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News Now

CU System
New Zealand CU members see savings increase
WELLINGTON, New Zealand (5/10/11)--NZCU South, a New Zealand credit union, cited a 30% increase in savings deposits in March--compared with the same time period last year--to support assertions that New Zealanders are saving more. The increase in savings in the credit union’s Christmas Saver scheme was mentioned as a highlight of a real change in attitude toward saving, according to Andrew Leys, CEO of NZCU South (Scoop.co.nz April 20). Rather than relying on credit cards to get them through the Christmas season and piling up debt, it was good that members have realized the benefit in starting their savings for Christmas early, Leys told the publication. In New Zealand, Christmas accounts on an annual basis help more than 28,000 credit union members nationwide maintain regular saving habits, Scoop.co.nz said. The savings trend bolsters New Zealand Finance Minister Bill English’s comments that New Zealanders are seeking ways to save rather than having to borrow after spending, Leys told the publication. NZCU members can regularly make deposits into their Christmas Saver accounts throughout the year. The money in the accounts is available before Christmas each year when cash withdrawals and transfers are free.


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