Unit 12. Rainbow Saver Anglia Credit Union

Rainbow Saver Anglia Credit Union Ltd was founded in 2001. Currently we serve the people of Cambridgeshire, Suffolk and South Norfolk.

We offer safe savings, affordable loans, Credit Union Prepaid Cards, Budgeting Accounts and some other financial services.

We were awarded money from the Lloyd’s Bank Foundation specifically to merge with Eastern Savings and Loans (subject to the vote of members). We hope to merge at some time in the future. We will then serve the people of Cambridgeshire, Suffolk and Norfolk. Merger will bring economies of scale, more products and more services. It is estimated that when we merge we will have in excess of 10,000 members.

What is a credit union?

A credit union is a democratic financial co-operative that is owned and controlled by its members. Credit Unions provide a safe and convenient place to save your money, accessible loans at a very reasonable rate of interest and a variety of other financial services. Credit unions are not-for-profit organisations and are driven by an ethos of service to its members, rather than maximising profits. They are also an ethical way to bank as they provide social benefits, renew a sense of community identity and retain wealth within the local area.

Rainbow Saver Anglia Credit Union Limited is run by a volunteer Board of Directors who are elected by members. The Directors are responsible for governing the credit union, shaping the strategic direction and managing its long term development and success.

The Directors employ a professional staff team to deliver services and to assist them in the on-going development of the credit union.

How are credit unions regulated?

Credit Unions, like all financial organisations in the UK, have their operations monitored and checked by official government appointed organisations.

All credit unions within the UK are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

Credit unions have to submit regular financial reports and meet strict requirements set by them. All key members of staff and elected volunteers must be authorised by the regulators in order to be permitted to hold office and carry out their duties.

Rainbow Saver Anglia Credit Union’s Firm Reference Number is 213617.

What identification do I need?

Like any financial business we need to have proof of who you are and where you live. We will be flexible with these as long as we meet legal requirements.
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Do you give debt advice?

Our staff have a basic understanding of money advice but we can refer you to various local agencies to help you with any financial problems that you may have. Please ask any of our staff to help you.