Rainbow Saver Anglia Credit Union

Last updated

Rainbow Saver Anglia Credit Union
Founded1999
Defunct2022
Type Industrial and Provident Society
Location
  • 229 London Road South, Lowestoft, Suffolk NR33 0DS
Website rainbowsaver.co.uk

Rainbow Saver Anglia Credit Union Limited was a not-for-profit member-owned financial co-operative, based in Lowestoft and operated through 18 collection points in the East Anglian counties of Suffolk, Cambridgeshire and certain districts of Norfolk. It was established in 1999 and had 3,500 members.

Contents

In 2021, the Board of Directors announced a planned controlled closure of the credit union.

In 2022, Rainbow Saver Anglia Credit Union was placed into administration and ceased trading. At the same time, the Financial Services Compensation Scheme declared it as failed (in default). [1]

Activities

Rainbow Saver Anglia Credit Union operated for the purpose of promoting thrift, providing credit and other financial services to its members at reasonable rates. [2] In addition to the Lowestoft head office, it opened a branch in Peterborough in 2013, [3] [4] [5] which traded as Peterborough Rainbow Savers.

Originally limited to members of Anglia Regional Co-operative Society, membership of Rainbow Saver Anglia Credit Union was restricted by common bond to corporate bodies or individuals living, working, studying or volunteering in the counties of Suffolk and Cambridgeshire (including the City of Peterborough unitary authority area) and the districts of South Norfolk and the Borough of Great Yarmouth. Individuals associated with certain employers by virtue of the provision of housing, education, welfare or support services or related to and living in the same household as a member were also eligible. [6]

In 2014, the credit union was awarded a grant of £20,000 by the Lloyds Banking Group Credit Union Development Fund to assist with the process of merging with Eastern Savings and Loans in the near future, subject to a vote of members. [7]

Products

Rainbow Saver Anglia Credit Union ran a payroll deduction savings and loans scheme in conjunction with Addenbrooke's Hospital and a number of local authorities. The credit union was responsible for the operation of the scheme, with the employer facilitating monthly deductions from salary. A payment card, accepted at Post Office and PayPoint outlets, was issued free of charge on request. [8]

Credit unions do not pay a fixed rate of interest on savings balances. Instead, they distribute any trading surplus to members in the form of an annual dividend calculated on average savings or as a rebate of loan interest paid.

Rent processing enables members to have housing benefit paid direct to landlords; the credit union made a small charge to the landlord for this service. [9] The ABCUL Credit Union Prepaid Card, issued on behalf of Rainbow Saver Anglia Credit Union by Clydesdale Bank, functioned in a similar way to a High Street bank account. [10]

A member of the Association of British Credit Unions Limited, [11] registered under the Industrial and Provident Societies Acts, Rainbow Saver Anglia Credit Union was authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and PRA. Ultimately, like the banks and building societies, members’ savings were protected against business failure by the Financial Services Compensation Scheme. [12]

See also

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References

  1. ↑ Rainbow Saver Anglia Credit Union Limited – In Administration Rainbow Saver Anglia Credit Union (retrieved 11 August 2022)
  2. ↑ About Rainbow Saver Archived 7 February 2015 at the Wayback Machine Rainbow Saver Anglia Credit Union (retrieved 6 February 2015)
  3. ↑ Credit union opens in Peterborough city centre Peterborough City Council, 20 May 2013
  4. ↑ Expanding the credit union sector The Co-operative Party, 24 June 2013
  5. ↑ Peterborough Rainbow Savers Credit Union celebrates a successful start Association of British Credit Unions, 24 July 2013
  6. ↑ Membership requirements Archived 7 February 2015 at the Wayback Machine Rainbow Saver Anglia Credit Union (retrieved 6 February 2015)
  7. ↑ 2014 Winners Credit Union Foundation (retrieved 5 August 2018)
  8. ↑ Using your PayPoint card Archived 7 February 2015 at the Wayback Machine Rainbow Saver Anglia Credit Union (retrieved 6 February 2015)
  9. ↑ Rent Processing Archived 7 February 2015 at the Wayback Machine Rainbow Saver Anglia Credit Union (retrieved 6 February 2015)
  10. ↑ Our Visa Payment card Archived 7 February 2015 at the Wayback Machine Rainbow Saver Anglia Credit Union (retrieved 6 February 2015)
  11. ↑ Credit unions in membership of ABCUL Association of British Credit Unions (retrieved 1 November 2014)
  12. ↑ Credit Union Guide Financial Services Compensation Scheme (retrieved 2 April 2015)
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