Rainbow Saver Anglia Credit Union

Rainbow Saver Anglia Credit Union Limited is a not-for-profit member-owned financial co-operative, based in Lowestoft and operating through 18 collection points in the East Anglian counties of Suffolk, Cambridgeshire and certain districts of Norfolk. It was established in 1999 and has 3,500 members.

Rainbow Saver Anglia Credit Union
Founded1999
TypeIndustrial and Provident Society
Location
  • 229 London Road South, Lowestoft, Suffolk NR33 0DS
Websiterainbowsaver.co.uk

In 2014, the credit union was awarded a grant of £20,000 by the Lloyds Banking Group Credit Union Development Fund to assist with the process of merging with Eastern Savings and Loans in the near future, subject to a vote of members.[1]

Activities

Rainbow Saver Anglia Credit Union operates for the purpose of promoting thrift, providing credit and other financial services to its members at reasonable rates.[2] In addition to the Lowestoft head office, it opened a branch in Peterborough in 2013,[3][4][5] which trades as Peterborough Rainbow Savers.

Originally limited to members of Anglia Regional Co-operative Society, membership of Rainbow Saver Anglia Credit Union is restricted by common bond to corporate bodies or individuals living, working, studying or volunteering in the counties of Suffolk and Cambridgeshire (including the City of Peterborough unitary authority area) and the districts of South Norfolk and the Borough of Great Yarmouth. Individuals associated with certain employers by virtue of the provision of housing, education, welfare or support services or related to and living in the same household as a member are also eligible.[6]

Products

Rainbow Saver Anglia Credit Union runs a payroll deduction savings and loans scheme in conjunction with Addenbrooke's Hospital and a number of local authorities. The credit union is responsible for the operation of the scheme, with the employer facilitating monthly deductions from salary. A payment card, accepted at Post Office and PayPoint outlets, is also issued free of charge on request.[7]

Credit unions do not pay a fixed rate of interest on savings balances. Instead, they distribute any trading surplus to members in the form of an annual dividend calculated on average savings or as a rebate of loan interest paid.

Rent processing enables members to have housing benefit paid direct to landlords; the credit union makes a small charge to the landlord for this service.[8] The ABCUL Credit Union Prepaid Card, issued on behalf of Rainbow Saver Anglia by Clydesdale Bank, functions in a similar way to a High Street bank account.[9]

A member of the Association of British Credit Unions Limited,[10] registered under the Industrial and Provident Societies Acts, Rainbow Saver Anglia Credit Union is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and PRA. Ultimately, like the banks and building societies, members’ savings are protected against business failure by the Financial Services Compensation Scheme.[11]

See also

References
  1. 2014 Winners Credit Union Foundation (retrieved 5 August 2018)
  2. About Rainbow Saver Archived 7 February 2015 at the Wayback Machine Rainbow Saver Anglia Credit Union (retrieved 6 February 2015)
  3. Credit union opens in Peterborough city centre Peterborough City Council, 20 May 2013
  4. Expanding the credit union sector The Co-operative Party, 24 June 2013
  5. Peterborough Rainbow Savers Credit Union celebrates a successful start Association of British Credit Unions, 24 July 2013
  6. Membership requirements Archived 7 February 2015 at the Wayback Machine Rainbow Saver Anglia Credit Union (retrieved 6 February 2015)
  7. Using your PayPoint card Archived 7 February 2015 at the Wayback Machine Rainbow Saver Anglia Credit Union (retrieved 6 February 2015)
  8. Rent Processing Archived 7 February 2015 at the Wayback Machine Rainbow Saver Anglia Credit Union (retrieved 6 February 2015)
  9. Our Visa Payment card Archived 7 February 2015 at the Wayback Machine Rainbow Saver Anglia Credit Union (retrieved 6 February 2015)
  10. Credit unions in membership of ABCUL Association of British Credit Unions (retrieved 1 November 2014)
  11. Credit Union Guide Financial Services Compensation Scheme (retrieved 2 April 2015)
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