Cheque Account
NZ term for what Americans call a 'checking account'. Your everyday transaction account for spending, receiving salary, and paying bills.
A cheque account is the NZ term for your main everyday transaction account. Despite the name, very few people actually write cheques anymore — most NZ banks have stopped issuing cheque books entirely.
Your cheque account is where your salary gets deposited, where your bills come out from, and the account you use for everyday spending via EFTPOS or online banking.
Some banks call it a 'transaction account' or 'everyday account', but the bank code 'CHQ' still appears on many statements. Most cheque accounts in NZ pay little to no interest, which is why financial advisers recommend keeping only what you need for short-term spending in this account and moving the rest to higher-interest savings.
Why this matters
Your cheque account is the hub of your daily finances. Keeping a close eye on it — especially your 'safe to spend' amount after upcoming bills — is the foundation of good money management. Apps like Steady connect to your cheque account to give you this visibility automatically.
Related Banking terms
Open Banking
A system that lets you securely share your bank data with third-party apps via APIs. In NZ, Akahu provides open banking connections to all major banks. You control what data is shared and can revoke access anytime.
Direct Debit
An automatic payment where a company takes money from your account on a set schedule. Used for power bills, phone plans, insurance. You authorise it once and it happens automatically.
Automatic Payment (AP)
A payment you set up yourself to go out automatically on a schedule. Unlike a direct debit (which the company controls), you control the amount and timing of an AP.
Term Deposit
Money locked in a bank account for a fixed period (3-12 months) in exchange for a higher interest rate. You can't withdraw early without a penalty. Good for savings you won't need soon.
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