Welcome to Presbyterian Savings
Important information about changes to Presbyterian Savings and Development Society (PSDS)
Presbyterian Savings and Development Society was an Incorporated Society and a Registered Religious Charity, which existed to support the Church as it seeks to serve the community.
Up until recently, it made loans available to Churches throughout New Zealand, at less than market rates, to help them build all types of facilities.
It also made Grants (gifts) to Presbyterian Churches and organisations to assist them in their ministries.
Unfortunately, despite significant efforts by the Society, the Financial Markets Authority and Reserve Bank of New Zealand have recently introduced changes to legislative requirements from which PSDS was historically exempt. The changes to legislation and removal of the exemptions are expected to cost PSDS up to an additional $300,000 to $500,000 a year.
PSDS were are unable to absorb these costs without directly affecting the funds available for our Grants programme over the next five years. The availability of grants for Church mission is very important to the Church, and we will continue this important service.
If you are wanting to apply for a Grant, click here.
The PSDS Board has extensively reviewed all the business options available and decided on a strategy we believe is in the best interests of the Church, our valued depositors, and the parishes and Church businesses with mortgage secured loans.
We have recently informed all our depositors and borrowers that our fellow brothers and sisters in Christ, the Baptist Savings and Development Society (Baptist Savings), have agreed to take over the administration of our loans, and to offer term deposits to fund both current and future loans. They have also agreed to take over the administration of PSDS’s existing term deposits with no change in terms, conditions or interest rates paid.
All depositors will have received a letter, information brochure, investment disclosure statement and a consent form. No funds will be transferred to Baptist Savings without documented authority. Under the new Baptist Savings administration the interest rate, terms and conditions will remain exactly as they are at present.
As a result of these changes PSDS is no longer able to accept any new deposits or open new accounts.
For answers to any Frequently Asked Questions please click here.
For Baptist Savings Interest Rates and Disclosure Statements, please click here.