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