Eastern Savings & Loans Team
You can earn Cashback Rewards & set up Direct Debits with our new Change Account!
We have created this product to assist in navigating the minefield of multiple debits and credits per month, including weekly pay, four weekly payments and monthly bills. Our new debit card and linked account does not allow you to go overdrawn, and there are no charges for failed direct debits. Payments can go direct on to the card or they can go via your Credit Union account. The account includes a free mobile banking app and online access, which gives you the ability to set up “wallets” for monthly bills such as rent, water, council tax etc.
You may have recently seen articles on the national news channels about overdraft and failed payment fees banks charge, and proposed regulations to restrict these fees. These regulations do not go far enough and banks are still able to penalise customers who go overdrawn. With this new card and account all charges are clear and simple to understand, and just like our previous card there are no charges for Chip & Pin payments in shops or Online.
The account comes with benefits such as cashback rewards at ASDA, Argos, M&S, Debenhams etc. There is no additional forms to fill out the claim the rewards, how much you have earnt is shown on the mobile app. If you want to save money on your monthly costs, this could be the product for you! Santander charge £5 a month for their reward account, the Change Account costs £2 per month. An example of the cost savings: £80 weekly shop at ASDA would result in £9.60 in cashback per month for ASDA alone.
The account does need an email address to set up, but like our share account it is more flexible on ID. You can apply for the card online and be set up ready to start earning Cashback rewards in 3 -10 days.