The concept of a national bank (State-owned bank) in New Zealand
The idea of a national or state-owned bank has a long history in New Zealand, as it has in many countries around the world. The fact that there is a national identity associated with a bank lends a certain public pride of ownership to the bank and carries with it a sense of security for depositors.
The New Zealand government formerly owned two national banks in New Zealand: The Bank of New Zealand, from 1945 to 1992 when it was privatised and sold, and Post Office Savings Bank, which was created as a separate entity with the privatisation of New Zealand Post. PostBank was sold to ANZ New Zealand in 1989.
New Zealand currently has one national or state-owned bank - Kiwibank. However, as with Bank of New Zealand and Postbank in the past, there is talk of the possibility of Kiwibank also being privatised and sold, at some time in the future.
In New Zealand there is a strong identification with all things Kiwi-owned, and it is a pity that these national banking icons are always being sold off - especially to banks in Australia. There is however, a wholly Kiwi owned banking alternative which is gaining ground again - Credit Unions - and for good reason.
How do Credit Unions fulfill the concept of a national bank?
Credit Unions like NZCU South are 100% New Zealand owned financial cooperatives and is owned by its members. So, if you bank with a credit union, you are not just a customer, but a collective owner. Furthermore, in order to become a member of a New Zealand Credit Union such as NZCU South, people have to reside in New Zealand. Our ultimate responsibility is to our customers, our funds are sourced from the community we serve and our lending supports individuals and families who work or reside in New Zealand.
All profits (after providing for necessary reserves and operating costs) are returned to our customers/members through top interest rates on savings, low cost loans, and reasonable fees.
Like any bank, we provide our customers with:
- All types of loans (including mortgages)
- Savings and investment accounts
- Everyday/current accounts
- Insurance services
We make it easy for you to check your accounts through:
- Convenient branch locations nationwide
- 24 hour telephone and Internet banking,
- A nationwide ATM/EFTPOS facility.
At NZCU South you will receive personalised service second to none because you are not just a customer. As part-owner of your Credit Union you are treated with dignity and respect and have an equal say in how your Credit Union is run. Each member can vote at Annual General Meetings as well as stand for a position on the Board of Directors.
Now, isn't that the real definition of a national bank?
Find out how we can help meet your financial needs, however big or small. Call us or visit your local NZCU South branch today.