to respond 24/7 to emergencies (e.g. lost card).
- Live chat: Live support via TSB Mobile and online banking ([Online Banking] - "Best Digital Bank" (Forrester, 2023-2024) - "Best Sustainable Bank" (for supporting communities and green financing). - "Best Place to Work" (for being Wellbeing Tick certified).
