Question 1

What is The Co-operative Bank?

Accepted Answer

The Co-operative Bank is New Zealand's only customer-owned bank, operating as a cooperative where customers are members and owners of the institution. The bank provides comprehensive retail banking services including everyday banking, savings, loans, mortgages, insurance, and business banking throughout New Zealand.

With approximately 180,000 customers nationwide, The Co-operative Bank operates on a profit-sharing model, returning surplus profits directly to its members. Since 2013, the bank has returned over $24 million to its customers. The bank is a registered B-Corporation, demonstrating its commitment to social and environmental responsibility alongside financial performance.

Question 2

When was The Co-operative Bank founded?

Accepted Answer

The Co-operative Bank was founded in 1928 as the Public Service Investment Society (PSIS), established to provide lending services to public servants when other institutions were reluctant to do so.

The organization underwent several significant transformations throughout its history. In 1979, it was placed under statutory management due to financial difficulties, emerging from this status in 1987. The institution was registered under the Companies Act in 1993 and subsequently under the Co-operative Companies Act in 1996. In 1998, the name was abbreviated to PSIS.

The most significant transformation occurred in October 2011, when PSIS officially changed its name to The Co-operative Bank and became a registered bank under the supervision of the Reserve Bank of New Zealand. This transition marked the institution's evolution from a cooperative society to a full-service registered bank while maintaining its cooperative ownership structure.

Question 3

Where is The Co-operative Bank headquartered?

Accepted Answer

The Co-operative Bank is headquartered in Wellington, New Zealand, with its head office located at the corner of Featherston and Ballance Streets, Wellington Central.

The Wellington headquarters houses the bank's executive leadership and central administration. The bank employs approximately 560 people across its operations nationwide.

Question 4

Where does The Co-operative Bank operate?

Accepted Answer

The Co-operative Bank operates throughout New Zealand with a network of 26 branches covering major cities and regional centers from Northland to Southland.

The bank maintains a national presence, serving customers in urban and regional areas across both the North and South Islands. While branches are strategically located in population centers, the bank's digital banking platforms enable service delivery to customers anywhere in New Zealand.

The Co-operative Bank customers also have access to Westpac's ATM network throughout the country, significantly expanding convenient cash access points.

Question 5

What services does The Co-operative Bank offer?

Accepted Answer

The Co-operative Bank provides comprehensive banking services:

Personal Banking: Transaction accounts, savings accounts with competitive interest rates, personal loans, credit cards, and debit cards. The bank recently announced some of New Zealand's lowest floating home loan rates at 5.95% p.a. and competitive fixed rates.

Home Loans: Residential mortgages with flexible terms, competitive rates, and mobile mortgage managers who meet customers at convenient locations.

Business Banking: Services tailored for small and medium enterprises, including business accounts, business lending, and merchant services.

Insurance Products: Home and contents insurance, motor vehicle insurance, travel insurance, life insurance, and loan protection insurance.

Digital Banking: Award-winning online banking platform, mobile banking app (rated first in Consumer NZ surveys), internet banking, mobile banking, text banking, and phone banking services. The bank announced in August 2025 that it selected 10x Banking's cloud-native core banking platform for a multi-year digital transformation project, with customer benefits expected from late 2026.

Investment Services: Term deposits, managed funds, and savings products designed to help customers grow their wealth.

Question 6

What makes The Co-operative Bank unique?

Accepted Answer

The Co-operative Bank's defining characteristic is its customer-owned cooperative structure. Unlike shareholder-owned banks that prioritize returns to external investors, The Co-operative Bank exists solely to benefit its customer-owners.

The bank has been voted No. 1 in Consumer NZ's People's Choice Award for nine out of the past ten years, most recently topping the 2025 banking satisfaction survey with 77% of customers reporting they are very satisfied—20% higher than New Zealand's largest bank. The bank was rated first in four individual categories: mobile app, digital banking features, interest on savings, and personal loan interest rates.

As New Zealand's only B-Corp certified bank, The Co-operative Bank meets rigorous standards for social and environmental performance, accountability, and transparency. This certification aligns with the bank's values-driven approach to banking.

The profit-sharing model distinguishes the bank from competitors. In July 2019, the bank paid $2.1 million in surplus profit back to customers, with individual rebates ranging from $7 to $100. This direct return of profits to customers exemplifies the cooperative principle of prioritizing member benefit over external shareholder returns.

Question 7

What type of financial institution is The Co-operative Bank?

Accepted Answer

The Co-operative Bank is a Customer-Owned Cooperative Bank registered and regulated by the Reserve Bank of New Zealand.

In New Zealand's banking sector, this structure is unique. The bank operates under the Co-operative Companies Act 1996 and is subject to the same prudential regulations as traditional banks. It holds one of the highest capital ratios of all banks in New Zealand, maintaining conservative financial standards that exceed regulatory minimums.

The cooperative banking model is familiar to New Zealanders through other cooperative institutions like Fonterra in the dairy sector and FMG in insurance. The Co-operative Bank applies these cooperative principles—democratic governance, member ownership, and profit-sharing—to retail banking. Each customer is both a user and an owner, with governance provided by customer-elected representatives. This structure ensures the bank's primary obligation is to its customers rather than external shareholders.

The Co-operative Bank

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About The Co-operative Bank in New Zealand

The Co-ope­rative Bank