Co-ops and Kiwi banks – how can a co-operative banking structure create more wealth for the everyday Kiwi?
David Cunningham, CEO of The Cooperative Bank is on the NZ Everyday Investor today to discuss:
- How do cooperatives work, especially in the banking world?
- The Royal Commission of Inquiry into Banking Misconduct.
- Capital Reserve requirements (what is it and why do banks care)?
- The role technology plays in transforming a relatively ‘old school’ sector.
The Co-operative Bank has a few unique points of difference – for example:
– When you join, you’re a shareholder, and you get a share of their profits (directly).
-Kids, when you open an account for them, earn 4% (not up to 4% under rare circumstances) up to balances of $4k.
– Fair Rate Credit Card
Check out some of their Youtube videos here:
https://youtu.be/wT9UwD6vOBs – youth savings
https://youtu.be/aaVYr0376VY – rebates
https://youtu.be/oR_CWq2K1lM – Fair Rate Credit Card