Local Credit Unions Partner Change Account for Award-Winning Digital Banking Services

January 15, 2018

London, UK 15th January 2017 – Eastern Savings & Loans and Rainbow Saver (RSACU), the Credit Unions for Norfolk, Suffolk and Cambridgeshire, have partnered with award-winning digital bank Change Account. The partnership enables the Credit Unions to offer their members an exciting new bank account with more benefits than a standard account.

In addition to direct debits, standing orders, faster payments and a Mastercard debit card, union members can easily use Change Account’s unique digital wallets to allocate and reserve funds for specific spending categories such as bill payments, rent payments, or eating out.

Users can further benefit from Change Account’s targeted rewards programme, which gives customers a monthly 3-15% cashback based on their in-store spend with a Change Account debit card at an extensive selection of participating retailers.

Customers can sign up for the account in minutes, through their local Eastern Savings & Loans or Rainbow Saver outlet. No credit checks are required, and customers can apply even if they do not have a permanent address. Unlike many other banks, Change Account has no hidden costs or penalty charges for missed payments, and it is not possible for users to become overdrawn.

Chris Mole, CEO, Eastern Savings & Loans, said: ‘’Our mission is to serve our members when they need us the most, with the best possible customer service from beginning to end. Our partnership with the award-winning Change Account helps us to realise this goal with the delivery of a functionally rich bank account, fit for the digital age but with support available from all Eastern Savings & Loans and Rainbow Saver outlets. Change Account has already proven to be user-friendly and affordable, and we look forward to offering the account to our new and existing members throughout 2018.’’

The partnership with Eastern Savings & Loans and RSACU comes during another considerable period of momentum for Change Account. Having won Best Use of Technology in Online Banking at the UK Financial Services Experiences Awards in July 2017, Change Account and PCT were recently awarded Best FinTech Partnership at the prestigious Banking Technology awards in London.

Ian Hossack, CEO, Change Account, said: ‘’Change Account’s partnership with Eastern Savings & Loans and Rainbow Saver Anglia Credit Union is another example of our growing momentum as a competitive challenger bank. We have already successfully delivered over 20,000 accounts to customers and, in the last 6 months, we have partnered with over 40 credit unions, with many more planning to deliver Change Account in 2018.’’

ENDS

About Eastern Savings & Loans

Eastern Savings & Loans is there for you with flexible, approachable financial services, whether it’s for personal loans or savings. Our only shareholders are our members, which means you – and your community – are in control. Our members are more than just customers because we put you first. Our products and services are designed to help our members manage their money well and our profits are shared amongst members or used to benefit the whole community. Every penny is used to benefit you. That doesn’t mean less security though – you’re protected by the Financial Services Compensation Scheme (FSCS). We can provide you with secure savings, with access when you need them, fair and affordable loans, excellent customer service and lots of ways to access your account.

About Rainbow Saver Anglia Credit Union

Rainbow Saver Anglia Credit Union Ltd was founded in 2001. Currently we serve the people of Cambridgeshire, Suffolk and South Norfolk. We offer safe savings, affordable loans, Credit Union Prepaid Cards, Budgeting Accounts and some other financial services. We were awarded money from the Lloyd’s Bank Foundation specifically to merge with Eastern Savings and Loans (subject to the vote of members). We hope to merge at some time in the future. We will then serve the people of Cambridgeshire, Suffolk and Norfolk. Merger will bring economies of scale, more products and more services. It is estimated that when we merge we will have in excess of 10,000 members.

About Change Account

Change Account is a digital challenger bank that is taking budgeting further. Formed in 2015 to improve access to financial services for customers, Change Account offers a genuine alternative to the high-street banks. It is a fully-functional digital banking account with direct debits, standing orders, faster payments and debit cards. It features Smart e-wallets, designed for segmented spending which enables bills, rent, and other expenses to be managed separately. The Change Account offers an omni-channel experience with accounts accessible online, mobile and via app. Account holders also benefit from automatic payment alerts via SMS, app and email.

 

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