Credit union

What is a credit union?
Credit unions are financial co-operatives owned and run by their members to provide an alternative to banks, building societies and high interest lenders. Money saved with a credit union is just as safe as money in the bank.

Services offered by the credit union
Credit unions aim to help you take control of your money by encouraging you to:
1. Save what you can, when you can and safely in your community
2. Borrow only what you can afford to repay

Savings - how do I save?
You can save by:

Bringing cash or a cheque to one of the community collection points around Peterborough

Paying in tax credits, benefits or wages

Setting up a standing order with your bank

Payroll deduction with your employer

Paying cash at a local shop with a PayPoint card

Money saved with the credit union is just as safe as money in the bank. Like banks, credit unions are authorised and regulated by the Financial Services Authority (www.fsa.gov.uk); and like in a bank, your money is covered by the Financial Services Compensation scheme.

Loans - getting a loan
Once you have saved regularly with the credit union for a minimum of three consecutive months you can apply for a loan for up to three times the value of your savings.

The pre-paid Maestro card
This is available if you have no credit or debit card and with this card you can:

Load it with wages, pensions, benefits and standing orders through your credit union account

Use your card to buy things in store, online and over the phone

Obtain cashback at supermarkets

Make cash withdrawals from bank ATMs (costing £1 per transaction)
You are in control of how much you spend as you decide how much to load onto your card each week. It costs £3 per month for up to 10 uses, and then costs 20 pence for each additional transaction. There is no loading fee and no set-up fee.

Can I join Rainbow Saver
You can join only if you live or work in East Anglia and are an existing member of the retail Co-op. If you are not a member of the retail Co-op you can join by filling in a form which is available at the collection points or online at www.rainbowsaver.co.uk. As a member you will gain a dividend on your shopping there.

How do I join

By completing the form, found on the back page of the credit union leaflet and returning it to: Rainbow Saver Anglia Credit Union Ltd

By calling: 01502 584854

By emailing: rsacul@tiscali.co.uk

Through the website: www.rainbowsaver.co.uk

By visiting one of your local collection points (locations are in the credit union leaflet)