Luminus, along with Huntingdonshire District Council, local housing associations and debt advice agencies have agreed with the well-established Rainbow Savers Credit Union (RSCU) to register a local Huntingdonshire Rainbow Savers Credit Union.

What is a credit union?

Credit unions are non-profit financial organisations set up by members with something in common (e.g. living in the same town). Their aim is: "The training and education of the members in the wise use of money and in the management of their financial affairs." They help their members to save money, plan for the future, and offer loans at interest rates below those offered by door-step credit agencies such as Provident. Credit Unions are fully-regulated and your money is protected.

Why use it?

The Credit Union offers a range of financial products and an easy way to save. People who need money urgently (e.g. to pay for a new washing machine) often take out a Payday or similar high-interest loan. Regular small savings will help to avoid that happening. Likewise, people setting up a home for the first time will be able to save for things like furnishings.

Rainbow Savers Credit Union offers a wide range of other financial products such as a reloadable prepaid card that works in a similar way to a debit card, a “lock-it-away” Christmas savings account, and an account for junior savers. You will also qualify for free life insurance based on the amount of your savings.

Unlike banks, members mutually benefit as there is no profit for third-party shareholders. Members can join online.

You can find out more about RSCU at www.rainbowsaver.co.uk.

Who can use it?

The Credit Union is for everyone living in Huntingdonshire – whether they are a Housing Association tenant, private tenant, living with family, or a home-owner.