TotalMoney is a unique way of banking for small businesses that lets you group separate bank accounts through pooling, to potentially earn a higher interest rate for all the accounts.
TotalMoney is for small businesses with an annual turnover of less than $1 million, that are not managed by BNZ Partners.^
It’s a unique way of banking that lets you set up completely separate accounts to suit your business, but keep them working together as one. You can group your accounts to potentially earn a higher interest rate (pooling) or to pay less interest on a TotalMoney business loan (offsetting). It’s up to you.
Control of your finances with ease
TotalMoney makes it easy to manage your money with separate accounts for your main business expenses and saving goals. You can set aside GST and income/provisional tax as you go, allocate money to pay suppliers and monthly bills, and keep accounts for things like petty cash, drawings and wages.
Unlimited transactions for just $10 a month
Whether you choose to have one TotalMoney account or 50, you’ll pay just $10 a month for unlimited transactions across all your accounts. You’ll also get unlimited text and email alerts, and you can set up or amend Automatic payments and Bill Payments online for no extra charge. There are also no cash handling fees on TotalMoney accounts. (Service and facility fees apply)^
Pool to earn a higher interest rate
If you don’t have a TotalMoney loan, we will pool your TotalMoney accounts and treat the balance as one big total, which gives you the potential to earn a higher interest rate for your accounts.^
Offset a TotalMoney loan to get debt free faster
With a TotalMoney business variable loan that is secured by your residential property, you can use the money in your TotalMoney accounts to offset the outstanding balance of your loan.^Each month we simply add up the credit balances of your accounts and offset this against the outstanding balance of your loan, reducing your effective interest rate. So while your repayments stay the same, you have less interest to pay, helping you to pay off your loan faster. And with a TotalMoney business loan you can also make additional lump-sum repayments whenever you choose.
Manage your accounts online
TotalMoney gives you quick and easy control of pooling, offsetting and more. At any time, through BNZ Personal Internet Banking, you can:
- Open and close new TotalMoney accounts and give them names
- Change which loan receives offsetting before your other TotalMoney loans, if you have more than one
- Change the account that you want the monthly fee to be paid from
- Create and modify text and email alerts
- View online statements
- Set up or amend automatic and bill payments
Full-service business accounts
TotalMoney accounts come with a wide range of benefits to help you manage your business finances. These include:
- The option to apply for a business overdraft^
- The ability to receive direct credits, such as your pay or other regular forms of income
- Easy access to your money through internet banking, mobile apps, telephone banking, ATMs and BNZ stores nationwide
- Paperless banking, with an online statement provided each month showing all transactions
TotalMoney for Business rates and fees
Rates and fees are subject to change.
|Interest rates (%p.a.)|
|Credit Balance Interest Rates
|Overdraft Base Rate||loading|
|Monthly^ base or account management fee||$10.00 Charged to one TotalMoney account.|
|No account fees apply to the following:||No charges for deposits to the account^, staff assisted transactions, ATM, BNZ Internet and Electronic Transactions, Automatic Payments and cheques written each month. It also includes the set up and amendment of Automatic Payments and Bill Payments using Internet Banking. No cash handling fees. Other Service Fees still apply.|
|Overdraft establishment fee
(Payable on establishment of facility)
|Overdraft facility fee^ (Payable monthly in arrears)||0.15% per month ($5 minimum)|
Open an account
* Margin on application subject to BNZ lending criteria. If you go into unarranged overdraft (including if you go over your arranged overdraft limit), interest at the Bank’s Business Overdraft Base Rate plus a margin of 10.00% p.a. (unless we advise you otherwise) also applies to the debit balance.
Unarranged Overdraft Fees also apply, please see our Business and Agribusiness account, service and facility fees guide for details.
Account opening and lending criteria apply.
Fees are subject to change. Fees are charged on the last business day of each calendar month and are based on the period between the last business day of the previous calendar month and the second to last business day of the current month, inclusive.
TotalMoney is not available for partnerships.
Maximum of 50 accounts in a TotalMoney group. Establishment or redocumentation fees apply. A low equity interest rate premium may apply.
Maximum of 9 loans in a TotalMoney group can be offset.
Lending criteria, overdraft establishment fee and an overdraft facility fee apply.
Fees for Telegraphic Transfers will apply.