CANSTAR awards five-star rating to NZCU Baywide
22nd June 2017
CANSTAR awards five-star rating to NZCU Baywide three years in a row
NZCU Baywide’s online saver account has been recognised again as one of New Zealand’s best savings accounts after being awarded a five-star rating by CANSTAR, New Zealand’s only online research service in retail and business finance.
For the third year in a row it has been awarded the top rating for its online saver account, having also received the accolade in June 2015 and June 2016.
With interest of 3.15% p.a. for investments over $20,000 it is comparable even with many term deposits, and the 2.50% p.a. for sums invested of less than $20,000 is one of the highest for any on-call savings account.
It provides everyday Kiwis with high interest returns to help them achieve savings goals such as for a car, an event like a wedding, long awaited home renovations or travel.
Andrew Quayle, GM Sales, Marketing and Channels at NZCU Baywide, says a good interest rate and flexibility encourages people to save:
“We are delighted with the CANSTAR rating for the third time as it shows you don’t have to be a tier 1 bank to provide consistent top class service and outstanding value.
“Whether you are a new, or an experienced saver, everyone needs a hand to put money aside – it’s all about mind over money.
“Our aim is to encourage and make it as easy as possible to save by offering the double benefit of high interest and flexibility.”
NZCU Baywide’s on-call savings account is one of the best options on the market for people who are unsure about tying up money for a certain period of time but still want to reach a savings goal.
No monthly account management or transaction fees when using internet banking
Easy online access to your funds with internet banking
Money available whenever access is needed and not locked in a fixed term
Minimum balance of $1,000 required
Interest rate calculated daily and paid monthly
NZCU Baywide has a portfolio of savings products from on-call savings accounts to longer term deposits with higher interest rates.
“Longer term saving, such as a term deposit, is always going to return more but many people want flexibility and reassurance of access to funds if needed,” Andrew Quayle continues.
“This is where our online saver comes in by giving people a great opportunity to save regularly, even if it’s only a small amount, and be rewarded for it,” he says.
Credit Unions in New Zealand are customer owned with all funds lent being sourced domestically and any profits made used to offer better rates and service to current and new customers.
“The outstanding value award acknowledges this and we’re confident that as people look for better returns for their savings they will opt for a credit union as opposed to a mainstream bank,” he says.
NZCU Baywide also received CANSTAR’s five-star outstanding value rating for personal loans in December 2016. It one of the largest credit unions in the country and has served Kiwis with financial services for over 45 years. It has over 27,000 customers and $280 million in assets (as at 31 December 2016).
NZCU Baywide has grown as a result of a solid, diverse loan portfolio built on conservative lending policies and practices. Its focus is on individual clients with around 79% of its lending in home loans secured by a mortgage, with the balance in small personal loans. It limits its exposure by not dealing with companies, business and the property development market.