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Peterborough Rainbow Savers Credit Union celebrates a successful start

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24 Jul 13

Peterborough Rainbow Savers shop has completed its first quarter trading after opening in April.  The credit union held a ribbon cutting ceremony in May and people across the city are now able to access affordable savings, banking and loan facilities. More than 500 people have already joined Peterborough Rainbow Saver since April.

The credit union has provided more than 120 members with a prepaid debit card which offers an alternative to a bank credit or debit card, and members are able to have their wages or benefits paid into their account.

With an eye on their future, many of the members have expressed an interest in a jam-jar budgeting account which will allow them to save for special occasions such as Christmas or just for everyday bills.

Already, over 230 local people have taken out small loans with the credit union, ranging from £10 to £1,000.

Peterborough’s Rainbow Savers’ chairman, Sally Chicken, said: “We are really delighted with the popularity so soon, it just shows how desperately people need an alternative to legal loan sharks and bank accounts are getting harder to open”

Cross Keys Homes’ Head of Neighbourhoods and Communities, Joan Tibbs, who attended the opening ceremony said: “Credit unions are a great way for local people to save what they can, when they can, and to encourage sensible borrowing and affordable banking.

“We are really pleased to be supporting this great initiative because we want to do all we can, especially in this current economic climate, to help our tenants make the most of their income. This is just one of the ways we are trying to assist those most affected by the far reaching implications of the Welfare Reform.”

For further information on Rainbow Saver visit: www.rainbowsaver.co.uk

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