About Credit Unions

A Credit Union is a financial co-operative that encourages savings, thrift and education to enhance the social and economic well-being of its customers. Once overheads and other expenses are paid, any income from loans is returned to customers 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 and are not registered banks. They are locally owned by their customers, not-for-profit and are a trusted alternative to banks. Customers save and borrow from each other at reasonable rates of interest and with a sensible approach to fees and other charges.

Being 100% New Zealand-owned and operated, customers' 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 customers’ deposits are protected. Credit Union deposits are shares secured by a first ranking registered Trust Deed.

Anyone can join their local Credit Union. 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, you have the ability to save a lot more and borrow for less.

The New Zealand Association of Credit Unions represents 23 Member Credit Unions who serve over 173,000 New Zealanders with an affordable range of banking and insurance products to help them gain greater financial independence.