Saveeasy

Saveeasy is a credit union based in Llanelli, Wales, offering savings accounts and loans to its members¹. It is member-owned and run not for profit, and it serves people who share a common bond, typically a connection to the Llanelli area¹. Its website is www.saveeasycreditunion.co.uk¹.

Like all credit unions, Saveeasy is not a bank. It is a financial provider owned and run by its members, which provides loans, savings and other services to those members rather than to the general public⁴. The Welsh Government describes what credit unions do in plain terms:

There are around 400 credit unions across England, Scotland and Wales, and Saveeasy is one of them⁵.

What Saveeasy offers

Saveeasy offers the two products every credit union offers: savings accounts and loans⁸. Credit unions work by all members saving together, and those members' savings are then used to fund loans to other credit-worthy members of the credit union¹⁰. Because a credit union is owned by its members rather than by outside shareholders, any surplus is used for the benefit of the membership and the community rather than paid out as profit⁴.

It is worth being clear about what a credit union cannot do. A credit union is not a bank and cannot offer overdrafts, mortgages, electronic banking services and payment methods or business loans in the same way as a bank¹¹. Some credit unions do offer current accounts, usually with no credit check or overdraft¹², so if you need a day-to-day account it is worth asking Saveeasy directly what it currently provides.

The table below sets out the differences in general terms:

For products Saveeasy does not offer, the guides on current accounts, savings accounts and loans set out the wider market.

Saving with Saveeasy

Saving with a credit union works like saving anywhere else in one respect: you pay money in and it builds up. The difference is what happens to it. Your savings, pooled with other members', fund loans to fellow members, and the credit union exists to benefit its members and community rather than to make a profit⁴. All credit unions offer savings accounts, so saving is the entry point to membership for most people⁸.

Some credit unions let you combine saving with loan repayment. In one published example from another credit union, a member paid £70 per month with £3 going into easily accessible savings¹³. Whether Saveeasy offers a similar arrangement, and what its savings accounts pay, are questions for its own website and staff, as rates and terms change and this page carries no product figures.

If you are on a low income, saving small amounts regularly is still worthwhile, and an emergency fund can help you avoid borrowing at high cost when something goes wrong. The government's Help to Save scheme is a separate option for some people on qualifying benefits. To apply you will need:

• a National Insurance number
• bank account details
• a Government Gateway account

You can apply online at gov.uk/helptosave or through the HMRC app¹⁴. Help to Save is held with HMRC rather than with a credit union, so it sits alongside, not instead of, a Saveeasy savings account.

Borrowing from a credit union

Credit union loans are a common alternative to payday loans and other high-cost credit¹⁵. Credit unions describe their lending as loan products suited to your individual needs and at rates you can easily afford, and because they are not-for-profit community lenders their loans are designed to be affordable rather than to maximise returns³.

How much you can borrow depends on the credit union's own loan policy. The main factors are:

• Your savings: if you are a member of a credit union, you can usually borrow at least two or three times the amount you have in savings¹⁷.
• Your saving record: some credit unions lend as soon as you become a member, while others only lend after you have saved for a set period⁹.
• Your affordability: all credit unions check affordability by looking at the money you have left after paying your bills⁹.

Independent budgeting guidance makes the same point: if you join a credit union and start saving with them, you will also be able to apply to borrow money once you have proved you are a reliable saver¹⁸.

In practice, that means borrowing from Saveeasy usually starts with saving. A member who builds a savings record may then apply for a loan, with the amount linked to what they have saved and to what they can afford to repay. For a wider view of borrowing options, including how credit union loans compare with other forms of credit, see the loans guide, and for help with problem debt see the debt guide.

Who can join Saveeasy: the common bond

Every credit union in the UK may only accept members who share a "common bond"¹⁹. The common bond can be based on the area members live in, the occupation they work in, or the employer they work for¹⁰. MoneyHelper describes the common bond as:

• living, working, studying or volunteering in a certain area
• working in the same industry or for certain employers
• belonging to the same trade union⁴

Anyone can become a member of a credit union, but you must share the common bond with other members⁸. For Saveeasy, that bond is tied to Llanelli and the surrounding district, reflecting the credit union's name and history². The precise boundary of the area it covers is set out in its own rules, so check with Saveeasy directly if you are unsure whether you qualify.

Family members can often join even if they do not meet the common bond themselves. As long as one member of a family meets the common bond requirements and has joined the credit union, the other family members living at the same address can usually join⁹. StepChange puts it more broadly: anyone in the house of a person with a common bond with a credit union can usually join¹⁵. If you cannot join Saveeasy because of where you live or work, the website www.findyourcreditunion.co.uk can help you locate other credit unions you may be eligible for⁹.

How to join and open an account

Joining a credit union is a two-step process: you become a member by meeting the common bond, and then you open the account or accounts you want. Because credit unions are member-owned, membership and account opening usually happen together, often with a small initial deposit into savings.

For most financial accounts, you can usually apply online, using an app, over the phone, or in person, depending on the account you have chosen²⁰. Saveeasy's own website, www.saveeasycreditunion.co.uk, sets out its current joining process, what identification you need and any minimum deposit¹. As a credit union it cannot offer the full range of banking services, so check before joining what it does and does not provide¹¹.

If you are joining to have benefits or a pension paid in, benefits are usually paid straight into your bank, building society or credit union account²¹, so a credit union account can be used for this. MoneyHelper also notes that some credit unions offer current accounts suitable for receiving payments such as Universal Credit, usually with no credit check or overdraft¹².

Managing your account: online, phone and in person

How you manage a Saveeasy account depends on what the credit union itself offers, and credit unions vary widely in their digital services. A credit union cannot offer electronic banking services and payment methods in the same way as a bank¹¹, so do not expect the full app-based experience of a large bank. Many credit unions do offer online and app access for checking balances and making payments, alongside more traditional channels.

The practical options for managing most accounts are online, using an app, over the phone, or in person²⁰. For Saveeasy, the balance between those channels is a question for the credit union itself: its website lists its current services and contact details¹. As a local credit union based in Llanelli, in-person contact is typically part of how it works, which many members value, but confirm current opening arrangements before travelling.

Complaints and the Financial Ombudsman

If something goes wrong, the first step is to complain to Saveeasy directly. The process is:

1. Complain to Saveeasy first. Give it the chance to investigate and respond; it will have a complaints process, and details of how to use it will be on its website or available from its staff¹.
2. Wait for a response. If you are not satisfied with the answer, or if eight weeks pass without a resolution, you can take the complaint further.
3. Go to the Financial Ombudsman Service. The ombudsman handles complaints about credit and borrowing money, which covers credit union loans and savings²³. You start by filling in its complaint form, and it will look at both sides of the dispute before reaching a decision²³.

For free, impartial help with money problems more broadly, MoneyHelper and the debt guide set out where to get advice, including from debt advice charities.

Is your money safe? FSCS protection for credit union savings

Money saved with a credit union is protected in much the same way as money in a bank. Loans and savings with credit unions are protected by the Financial Services Compensation Scheme (FSCS)³. FSCS protects each eligible person up to £120,000 in total across all accounts held with the credit union, and for joint accounts it protects each of you, whatever the number of account holders, up to £120,000 each⁷.

That protection applies because Saveeasy is a credit union with permission to accept deposits¹, and it appears on the Bank of England's Prudential Regulation Authority list of credit unions incorporated in the UK⁶. You can check a provider's authorisation yourself on the FCA register²⁴.

If a credit union were to fail, FSCS would repay eligible depositors automatically or through a claims process. The wider rules on deposit protection, and what is and is not covered, are explained in the consumer protection guide.