Raiz Credit Union: A Comprehensive Guide

Credit unions have been around for a while, but the idea of a credit union that puts its members first is relatively new. Raiz Credit Union is one such union. Founded in 1968 as the staff credit union for the State Savings Bank of New South Wales, Raiz has since evolved to become one of the most innovative and customer-focused credit unions in Australia. In this article, we will provide you with a comprehensive guide on Raiz Credit Union.

What is Raiz Credit Union?

Raiz Credit Union is a member-owned financial institution that operates in Australia. It is a registered bank, with the Australian Prudential Regulation Authority (APRA), and is also a member of the Customer Owned Banking Association (COBA). Raiz Credit Union has its headquarters in Sydney and currently has over 12,000 members.

What Services Does Raiz Credit Union Offer?

Raiz Credit Union offers a wide range of financial services to its members, including:

1. Savings accounts: Raiz offers a range of savings accounts that cater to different needs, including savings accounts for children, Christmas Club accounts, and term deposits.
2. Loans: Raiz offers a range of personal loans, car loans, and home loans to its members. The loans are available at competitive interest rates and are tailored to meet the unique needs of each member.
3. Insurance: Raiz offers a range of insurance products, including home and contents insurance, car insurance, and travel insurance.
4. Financial planning: Raiz has a team of experienced financial planners who can help members plan for their future and achieve their financial goals.
5. Visa debit card: Raiz offers a Visa debit card to its members, which can be used to withdraw money from ATMs, make purchases online and in-store, and pay bills.

What Are the Benefits of Joining Raiz Credit Union?

Joining Raiz Credit Union comes with several benefits, including:

1. Low fees: Raiz Credit Union has low fees compared to traditional banks, which means that members can save money on account keeping fees and transaction fees.
2. Competitive interest rates: Raiz Credit Union offers competitive interest rates on its savings and loan products, which means that members can earn more on their savings and pay less interest on their loans.
3. Personalised service: Raiz Credit Union prides itself on providing personalised service to its members. The credit union has a team of friendly and knowledgeable staff who are always ready to help members with their financial needs.
4. Community focus: Raiz Credit Union is a member-owned financial institution that is focused on the needs of its members and the communities in which they live. The credit union supports a range of community initiatives and organisations.
5. Convenience: Raiz Credit Union has an online banking platform that allows members to access their accounts and manage their finances from anywhere, at any time.

How Do You Join Raiz Credit Union?

To join Raiz Credit Union, you must be:

1. At least 18 years of age.
2. An Australian citizen or permanent resident.
3. Able to provide identification documents, such as a passport or driver’s license.
4. Willing to become a member of Raiz Credit Union by paying a one-time membership fee of $10.

Once you have met these requirements, you can apply to become a member of Raiz Credit Union online or by visiting one of its branches.

Is Raiz Credit Union Safe?

Raiz Credit Union is a registered bank, which means that it is subject to the same regulations and protections as traditional banks in Australia. The credit union is also a member of the Financial Ombudsman Service (FOS) and the Australian Securities and Investments Commission (ASIC), which provides additional protections for its members. Raiz Credit