Credit Unions

What is a Credit Union?

A Credit Union is a financial co-operative which encourages savings, thrift and education to enhance the social and economic well-being of its members. Members save and borrow from each other at reasonable rates of interest and with a sensible approach to fees and other charges.

Credit Unions are not-for-profit. They are member-owned and locally operated. Once overheads and other expenses are paid, income from loans is returned to members in the form of dividends on savings, reserves, improved or additional services.

Credit Unions are registered under the Friendly Societies and Credit Unions Act 1982. Whilst a Credit Union is not a registered bank, we provide a comprehensive range of banking and insurance products. We are trusted alternative, helping you manage your money.

Anyone can join their local Credit Union. Each Credit Union operates under Membership Rules that define the group of members with a mutual interest. These members may live in the same community, work for the same employer, belong to the same profession, or attend the same church. Generally, persons within a member's family, by blood or marriage, may also join.

Why you should join?

Credit Unions offer people from all walks of life equal opportunity to improve their quality of life. With attractive interest rates and low or no fees at some Credit Unions, you have the ability to save a lot more and borrow for less.

Being 100% New Zealand-owned and operated, members funds are retained in New Zealand and are not used to fund any offshore investments.

Under the Securities Act, Credit Unions are subject to a regulatory regime, where an independent trustee company acts as their prudential supervisor. This ensures that the Credit Union is financially sound and members� funds are protected. Member deposits, which are Credit Union shares, are secured by a first ranking registered Trust Deed.

Click here for information on Credit Union products and services.