Owned by investing members. No shareholders to pay.
A credit union is a 'not for profit' financial institution owned and controlled by its members, just like a mutual building society - with no traditional shareholders to pay.
Each credit union has a 'common bond' based on living or working links or membership of an association - which determines who can become a member.
Commsave was set up by postmen in Northampton, for the whole of the Royal Mail family - employed staff or retired postmen and members of their households.
With over 8,000 members, we operate from Northampton covering England, Scotland and Wales. For more information on Commsave contact us.
Commsave operates under the terms of the Credit Unions Act 1979. It is authorised and regulated by the Financial Services Authority, the same body that covers banks and building societies.
A Wealth of Benefits
The aims of a credit union are to:
- Promote the financial wellbeing of members by helping them to build up their savings
- Create sources of credit for the benefit of the members of the union at a fair and reasonable rate of interest
- Look after members' savings and invest them wisely for their benefit
- Offer members guidance on the wise use of money and managing of their financial affairs
Simple, secure financial services to meet Royal Mail Group employees' needs, we offers simple, easy access regular savings facilities with an annual dividend. Savings are made directly from pay. There is also a Cash ISA for tax free saving coming soon.
We also offer our saving members the option of fixed term unsecured loans for any purpose up to £9,000, a revolving credit facility up to £500, an alternative to overdrafts.
There are no arrangement fees or early settlement charges.
And, there's life cover too, at no extra cost, for adults up to the age of 65, to repay loans or double savings to a maximum of £25,000 in the event of a claim.
The facts. It figures.
Financially and socially, Commsave's figures make sound sense.
Credit Union rules mean Commsave aims to pay a dividend on savings once a year to all their members. This is paid into savings gross (without tax deducted). Members' savings are kept within the 'common bond' and the money is lent to other members to help them, in return for a sensible rate of interest charged.
By law, a credit union cannot charge more than an APR of 26.8% but again, the rate we charge is generally far less than this.
Loans are subject to status, conditions and credit checks to members aged 18 or over. Written details are available upon request.
There are over 40,000 credit unions around the world, enabling over 118 million members to access affordable financial services. For more information about the credit union movement, please visit the website of the Association of British Credit Unions Limited.