First Credit Union is not a bank, but for the most part offers many banking products. Distinctly New Zealand owned, with eight branches across the Waikato and Bay of Plenty regions, First Credit Union promotes zero-fee loans and interest-earning everyday accounts. Overall, First Credit Union is ideal for consumers looking for a better deal on deposits and loans. And despite only having a handful of branches (see below), all products can be applied and activated online. 

In this guide, we look at the main features and products offered by First Credit Union, including:

• Pros and Cons of First Credit Union
• ​Personal Loans
• Savings Accounts and Term Deposits
• Mortgages and Home Loans
• Everyday Transaction Accounts
• Credit Union Experience
• About First Credit Union

Know this first - Fees

• "First Credit Union does not charge account fees" is a statement that appears throughout marketing materials. While this is true for loans and mortgages, there are card fees.
• Card fees include a 25 cent fee for using your Eftpos card and a $10 annual fee for a using a Mastercard Debit card. You'll also pay $2 each time you use an ATM.
• These charges are big business - First Credit Union has consistently charged more than $4 million a year to its members by way of 'ATM/Eftpos Card Recoveries'.

Branches: Hamilton, Te Aroha, Tauranga, Taupo, Whakatane, Kawerau, Ngaruawahia and Rotorua

First Credit Union is not a bank: First Credit Union is owned by the members who bank with them and is not a registered bank, however, it offers almost everything the banks do. First Credit Union is a Non Bank Deposit Taker (NBDT) and as such is registered and supervised by the RBNZ. First Credit Union has a credit rating of ‘BB’ with a stable outlook issued by Fitch Ratings.​

In this section, we look at the four main products offered by First Credit Union - ​Personal Loans, Savings Accounts and Term Deposits, Mortgages and Home Loans and Everyday Bank Accounts.

At First Credit Union, you’ll have fewer branches to visit compared to big banks. What you’ll have access to market-leading deposit rates and fee-free loans and mortgages with competitive interest rates. 

The bank’s website is well regarded for online banking, although the apps are less proven. First Credit Union has a disproportionate number of negative reviews for its mobile app experience. Out of five stars, the app has received an average of 2.8 stars according to Android users. While an IT outage in 2017 would have been responsible for some negative reviews, a series of one-star reviews appeared throughout 2018 and 2019. Its app remains unrated in the iTunes app store.

First Credit Union is celebrating 65 years of serving members in 2020 and was the first New Zealand Credit Union to be affiliated to the worldwide movement. First Credit Union still operates with the founding principle of ‘people helping people’.

Today, the credit union offers New Zealanders a range of products, including personal loans, mortgages, everyday accounts and term deposits. First Credit Union has its headquarters in Hamilton and helps close to 60,000 members achieve their goals within their means.

First Credit Union operates with the belief that "members come first - not profits and overseas shareholders". For this reason, it offers fee-free loans, flexible over-payment terms and competitive interest rates on savings products.

Want to know more or sign up for an account or a loan? Visit your nearest branch or call First Credit Union.

Insurance
First Credit Union also offers a number of insurance products. We have not reviewed these in any detail. We do suggest getting a quote using our comparison guides below and comparing it to any quote from First Credit Union.

• Car Insurance
• House & Contents Insurance
• Funeral Plan Insurance
• Life Insurance