Strength & Capacity for Our Members


Strength & Capacity for Our Members

The merger of NZCU Employees to NZCU Steelsands into one single credit union was completed on December 5th, 2020 after a successful vote at the Special General Meeting on October 21st.

The merge provides increased benefits for members in NZ home loans, personal loans, savings and investments, everyday transaction accounts and insurance for vehicles, loan protection, funeral protection, home and contents.


The goal has always been to help everyday Kiwis achieve their financial goals. This united approach positions NZCU Employees and NZCU Steelsands as a more competitive banking alternative that is 100% customer and Kiwi owned. It allows the credit union to provide improved solutions to assist even more New Zealanders to achieve their goals and provide more opportunities to interact with branches of NZCU Steelsands, NZCU Marsden Point, NZCU NZME, NZCU Alliance and now NZCU Employees.

Credit unions have been an important part of the New Zealand financial sector for over 50 years. This merger is a commitment to preserving the co-operative principles at the core of the credit union movement.

NZCU Employees and NZCU Steelsands truly value the business, ongoing support and loyalty of its member-owners.

What does this mean for members?

  • This is a positive and exciting move for our organisation and our member-owners
  • The result is a stronger merged credit union to benefit all member-owners
  • Potential for better savings, investment and lending rates and fees
  • Scale (size) efficiencies allow us to better serve you, our member-owners
  • Board appointments will be made that include representation from both merging credit unions
  • NZCU Employees name and brand will remain the same and the location of branch will continue to operate at Penrose

What are the benefits?

  • Scale to deliver efficiencies, better pricing for savings, lending rates and competitive fees
  • Leveraging strength and capabilities of merged credit unions
  • Access to resources for delivering better member-owner experiences
  • Branch locations throughout the Auckland region and parts of New Zealand.
  • Greater opportunities to invest in and leverage technology and increase our digital presence, whilst improving member access and experience
  • Cost savings and subsequent financial benefits are projected for members of the combined entity in future years
  • Regulatory compliance costs will be spread across a larger member base and risks mitigated through the single larger entity