You can't put money into savings accounts with building societies anymore. This rule used to be part of the Building Societies Act 1965, but it was removed on 1 September 1987.

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This page was last updated on 15 April 2025

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM371732.

Topics:

Money and consumer rights > Banking and loansHousing and property > Buying and selling homes

56: Borrowing powers, or

"Building societies can no longer borrow money under this rule"

57A: Home ownership accounts and farm ownership accounts, or

"Old rules about special savings accounts for homes and farms no longer apply"

Part 5Borrowing powers. Investors and depositors

57Restrictions on savings bank deposits (Repealed)

Notes

Section 57: repealed, on 1 September 1987, by section 12 of the Building Societies Amendment Act 1987 (1987 No 175).