Put all your debts – credit cards, store cards, oth
er loans – onto one easy-to-manage loan
Contact Us
Our mission is to bring together the country’s co-operative and mutual businesses to promote, encourage and support the co-operative and mutual business model.
As this successful business sector’s champion, we act as their advocate on co-op related issues and opportunities.
At the heart of these principles is the concept of human development and humanity expressed through people working together to achieve a better life for themselves and their community.
Co-operative History
The earliest financial co-operatives date back to the beginning of the 19th century in England.
Rather than rely on bankers who charged impossibly high rates for borrowing, people got together to combine their savings, and lend to each other in order to build homes (which is where the term ‘building society’ originated) and to invest in their businesses.
A few decades later, credit unions took root in Germany to help farm labourers avoid the clutches of loan sharks when times were hard.
The credit union idea expanded to North America and the rest of the western world early in the 20th century, and since then, both credit unions and building societies have flourished.
The credit union movement that had started in Germany has now spread around the world, providing a genuine people’s bank for over 208 million customers in 103 countries.
Democratic Structure
Open and Voluntary Membership
Membership of a credit union is voluntary and open to all (within the credit union’s accepted common bond of association) who can make use of its services and are willing to accept the corresponding responsibilities.
Democratic Control
Credit union Members enjoy equal rights to vote (one Member, one vote) and participate in decisions affecting the credit union regardless of the amount of savings, deposits or volume of business. Voting in credit union support organisations or associations may be proportional or representational, in keeping with democratic principles.
The credit union is autonomous, within the framework of law and regulation, recognising the credit union as a co-operative enterprise serving and controlled by its Members.
Non-Discrimination
Credit unions are non-discriminatory on all grounds including but not limited to race, nationality, sex, religion and politics.
Service to Members
Credit union services aim to improve the economic and social well-being of all Members.
Distribution to Members
To encourage thrift through savings and to provide loans and other services, a fair rate of interest is paid on savings and deposits, within the capability of the credit union.
After covering the cost of finance, operating costs, provision for loan losses and ensuring appropriate reserve levels, all surplus funds benefit all Members. No Member or group of Members benefits to the detriment of others. This surplus may be distributed among Members (in proportion to their transactions with the credit union) as dividends on shares, or directed to improved or additional services required by the Members.
Building Financial Stability
A prime concern of the credit union is to build the financial strength, including adequate reserves and internal controls, to ensure continued service to Membership.
6 Reasons to join – Switching is easy!
There are 10 branches nationwide and approximately Indian’s are already customers of a credit union or building society.
Switch to your “ today.
Six good reasons to join a credit union or building society:
- Personal service and help to get your finances sorted – no matter what situation you might be in;
- You’ll get a combination of competitive interest rates, and fair fees to get your money working harder for you;
- Great customer service and community involvement –your money will stay in your local community and within New Zealand;
- You’ll have a say in who runs your credit union or building society and the opportunity to become a board Member;
- You’ll be part of a co-operative organisation where you are an equal owner of the business;
- Profits are given back to customers, not shareholders!
How do I ‘switch’?
Simply contact your local credit union or building society to open an account, get a loan, make a term deposit or switch your “” – it’s that easy! What are credit unions and building societies?
Credit unions and mutual building societies are co-operatively owned, so when you open an account there, you become an owner as well. We call our owners ‘Members’.
Not-for-profit financial services co-operatives, owned by and for New Zealanders.
A credit union or building society offers many of the same kind of products and services you’d find at a bank, like savings accounts, loans, eftpos cards and insurance. Credit unions and mutual building societies are co-operatively owned, so when you open an account there, you become an owner as well. We call our owners ‘Members’.
Co-operatively owned credit unions and mutual building societies play an important role in the New Zealand financial services market and have a long and proud history of serving communities across the country.
Our Member credit unions and building societies are not registered banks, but they are non-bank deposit takers, regulated and monitored by the Reserve Bank of New Zealand, and supervised by licensed trustees.
Can anyone join a credit union or building society?
Yes! There are credit unions and mutual building societies in New Zealand for every family in every community. You just need to open an account there, and enjoy the benefits!
> Click here to find your local credit union or building society
What else do credit unions do?
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 or building society is a great place to be.
Credit unions and building societies 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.
Helping people understand about budgeting and the importance of saving is at the heart of every credit union and building society, and we work hard to support the communities we are involved in.
We think it’s really important that profits are distributed back to Members in New Zealand and do not go offshore. This means credit unions and building societies are an attractive local alternative to big, offshore owned banks.
What’s so special about ‘co-operative ownership’?
Being a co-operative means that the credit union or building society is there to serve you, its member-owners, and not to make profits for outside shareholders.
Any profits made are given back to you as a member through a combination of more advantageous interest rates, fair 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 branch (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 or building society by voting in the annual general meeting and you could even put yourself forward as a board member if you like.
“Credit unions and building societies have been around for hundreds of years, which means they have a lot of knowledge and experience to help teach New Zealanders’ healthy financial habits for life.”
Products and Services
We provide quality products, services and support to help our Member organisations grow.
As well as being the industry advocate for our Members, Co-op Money NZ provides a comprehensive range of products and services that maximises the collective scale and buying power of our co-operative association.
Industry Affiliations
We’re proud to partner with a number of global and local organisations to represent our Members.
Our partner affiliations include:
1).
2)
Contact Us
