- Minimum deposit
- $1,000
- Term
- 3 months to 5 years
- Interest paid
- On maturity, or quarterly on longer terms
- Structure
- Member-owned credit union
- Depositor Compensation Scheme
- Yes — up to $100,000 per depositor
- How to apply
- Online, becoming a member first
About this term deposit
Unity Money (formerly NZCU Baywide) is one of New Zealand's largest credit unions. Members own it, so any surplus goes back into better rates, lower fees and community lending rather than out to shareholders offshore.
Term investments work like a bank term deposit: a fixed sum, a fixed rate, a fixed end date. You need to join as a member first, which is a short online step and usually requires a small share balance.
Credit unions are licensed deposit takers, so eligible deposits are protected by the Depositor Compensation Scheme up to $100,000 per depositor, the same cover as a registered bank.
Good for
- ✓Savers who want their money staying in New Zealand
- ✓Smaller balances from $1,000
- ✓People who want a rate close to the top without a finance company
- ✓Community-minded investors
Watch out for
- !You must become a member before investing
- !Not a registered bank — no S&P or Fitch credit rating
- !Early withdrawal may be declined or heavily penalised
- !Smaller institution, so scheme cover matters more for big balances
What could this pay?
- Rate
- 5.00% p.a.
- Interest / year
- $1,250
- Over the term
- $1,250
Simple-interest illustration in NZD, gross of tax. Resident withholding tax or PIE tax will be deducted, and compounding options may change the result. Not a quote.
Questions Kiwis ask
Is a credit union as safe as a bank?
Credit unions are licensed deposit takers supervised by the Reserve Bank and eligible deposits are covered by the Depositor Compensation Scheme up to $100,000 per depositor. They are typically smaller and unrated, which is why the rate sits above the major banks.
How do I become a member?
Apply online with ID and proof of address. Membership usually includes a nominal shareholding that is returned when you leave.
What is the minimum term investment?
$1,000 for most terms.
Will my interest be taxed?
Yes. Resident withholding tax is deducted at the rate you nominate. Supply your IRD number and correct RWT rate to avoid being taxed at the default rate.
Unity Money and all other company names, brands and logos referred to on this page are the property of their respective owners and are used for identification and comparison purposes only. TermDepositRate.co.nz is an independent website and is not affiliated with, endorsed by, sponsored by or acting as an agent for any provider named. Product details, indicative rates and commentary on this page are illustrative summaries only, are not sourced from or approved by the provider, and must not be relied on when making an investment decision.
Minimum deposit $1,000 · Interest paid on maturity · Rate indicative as at 29 August 2026.