What is Essex Savers net Credit Union?
Essex Savers is a financial cooperative owned and run by its members for the benefit of its members. We provide local, ethical, banking services offering a secure place to save and affordable credit when it's needed.
Essex Savers is truly local. We have over 25 face-to-face service points running weekly across Essex. We are working to increase the number of service points and aim to be in all major towns and as many rural locations in Essex as soon as possible.
What are our aims and objectives?
- to provide ethical banking services – accessible to all in Essex;
- to play our part in making payday lenders and other predatory lenders redundant across Essex; and
- to achieve and maintain, independent, financial sustainability – sharing the benefits of this sustainability with our members.
Who can join?
Anyone living, working, volunteering or being educated in Essex, along with businesses and charities operating in Essex. Click on one of the "membership" buttons on the left for details of how to become a member.
Is my money safe?
Yes. Just like the High Street banks, Essex Savers is fully regulated by the Financial Conduct Authority and the Bank of England's Prudential Regulation Authority and deposits are guaranteed under the Financial Services Compensation Scheme ("FSCS") up to £85,000 per person; click here for details.
What are the benefits offered by Essex Savers?
Essex Savers can give you:
- a safe and convenient place to save;
- a share (known as a dividend) in annual trading profit;
- competitive loan rates, with no hidden charges;
- a budget account to receive your salary, pension and / or benefits; and
- a prepaid debit card (to shop, pay bills and / or obtain cash).
Other benefits would include:
- improvements in economic justice, regeneration, financial inclusion and money management;
- reductions in priority-debt arrears, housing repossessions and removing the need to use payday lenders and other predatory lenders.
all leading, we believe, to fewer health problems and less money worries for the people of Essex.
How is Essex Savers performing?
As the following five year chart shows, year-on-year, our Memberships, Savings and Loan values all continue to grow. To find out more about us and how we might be able to help you, please get in touch with us via our Head Office or one of our many service points (click the "Service points" button above for a list).
Note: 500 new members joined in 2015-16 but the end-of-year figure was reduced because a number of dormant accounts were closed.