Credit Unions

Although Credit Unions are not well known in this country they have been around for many years. In the United States there are 14,000+ branches, and in Ireland more than one in three people belong to one.

A more accurate name for a Credit Union would be a savings and loans club. Membership is open to anyone living or working in a 'Common Bond' area. A 'Common Bond' area could be residents of a specific area, working for a particular employer or a member of a club or association.

Members are encouraged to save regularly, and then borrow up to twice their savings, at a very low rate of interest. For example, a loan of £500 paid back over one year would only cost £32 in interest. Members are given free life insurance, with their next of kin receiving the savings plus an insurance payment. Loans are also insured at no cost - if you die your loan is paid off.

Local Credit Unions are run by unpaid, but professionally trained, volunteers, and are strictly regulated by the Financial Services Authority.

There are three local branches in the Great Yarmouth area and if you are interested in finding out more, please contact the Credit Unions direct:-

Lichfield and Southtown Credit Union
(Common bond area - Lichfield, Southtown and the Great Yarmouth Borough Council office complex)
Address: Pasteur Road, Great Yarmouth, NR31 0DW
Contact: Catherine West
Tel: 01493 651307

Cobholm Island Credit Union
(Common bond area - Cobholm)
Address: Cobholm Community Centre, St Luke's Terrace, Great Yarmouth, NR31 0AP
Contact: Ray Jacobs -
Tel: 01493 651330

Rainbow Saver Anglia Credit Union Ltd
(in partnership with the 2 other credit unions, the CAB and Great Yarmouth Borough Council)

ComeUnity, the Neighbourhood Management Programme for South and Central Yarmouth, supports the running of a Rainbow Savers Anglia Credit Union in South and Central Yarmouth.  This is a direct response to loan sharks and other high interest borrowers who often contribute to financial difficulties amongst local people, and is aimed at providing residents with a safe, easy-to-use, community-friendly and low-interest opportunity to manage their money. Residents who are interested in signing up or who would like more information on the benefits of joining a credit union can check out the Credit Union's website or contact Sally Chicken on 01502 584854 or by emailing sally.chicken@gmail.com.  

If you are already a member of the Rainbow scheme, there is a collection point at the ComeUnity Neighbourhood Centre at 143 King Street, Great Yarmouth on Friday mornings between 10am and 12 noon.