The credit union was originally registered on 27th November 1998 as Llanelli and District Credit Union Limited. Since August 2014, they have been trading as SAVEeasy.
In 2001, a Credit Union Development Grant Fund award of £90,000 over a three-year period to enable Llanelli Credit Union to take its service directly to people’s doorsteps in a scheme entitled ‘Savers’ Friend’. The £30,000 per year available through the grant was to be used to employ one full-time and three part-time staff to run a pilot scheme of Llanelli’s ‘doorstep’ credit union service.
Operating from premises in the town centre was convenient for some people, but not for certain sections of the community. Many of those who live on large housing estates rarely go into town, possibly because they are elderly or have difficulty making travel arrangements.
So, because they could not get to the office they went to them. To launch the ‘Savers’ Friend’ scheme, Llanelli CU targeted the former coal mining area and two wards that were included in the 100 wards recently identified by the Welsh Assembly as needing extra funds for regeneration.
Taking the service to the people instead of having them come into an office. The aim was to reconnect with members and increase the portability of credit union services.
The Credit Union acting as an agent went into business acting up by two and a half percent over the selling price as an agent for a local warehouse shopping service offering shoppers far more competitive terms that those previously available. The FSA gave the go-ahead for this addition to Llanelli CU s portfolio of services. This development not only helped the credit union business, but also benefit buyers.
Warehouse shopping had existed in Llanelli for many years, with shoppers receiving an account card through a local agent enabling them to purchase goods from the Swansea-based JT Morgan warehouse. Enhancing its business in this way gave Llanelli CU another ‘string to its bow’, keeps the credit union concept alive and helps to provide a really good offering to members.
Saveeasy Credit Union in 2020 have moved to larger offices in Llanelli, after more than 20 years at the original offices in Bridge Street, Llanelli. The new offices based in John Street offer new growth opportunities for Saveeasy. There was a need for bigger premises to be able to serve current members more effectively and with the additional space expand membership and services once it is safe to do so. The credit union currently has 5,567 adult members with assets of £8.2m, Savings of £7.5m and a loan book of £5.1m
On International Credit Union Day 2020, SaveEasy Credit Union in Llanelli was awarded the prestigious “Access to Financial Services” award in this years’ Credit Unions of Wales awards.
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