The Bridge Money Advice Centre in conjunction with Beacon Money Advice Centre, have agreed with the well-established Rainbow Savers Credit Union (RSCU) to register a local St Ives Rainbow Savers Credit Union.
What is a Credit Union?
Credit unions are non-profit financial organisations set up by members with something in common (e.g. living in the same town). Their aim is: “The training and education of the members in the wise use of money and in the management of their financial affairs.” They help their members to save money, plan for the future, and offer loans at interest rates below those offered by door-step credit agencies. Credit Unions are fully-regulated and your money is protected.
So why use Rainbow Saver Credit Union?
The Credit Union offers a range of financial products and an easy way to save. People who need money urgently (e.g. to pay for a new washing machine) often take out a Payday or similar high-interest loan. Regular small savings will help to avoid that happening. Likewise, people setting up a home for the first time will be able to save for things like furnishings.
Rainbow Savers Credit Union offers a wide range of other financial products such as:
- A reloadable prepaid card (that works in a similar way to a debit card)
- A “lock-it-away” Christmas savings account
- An account for junior savers
- Free life insurance (based on the amount of your savings)
- Low interest rate loans
- ‘Jam Jar’ Budgeting accounts
- Safe and secure savings
So who is it for?
The Credit Union is for everyone living in Huntingdonshire – whether they are a Housing Association tenant, private tenant, living with family, or a home-owner.
Where Can I open a Rainbow Savers Account?
An advisor will be on hand to help every Friday morning at the St Ives Food Bank which is held at the Parish Church, Church St, Saint Ives, PE27 6DG. Between 10:30 and 12:00.
Alternatively, you can call The Bridge Money Advice Centre on: 01480 498802
Or Beacon Money Advice on: 07500 479160
Unlike banks, members mutually benefit as there is no profit for third-party shareholders. Members can also join online.You can find out more about RSCU at www.rainbowsaver.co.uk.