 | |
| Founded | 2001 (North Cambridge 1998) |
|---|---|
| Type | Industrial and Provident Society |
| Location |
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| Website | eslcu.co.uk |
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, Norfolk and north Essex. The credit union has 6,500 members and manages £1.4 million in savings.
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 in 2002, becoming Norfolk Credit Union in 2007. The directors of both these credit unions agreed a merger in 2014, adopting the present name. [1]
Rainbow Saver Anglia Credit Union, formed in Lowestoft in 1999, was included in merger discussions [2] and joint meetings of all three credit unions showed a similar ethos and statistics. [3] The merger with Rainbow Saver Anglia was expected to proceed at a later date, but it ceased trading in 2022. [4]
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. [5]
| Year | Proposed Dividend |
|---|---|
| 2017 | 0% [6] |
| 2018 | 0% (2% interest on Junior accounts) [7] |
| 2019 | 0% (2% interest on Junior accounts) [8] |
| 2020 | 0.25% (2% interest on Junior accounts), [9] proposal withdrawn in light of pandemic. [10] |
| 2021 | 0% (1% interest on Junior accounts) [10] |
| 2022 | 0.15% (1% interest on Junior accounts) [11] |
The credit union operates for the purpose of promoting thrift, providing credit and other financial services to its members at reasonable rates. [12]
Membership of Eastern Savings and Loans is restricted by common bond to individuals living, working, studying or volunteering inside the boundaries of Suffolk, Cambridgeshire and Norfolk. Tenants of a number of housing associations, students enrolled at the British Racing School, Northern Racing College, Racing Welfare or The National Stud, employees of the East of England Co-operative Society and individuals related to and living in the same household as a member are also eligible to join. [13] In 2022, it expanded to include north Essex in its common bond area. [14]
In 2014, the credit union was awarded a grant of £100,000 by the Lloyds Banking Group Credit Union Development Fund to help support its reserves and facilitate mergers with neighbouring credit unions. [15]
Eastern Savings and Loans runs a payroll deduction savings and loans scheme in conjunction with the East of England Co-operative Society, Ipswich Buses and a number of local authorities. The credit union is responsible for the operation of the scheme, with the employer facilitating monthly deductions from salary. [16] A payment card, accepted at Post Office and PayPoint outlets, is also issued to members on request. [17]
As is common with credit unions, Eastern Savings and Loans doesn't pay a fixed rate of interest on savings balances; instead, the organization distributes its trading surplus to members in the form of an annual dividend calculated on average savings or as a rebate of loan interest paid.
The credit union offers business, third sector and corporate deposit accounts to organisations based in the area covered by the membership requirements. [18] The Change Account card, issued on behalf of Eastern Savings and Loans, functions in a similar way to a High Street bank account. [19]
Eastern Savings and Loans is a member of the Association of British Credit Unions Limited, [20] registered under the Credit Union Act 1979 and the Co-operative and Community Benefit Societies Act 2014, and is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and PRA. As with banks and building societies, members' savings are protected against business failure by the Financial Services Compensation Scheme. [21]
Leeds City Credit Union Limited is a not-for-profit member-owned financial co-operative, trading as Leeds Credit Union, formed in 1987 and based in the West Yorkshire city of Leeds.
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The East of England Co-operative Society is the fourth largest consumer co-operative in the United Kingdom after The Co-operative Group, The Midcounties Co-operative and Central England Co-operative. It is a registered society with its headquarters in Wherstead, near Ipswich and trading in the eastern counties of Essex, Suffolk, Norfolk and Cambridgeshire. The Society is the area's largest independent retailer.
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Anglia Regional Co-operative Society Limited was the fifth largest consumer co-operative in the United Kingdom. It was formed by the merger of the Greater Peterborough Regional and Anglia co-operative societies in 1987. The Society had over 80 stores, principally trading in East Anglia. Head office was located at Westgate House, Peterborough until 2011.
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London Capital Credit Union Limited is a not-for-profit member-owned financial co-operative, based in Archway and operating across London and the South East.
Hornsey (FIA) Co-operative Credit Union Limited was a savings and loans co-operative, established in the Municipal Borough of Hornsey, now part of the London Borough of Haringey, in 1964. One of the earliest credit unions in the United Kingdom, it merged with London Capital Credit Union in 2013.
The Co-op Credit Union is a not-for-profit member-owned financial co-operative, based in Manchester and operating throughout the United Kingdom.
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National Fire Savers Credit Union Limited is a not-for-profit member-owned financial co-operative, based in the London Borough of Southwark and operating throughout Great Britain. It has assets in excess of £11,000,000.
Commsave Credit Union Limited is a not-for-profit member-owned financial co-operative, based in Northampton in the English Midlands. In 2020, it absorbed Northamptonshire Credit Union. As at 31 March 2021, Commsave has 30,875 members with over £90m worth of savings and £45m on loan to members.
Plane Saver Credit Union is a not-for-profit financial co-operative, with their main office based in Harlington, and a second office at Heathrow Airport. A member of the Association of British Credit Unions Limited, Plane Saver has over 11,500 members, over £45 million in assets, and have lent more than £100 million to date.
London Plus Credit Union Limited is a not-for-profit member-owned financial co-operative, based in Fulham and operating in the City of Westminster and west London boroughs of Hammersmith and Fulham, Kensington and Chelsea, Wandsworth and Hounslow. Wandsworth Plus Credit Union is a trading name of London Plus Credit Union working in partnership with Wandsworth Council in south-west London.
The Lincolnshire Credit Union Limited is a not-for-profit member-owned financial co-operative, based in Lincoln and operating throughout the county in the English Midlands. In 2011, the credit union had approximately 2,000 adult savers, nearly 500 borrowers and 350 junior savers. LincUp, Alford and District Community Bank and Louth Community Bank are previous trading names of Lincolnshire Credit Union.
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