Why Join a Credit Union?
If you are looking to switch from your bank to a credit union, here's some commonly asked questions that may help you make your decision:
What is a credit union?
A credit union offers the same kind of products and services you’d find at a bank, but the big difference is, a credit union is ‘cooperatively owned’ so when you open an account there, you become an owner of the credit union. We call our owners ‘members’.
Credit unions are not registered banks, but like banks, are supervised by the Reserve Bank of New Zealand.
What’s so special about ‘cooperative ownership’?
Being a cooperative means that the credit union is there to serve you, its members, and not to make profits for outside shareholders.
Being a cooperative means that the credit union is there to serve you, its members, and not to make profits for outside shareholders.
Any profits made by the credit union are given back to members through a combination of better interest rates, fairer fees, improved customer service and community sponsorship. That means the money stays in your local community and within New Zealand. We think that’s really important.
Do I have to do anything special as a ‘member’?
You can just enjoy the genuine, personal service you’ll receive at your local credit union (some people say it’s a bit like being part of a family), or you can get more involved if you want to.
You can just enjoy the genuine, personal service you’ll receive at your local credit union (some people say it’s a bit like being part of a family), or you can get more involved if you want to.
As you’re a member, you can have a say in who runs your credit union by voting in the annual general meeting and you could even put yourself forward as a board member if you like.
Can anyone join a credit union?
Yes! There are credit unions in New Zealand for every family in every community - click here to find your local credit union. There is no fee to join - you just need to open an account, and enjoy the benefits!
Yes! There are credit unions in New Zealand for every family in every community - click here to find your local credit union. There is no fee to join - you just need to open an account, and enjoy the benefits!
What else do credit unions do?
Credit unions really want to help you get your finances sorted and will work with you personally to help you get ahead - no matter what situation you might be in. Whether you’re in debt, have something special you’re saving for, or just want to deal with people who honestly care about helping you, a credit union is a great place to be.
Credit unions really want to help you get your finances sorted and will work with you personally to help you get ahead - no matter what situation you might be in. Whether you’re in debt, have something special you’re saving for, or just want to deal with people who honestly care about helping you, a credit union is a great place to be.
Helping people understand about budgeting and the importance of saving is at the heart of every credit union, and we work hard to support the communities we are involved in.