Savvi Credit Union | St Patricks Credit Union | People Helping People
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St.Patrick's Credit Union becomes Savvi Credit Union.

New Name, Same People

A special General Meeting (SGM) took place in The Convention Centre, Dublin on 5th May, to vote on a new name for our Credit Union. We are happy to announce that the motion passed with 84% in support and as a result St. Patrick’s is changing its name to Savvi Credit Union.

At Savvi we are on a journey. Our final destination? Banking without banks. By 2020 we want our members to be able to enjoy all the services you associate with banks but with the service and care that is unique to Our Credit Union. There is still much to do along our journey in terms of IT, regulation and marketing to make our goal a reality, but our recent mergers and strengthening of our membership base provided us with scale to invest in this vision. Our new name is another step in this journey. 

Our name may have changed, but we haven’t. We’re still the same credit union dedicated to supporting our members and we’re looking forward to bringing you exciting new changes and updates over the coming months. 

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You may have some questions…

Why did the Board of Directors propose to change the name of our Credit Union?

The name St’ Patrick’s Credit Union (ESB Staff) ltd. served us well for the last 55 years, however it is no longer a reflection of our current membership and based on the Board’s opinion and that of independent expert advisors, it does not offer us the best opportunity to attract in new young members - who as we all know are the future of our Credit Union. We needed a new, inclusive name which better represents the one Credit Union we have now become. Our Credit Union is now made up of members from 6 different Credit Unions following the successful Transfer of Engagements over the last 2 years, resulting in a diverse membership of 22,000 ambitious people. ‘Savvi’ will help build our brand, attract our target market and propel our Credit Union into the future.

Why is it so important to attract in new young members?
The current average age of our members is 56 and as people get older they tend to borrow less. Accordingly, in order to future proof our business we need to attract in young members who tend to borrow more, and this will then grow our loan book (which currently stands at €64m) to a level that will guarantee the ongoing success and security of our Credit Union. Once this happens then every member will benefit, as this means extra income and resources to allow the Board to introduce new services, keep loan interest rates low and maintain a competitive dividend every year.
What does our new name mean? What does it stand for?

The name Savvi comes from the word ‘Savvy’, which means being clever/knowledgeable/ full of know-how to do the right thing, at the right time. It means to have good judgement and represents what we’re all about, its about providing a service that looks after its members offering them the right products with flexible terms every step of the way.

Why is it spelt Savvi not Savvy?

By dropping the “y” and replacing it with an “i” means our name is distinctive in the marketplace and we can own the Intellectual Property (IP) rights to the name in the financial services sector. This will prevent any other financial institution from ever using our name in the future i.e. it future-proofs the name.

When will the new name come into effect?

You will begin to seem some gradual changes and updates throughout July and August (e.g. forms), and by September 2017 we will be fully operational as Savvi. Keep an eye on our website and social media for any updates

Will the name change mean that member services will deteriorate?

Definitely not. You can still expect to receive the high level of service and personal interaction with all staff members as always.

It’s a very exciting time for all of us and will move our Credit Union into the future!