Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Credit union members to inject millions into local economies


Credit union members to inject millions into local economies before Christmas.


Credit union members will be injecting over $16m into their local economies in the next few weeks leading up to Christmas, and the great news is that none of it will be charged to credit cards, says the New Zealand Association of Credit Unions (NZACU), the industry body representing 23 member credit unions and building societies.

More than 27,000 mum and dad kiwis have been squirrelling away a small amount each week in their local credit union’s interest-bearing Christmas Savings accounts, and their commitment to regular savings is about to be rewarded with their accounts about to be paid out – just when they need the money most.

“Many of our members have realised that the Christmas hamper type savings arrangements being advertised may not be the option in terms of saving money, and can be restrictive in terms of what you can buy and who from” says NZACU CEO Henry Lynch.

The NZACU says that setting up a dedicated Christmas Savings Account with a local credit union early in the year has given thousands of people the incentive to save and the flexibility to spend their hard earned savings on what they want, where they want.

“Plus they earn interest on their savings, rather than get charged administration fees. It’s a bit of a no-brainer really” said Mr Lynch.

“And it doesn’t have to be a huge amount each week, but by starting early in the year and putting a small amount aside regularly for this expensive and potentially stressful time of year has made a big difference to many families” Mr Lynch said.

Christmas savings accounts reduce the temptation of ‘easy dipping’ into your savings during the year, but if you do need them in an emergency, you can access your money.

“And that’s just it: it’s still your money. You can spend it (or not!) on anything you like” said Mr Lynch.

This year many credit union members have the added comfort of being able to spend their Christmas savings on-line using their new MasterCard AccessDebit card, rather than having to resort to credit cards to complete the transaction.

“Adoption of online shopping has grown so significantly in the last year alone, it’s great to know that credit union members will be able to take advantage of this convenience without the temptation of getting into debt as so many people do with credit cards” says Mr Lynch.

Taking the easy fix of putting everything on the credit card and worrying about it later sees many Kiwis in financial strife when reality sets in after the New Year.

“Credit cards are great for convenience if you can commit to paying them in full off every month, but otherwise, you should simply avoid them” advised Mr Lynch. “Our MasterCard AccessDebit card has all the benefits of a MasterCard, without the temptation of the credit facility.”


ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Air NZ Wine Awards: Victory For Villa Maria As Pinot Noir Thrills

It was a night to remember as Villa Maria Estate picked up one of the highest accolades of the evening, the O-I New Zealand Reserve Wine of the Show Trophy, at the 28th Air New Zealand Wine Awards. The Villa Maria Single Vineyard Southern Clays Marlborough ... More>>

ALSO:

Future Brighter Money: RBNZ Releases New Bank Note Designs

New Zealand’s banknotes are getting brighter and better, with the Reserve Bank today unveiling more vibrant and secure banknote designs which will progressively enter circulation later next year. More>>

ALSO:

Commerce: Supermarket Inquiry Finds No Breaches By Countdown

The Commerce Commission inquiry into anti-competitive behaviour by Countdown supermarkets, alleged by former Labour Party MP Shane Jones, has found nothing to warrant prosecution, although it warns supermarkets to take care in the way they communicate... More>>

ALSO:

Crown Accounts: English Flags ‘Challenge’ To Budget Surplus

Finance Minister Bill English is warning next month’s half yearly fiscal and economic update from the Treasury may not forecast a budget surplus, saying that returning the government’s accounts to surplus in 2015 will be “a challenge”, given the decline in commodity prices and weak global inflation. More>>

ALSO:

March 2015: Netflix To Launch In Australia And New Zealand

World’s Leading Internet Television Network to Offer Original Series, Movies, Documentaries, Stand-Up Comedy Specials and TV Shows for Low Monthly Price More>>

ALSO:

Price Of Cheese (Is Up): Dairy Product Prices Fall To Five-Year Low

Dairy product prices fell in the latest GlobalDairyTrade auction to the lowest level in more than five years, led by declines in rennet casein and skim milk powder. More>>

ALSO:

Gordon Campbell: On The Australians Scoring Trade Points Against Us With The Chinese

It hasn’t been a great year for Trade Minister Tim Groser... To top it off, Australia has just signed a FTA with China that has far better provisions on dairy exports than what New Zealand currently enjoys in our own FTA with China. More>>

ALSO:

Iwi & Local Consultation: Oil And Gas Block Offer 2015 Begins

Energy and Resources Minister Simon Bridges today announced the start of the Block Offer 2015 process for awarding oil and gas exploration permits. More>>

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news