Eastern Savings and Loans Credit Union Limited is a not-for-profit member-owned financial
co-operative, based in
Ipswich and operating through 25 local payment and information points in the
East Anglian counties of Suffolk, Cambridgeshire and Norfolk. The
credit union
A credit union, a type of financial institution similar to a commercial bank, is a member-owned nonprofit financial cooperative. Credit unions generally provide services to members similar to retail banks, including deposit accounts, provision ...
has 6,500 members.
History
Eastern Savings and Loans traces its origins to the foundation of the Ipswich Credit Union in 2001, which became Ipswich and Suffolk Credit Union in 2005. South Norfolk Credit Union was formed in
Norwich
Norwich () is a cathedral city and district of Norfolk, England, of which it is the county town. Norwich is by the River Wensum, about north-east of London, north of Ipswich and east of Peterborough. As the seat of the Episcopal see, See of ...
in 2002, becoming Norfolk Credit Union in 2007. The directors of both these credit unions agreed a merger in 2014, adopting the present name.
Rainbow Saver Anglia Credit Union, formed in
Lowestoft in 1999, was included in merger discussions and joint meetings of all three credit unions showed a similar ethos and statistics. The merger with Rainbow Saver Anglia is now expected to proceed at a later date.
The smaller North Cambridge Credit Union was formed in 1998, becoming the Cambridge City Credit Union in 2005; its 161 members voted to transfer engagements to Eastern Savings and Loans in 2015.
Activities
The credit union operates for the purpose of promoting thrift, providing credit and other financial services to its members at reasonable rates.
Membership of Eastern Savings and Loans is restricted by
common bond to individuals living, working, studying or volunteering inside the boundaries of
Suffolk
Suffolk () is a ceremonial county of England in East Anglia. It borders Norfolk to the north, Cambridgeshire to the west and Essex to the south; the North Sea lies to the east. The county town is Ipswich; other important towns include L ...
, Cambridgeshire and
Norfolk. Tenants of a number of
housing associations, students enrolled at the British Racing School, Northern Racing College, Racing Welfare or
The National Stud, employees of the
East of England Co-operative Society and individuals related to and living in the same household as a member are also eligible to join.
In 2014, the credit union was awarded a grant of £100,000 by the
Lloyds Banking Group Credit Union Development Fund to help support its reserves and facilitate mergers with neighbouring credit unions.
Products
Eastern Savings and Loans runs a payroll deduction savings and loans scheme in conjunction with the East of England Co-operative Society,
Ipswich Buses 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
A post office is a public facility and a retailer that provides mail services, such as accepting letters and parcels, providing post office boxes, and selling postage stamps, packaging, and stationery. Post offices may offer additional serv ...
and
PayPoint outlets, is also issued to members on request.
As is common with credit unions, Eastern Savings and Loans doesn't pay a fixed rate of interest on savings balances; instead, the organization distributes its trading surplus to members in the form of an annual dividend calculated on average savings or as a rebate of loan interest paid.
The credit union offers business, third sector and corporate deposit accounts to organisations based in the area covered by the membership requirements. The Change Account card, issued on behalf of Eastern Savings and Loans, functions in a similar way to a High Street bank account.
Eastern Savings and Loans is a member of the
Association of British Credit Unions Limited, registered under the Credit Union Act 1979 and the Co-operative and Community Benefit Societies Act 2014, and is authorised by the
Prudential Regulation Authority and regulated by the
Financial Conduct Authority and PRA. As with banks and building societies, members' savings are protected against business failure by the
Financial Services Compensation Scheme.
Credit Union Guide
Financial Services Compensation Scheme (retrieved 2 April 2015)
See also
* Credit unions in the United Kingdom
* East of England Co-operative Society
References
External links
Eastern Savings and Loans Credit UnionAssociation of British Credit Unions
{{Credit Unions in the United Kingdom
Credit unions of the United Kingdom
Banks established in 2001
Companies based in Suffolk
Companies based in Ipswich