Transave marks 20th anniversary
18 Aug 16
Transave is celebrating 20 years as one of the UK’s leading employee credit unions.
Founded in 1996 by Worker Directors at Mainline (now First Bus) in South Yorkshire to provide an alternative source of finance for colleagues requesting salary advances, Transave now has over 11,000 members across the country.
Having accepted its first member deposits two decades ago, Transave now holds more than £19 million of members’ savings, and it has loaned out over £100 million to members during its 20 year history.
Transave has also been able to return over £3 million to members as dividend payments on their savings during this period, and estimates it has also saved them over £7 million on loan interest charges; a total benefit to members of over £10 million.
Transave Chief Executive Rachael Hardman Jones said: "My personal thanks go to Transave's Board and staff together with all our members for helping to achieve today's excellent position – but at this significant time, we should remember that 20 years ago, it was the vision of Transave’s founder Dave Edwards which started this journey for us.
“We are now able to look forward in confidence to a further period of major expansion and success in the future”.
Although the bulk of its members are still employed in the bus passenger transport industry, Transave has been successful in expanding its operations to include other sectors. Employer partners currently include First Bus, Stagecoach, South Yorkshire Police and Doncaster and Bassetlaw Hospitals NHS Trust.
In addition to its payroll savings scheme, Transave now offers a range of large and small sum loan products, with interest rates ranging from 4% APR to 15.64% APR. Members enjoy the convenience of being able to save and repay loans direct from their salary via payroll deduction.