Commsave Credit Union

SAVINGS

To become a member please click here to download the membership form.

The amount that you wish to save is deducted directly from your wages. The minimum you can save if you are paid weekly is £1, and £5 if you are paid monthly. You can request to increase or decrease the amount at any time, just contact the office to arrange it.

If you leave Royal Mail you do not have to leave the credit union and you can continue to save via a monthly standing order from your bank.

Do you just want a savings account?

Your Credit Union account can be used purely as a savings account if you so wish.

Savings represent money that is set aside for future use. Many of our members are putting money away regularly to save for a specific purpose such as a holiday; others like the comfort of knowing that they have additional funds that they can make use of when faced with unexpected bills or an emergency.

Regular contributions soon build up!

With regular weekly or monthly contributions from your payroll you will be pleasantly surprised how much your savings balance accumulates over time.

For example, savings of £10 per week will build up a fund of £520 by the end of year 1, £1040 by the end of year 2, and £1560 by the end of the third year. A member saving £25 per week would have £1300 by the end of year 1, £2600 by the end of year 2 and £3900 by the end of the third year. Please refer to this ready reckoner.

The savings decision is made automatically for you!

Some people find it easy to save whilst other find it more difficult. Our members benefit from the fact that the savings decision is made automatically for them each week or month. Once we have arranged the regular contribution for you it will continue until you tell us to stop it! You do not have to make an extra trip to the bank or see what you have left to save at the end of the week or month. Many of our members have told us that 'what you never see, you cannot spend'! They get used to having a regular contribution going to their credit union savings account.

Saving Per week	£5	£15	£20	£30	£40	£50
6 Months	£130	£390	£520	£780	£1,040	£1,300
1 Year	£260	£780	£1,040	£1,560	£2,080	£2,600
18 Months	£390	£1,170	£1,560	£2,340	£3,120	£3,900
2 Years	£520	£1,560	£2,080	£3,120	£4,160	£5,200
2.5 Years	£650	£1,950	£2,600	£3,900	£5,200	£6,500
3 Years	£780	£2,340	£3,120	£4,680	£6,240	£7,800
3.5 Years	£910	£2,730	£3,640	£5,460	£7,280	£9,100
4 Years	£1,040	£3,120	£4,160	£6,240	£8,320	£10,400
4.5 Years	£1,170	£3,510	£4,680	£7,020	£9,360	£11,700
5 Years	£1,300	£3,900	£5,200	£7,800	£10,400	£13,000

How can I take my savings out?

Instructions can be taken over the phone for bank transfers or the issue of cheques. as well as online which is of course more convenient for shift workers. Bank transfers are made every Wednesday and Friday. You must leave at least £1 in your savings account or the loan security amount if you have a loan.

Can I make one off payments to my savings?

Yes, you can make deposits into your account by sending in a cheque made payable to 'Commsave Credit Union' to 6 Duncan Close, Moulton Park, Northampton, NN3 6WL. If you would like to make an electronic bank transfer, please contact us on 01604 644622 and ask a staff member to provide you with our sort code and account number, before logging into to your online banking system or contacting your bank, to arrange the transfer to us. With either method please ensure you provide your membership number to us to enable us to allocate the funds correctly.

Do I get a return on my savings?

Members receive a dividend based on their average weekly or monthly savings during the financial year. Following the preparation of the financial year end accounts for 30th September, the Board of Directors ask the members to approve a dividend. All surpluses after the deduction of operating costs and transfers to reserves, in line with legislative requirements, are returned to the members. This is added to your savings account with no income tax deducted at source.

If you would like to complete an application form please download one here