We have partnered with Luminus, local housing associations and debt advice agencies to register a local Huntingdonshire Credit Union with the well-established Rainbow Savers Credit Union (RSCU).
Cllr Jason Ablewhite, Executive Leader of Huntingdonshire District Council, said: "This is a great initiative to be able to help our residents. We are very happy to provide this credit union at Huntingdonshire District Council’s Pathfinder House offices in Huntingdon."
Luminus Group Chief Executive, Dr Chan Abraham, said: "We are delighted to be able to launch Huntingdonshire’s first credit union, in partnership with the district council and other local agencies. This will provide an excellent opportunity for residents to be able to manage their finances with a reputable credit union. We are now looking for volunteers to serve at an information point at the council’s offices, so that we can bring this great service to our community."
What is a credit union?
Credit unions are non-profit financial organisations set up by members with something in common (eg 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, such as Provident. Credit Unions are fully regulated and your money is protected.
Why use it?
The credit union offers a range of financial products and an easy way to save. People who need money urgently (eg 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 pre-paid card that works in a similar way to a debit card, a "lock-it-away" Christmas savings account and an account for junior savers. You will also qualify for free life insurance based on the amount of your savings.
Unlike banks, members mutually benefit as there is no profit for third-party shareholders. Members can join online.