East Sussex Credit Union - Savings and loans for Brighton, Hove, Eastbourne and East Sussex

Welcome to our Website
To find out the latest developments on this website please visit our what's new page.

As a membership organisation the credit union is owned and controlled by people like you. After meeting our running costs our profits are given back to our members through a regular profit sharing dividend payment or reinvested in the business to help us achieve our social and financial objectives.

You can read our about us page to find our more, where you can also download or watch a video interview with credit union manager, Adrian Davies.

We offer flexible loans from £200 to £5,000 with repayments to suit your needs. If you are looking for an ethical alternative, you can invest your savings at the credit union for a great financial and social return. Your money is safe: we are regulated by the Financial Services Authority and your money is protected by the FSA Compensation Scheme.

Each credit union account comes with four savings accounts, so you can have different pots of cash for different purposes - e.g. Christmas, holidays and bills. It is now easier than ever to pay into your account using Pay Point and we are extending our payroll deduction schemes to make it easier than ever to save and borrow directly from your pay packet.

We hope that through your support we can continue to actively combat the detrimental effects of poverty and financial exclusion, whilst providing you with a good value financial service. You can read our about us page to find our more.

If you would like to support the work that we do, please visit our supporters page. You can also find out the latest news and access our Budgeting Advice Service.

You can download a flyer with information about our loans and savings accounts.

To join the credit union, you can download an application form or contact the office.

Most of our forms are available to download on this website

This site was last updated on 28th October 2008

News
28th October 2008
Credit Union Expresses Concern For Low Income Groups

East Sussex Credit Union has added its voice to the concerns already expressed by consumer groups nationally regarding the Argos Card which has been launched in partnership with sub-prime lender Provident Personal Credit, is targeted at low income groups. The Card charges 222.7% interest and is aimed at customers spending between £100 and £500.

Credit Union manager, Colin Holden said ‘the interest rate on this card is significantly higher than other credit cards and is obviously aimed at those people who are finding it difficult to borrow from high street banks.’

According to the price comparison website uSwitch, a shopper using the card to purchase a Nintendo Wii console from Argos for £179.99 would have to repay a total of £248.46 over six months whereas the same loan from the East Sussex Credit Union would be £192.53 over the same period.

The East Sussex Credit Union is a community savings and loan co-operative, where members pool their savings to lend to one another. To join the Credit Union costs just an initial £5 which then allows members to access their services. They cover Brighton and Hove, and the whole of East Sussex.

Since the launch of the credit union in 2002, the organisation has provided more than a fifteen hundred loans to members who would otherwise have had to use a high-interest provider, typically a doorstep lender. By doing so the financial services provider believes that it has saved people on the lowest incomes an estimated £100,000 in interest payments this year alone.

According to a recent report by the South East England Development Agency, in the South East region there are 209,000 people with no access to credit, 146,000 people were without a bank account, and over 75,000 were unable to make contact with money advice services. The government has recognised this shortfall and is committed to investing £38million in community finance over the next three years.

Head of Consumer Futures at the National Consumer Council, Claire Whyley commented at the opening of the Credit Union’s Head Quarters in Queens Road Brighton earlier this year “Credit unions are, undoubtedly, the key to providing affordable credit to people who badly need it, and it's encouraging to see so many stepping up to meet the challenge.”

The credit union has 2,500 members, one of whom is Graham Hickman who works for the Financial Services Authority and lives in Seven Dials. "Like many people, I want to live in a society which is more equal and inclusive”, says Graham “The credit union offers me an ethical and safe way to save while strengthening the local community. The credit union is friendly, well run and the credit rates are competitive. It really is an alternative to banks."