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Hibernian Credit Union Hibernians can assist each other with savings and loans without having to pay dividends to outsiders or incurring the promotional and retail banking costs. Features Dividends are paid on members shares on 31 March and 30 September each year. No transaction fees on members share accunts. The Credit Union is owned by its members and has no debts. Dividend and interest rates are pitched even-handedly between savers and borrowers so one group is not advantaged at the expense of the other. Members who save regularly in the Credit Union have preference for loans. Deposits can be made by automatic payment, telephone or internet banking or by using a plastic deposit card at any BNZ branch. Withdrawals can be arranged by telephone to a previously nominated bank account. Savings Accounts Savings in the Hibernian Credit Untion are called "Member Shares" and members can enjoy up to a maximum of $40,000 shares. The rate of dividend paid on members shares is subject to returns on investments. The payment of a dividend is not guaranteed. Two type of shares are available;"At Call" and "Investment" shares. At Call shares can normally be withdrawn at call and receive a higher dividend rate than most bank call accounts. Investment shares are for long term savings, with a minimum balance of $500 and a minimum period of six months. Once investment shares have been in place six months, investors are permitted one withdrawal each six months providing that the minimum balance for investment shares remains. Loans The Hibernian Credit Union lends money to members on mortgage at about the same interest rate as banks. The Credit Union also offers loans on second mortgage and for motor vehicles and household appliances, renovations and other purposes at interest rates lower than finance companies or on credit cards. Investment Statement and Prospectus Copies of the most recent investment statement and prospectus are available from the Credit Union's office.
The
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