# Which banks would be best for my money?



## dawnclaremaddox

We already have opened an account with BNZ as we liked them when we came over for a holiday. But can anyone tell me which banks give guarantees that your money is safe with them. 

Our bank in the UK guarantee that upto £170,000 overall is safe should they go under. We don't want to buy straight away, so would like our money to be looked after until we decide.

Thanks
Dawn


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## anski

dawnclaremaddox said:


> We already have opened an account with BNZ as we liked them when we came over for a holiday. But can anyone tell me which banks give guarantees that your money is safe with them.
> 
> Our bank in the UK guarantee that upto £170,000 overall is safe should they go under. We don't want to buy straight away, so would like our money to be looked after until we decide.
> 
> Thanks
> Dawn


Hi Dawn,

Yes a similar guarantee is in place here & I will give you the link to the Treasury website where you can read the complete information.
http://www.treasury.govt.nz/economy/guarantee


The short answer is yes you are covered up to the amounts I have cut & pasted PROVIDED your money is invested with an APPROVED Bank etc

A maximum of $250,000 per eligible depositor per institution will be paid in the event of a default by an approved institution that is not a bank (such as a finance company, a building society or a credit union).

A maximum of $500,000 per eligible depositor per institution will be paid in the event of a default by an approved institution that is a registered bank.

Approved institutions details here; Approved Institutions - Deposit Guarantee Scheme — The Treasury - New Zealand


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## topcat83

anski said:


> Hi Dawn,
> 
> Yes a similar guarantee is in place here & I will give you the link to the Treasury website where you can read the complete information.
> Guarantees - Economy — The Treasury - New Zealand
> 
> 
> The short answer is yes you are covered up to the amounts I have cut & pasted PROVIDED your money is invested with an APPROVED Bank etc
> 
> A maximum of $250,000 per eligible depositor per institution will be paid in the event of a default by an approved institution that is not a bank (such as a finance company, a building society or a credit union).
> 
> A maximum of $500,000 per eligible depositor per institution will be paid in the event of a default by an approved institution that is a registered bank.
> 
> Approved institutions details here; Approved Institutions - Deposit Guarantee Scheme — The Treasury - New Zealand


look at interest.co.nz | Helping you make financial decisions too - it will give you the latest interest rates, etc for all the major financial institutions. Look at the credit rating - AAA is the best - for an idea of whether they're safe or not.


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## dawnclaremaddox

topcat83 said:


> look at interest.co.nz | Helping you make financial decisions too - it will give you the latest interest rates, etc for all the major financial institutions. Look at the credit rating - AAA is the best - for an idea of whether they're safe or not.



Thanks Anski and Topcat, great advice


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## Darla.R

The retail deposit guarantee scheme expires at the end of 2011.


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## anski

Darla.R said:


> The retail deposit guarantee scheme expires at the end of 2011.


I would imagine this will be extended to prevent an outflow of money from New Zealand to countries which offer a guarantee.


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## Darla.R

One would hope so, but with the failure of SCF and a possible bail out of AMI on top of all the other money that's been paid out under the scheme the government may change or abolish it.

To date every time it has been extended the criteria have got more and more strict.


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## Darla.R

There was a time when Rabo Bank used to be the safest bank, but these days....who knows? 

If I had a large sum to tuck away I'd spread the risk and place it in more than one place. Having said that with the strength of the NZ dollar right now I'd leave it outside the country rather than lose a fortune on the conversion. Depends what your source currency is really.


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## Darla.R

topcat83 said:


> look at interest.co.nz | Helping you make financial decisions too - it will give you the latest interest rates, etc for all the major financial institutions. Look at the credit rating - AAA is the best - for an idea of whether they're safe or not.


These are the financial institutions that have membership of the retail deposit guarantee scheme. Companies join and leave it all the time.
Approved Institutions - Deposit Guarantee Scheme — The Treasury - New Zealand

Alphabetical List of Approved Institutions - Extended Scheme
If an institution is not named on this list, then it is not approved for the Extended Retail Deposit Guarantee Scheme. Participation in the extended scheme is voluntary and deposit taking institutions in the expired Retail Deposit Guarantee Scheme are not covered automatically by the extended scheme.


Canterbury Building Society - guarantee withdrawn 5 January 2011
Combined Building Society - guarantee approved 5 January 2011
Equitable Mortgages Limited - see Repayment Information for Depositors
Fisher & Paykel Finance Limited
MARAC Finance Limited - guarantee withdrawn 5 January 2011
PGG Wrightson Finance Limited
Southern Cross Building Society - guarantee withdrawn 5 January 2011
Wairarapa Building Society 
Alphabetical List of Approved Institutions - Expired Scheme
Allied Nationwide Finance Limited 
ANZ Call Fund 
ANZ National Bank Limited 
ANZ Term Fund 
Aotearoa Credit Union 
ASB Bank Limited 
ASB Cash Fund 
ASB Term Fund 
Asset Finance Limited 
Avanti Finance Limited 
Bank of New Zealand 
BNZ Cash PIE 
Broadlands Finance Limited 
Business Finance Limited 
Cash Advantage Fund 
Caxton Employees Credit Union 
Christchurch Emergency Services Credit Union 
Citibank, N.A. - New Zealand Branch 
Client Reserve Limited 
Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A. (New Zealand Branch) 
Craigs Investment Partners Cash Management Trust Limited (previously ABN AMRO Craigs Cash Management Trust Limited) - ABN AMRO Craigs Cash Management Trust Limited changed its name to Craigs Investment Partners Cash Management Trust Limited with effect from 31 August 2009.
Credit Union Auckland 
Credit Union Baywide 
Credit Union Central 
Credit Union Lakeland 
Credit Union North 
Credit Union South 
Direct Broking Call Account 
Diversified Cash Portfolio 
FAI Money Limited (formerly FAI Finance Limited) - See media statement: Crown withdraws guarantee from FAI Money Limited (10 May 2010).
Farmers' Mutual Finance Limited
FE Investments Limited 
Finance Direct Limited 
First Credit Union 
Fisher & Paykel Credit Union
Forsyth Barr Cash Management Trust 
General Finance Limited 
Gold Band Finance Limited 
Guardian Cash Fund (formerly Guardian CashPlus Fund) 
Hastings Building Society 
Heretaunga Building Society 
HSBC Cash Fund 
HSBC Term Fund 
Kiwibank Limited 
Kiwibank PIE Online Call Fund 
Kiwibank PIE Term Deposit Fund 
Kookmin Bank (New Zealand Branch) 
Lifestages Deposit Portfolio 
Marsden Point Refinery Credit Union 
Mascot Finance Limited - See Claims Process.
Medical Securities Limited 
Money Market Portfolio (formerly Money Market Trust) 
Mutual Credit Finance Limited 
Mutual Finance Limited - See media statement: Crown’s guarantee scheme covers Mutual Finance depositors (14 July 2010)
National Bank Call Fund 
National Bank Private Banking Call Fund 
National Bank Term Fund 
Nelson Building Society 
New Zealand Employees Credit Union 
New Zealand Firefighters Credit Union 
NZF Money Limited 
Oxford Finance Corporation Limited 
Police and Families Credit Union 
Private Banking Portfolio Call Fund 
Prometheus Finance Limited 
PSIS Limited 
Rabobank New Zealand Limited 
Rockforte Finance Limited 
Savings & Loans Limited 
South Canterbury Finance Limited - See the media statement: South Canterbury Finance Depositors still covered by Crown Retail Deposit Guarantee (20 June 2010).

Southland Building Society 
Steelsands Credit Union 
Strata Finance Limited - See Claims Process and media statement: Strata Finance customers covered by deposit guarantee scheme (24 April 2009).
The Hongkong and Shanghai Banking Corporation Limited (New Zealand Branch) 
The Napier Building Society 
Thoroughbred Cash Fund 
TSB Bank Limited 
TSB Bank PIE Cash Fund 
UDC Finance 
United Credit Union 
UT34 - UT 34 is marketed as at 6 April 2009 as Spicer’s Premium Plus, NZFP Cash Fund and Selected NZ Cash Fund.
Viaduct Capital Limited (formerly Priority Finance Limited) - See media statement: Crown withdraws guarantee from Viaduct Capital Limited (20 April 2009).
Vision Securities Limited - See media statement: Vision Securities depositors covered by Crown’s guarantee scheme (1 April 2010)
Wellington District Manchester Unity Credit Union 
Westforce Credit Union 
Westpac New Zealand Limited 
Westpac Term PIE Fund 
Wilson & Horton Employees Credit Union 
Wine Country Credit Union


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