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 operates under the terms of the Credit Unions Act 1979. It is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
Commsave exists to provide excellent financial services to our members, with products that are tailor made for their needs. The aims of Commsave are to:
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.
There are over 40,000 credit unions around the world, enabling over 217 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.
At Commsave treating customers fairly will be at the heart of how we operate and all staff and volunteers must have our members at the centre of everything they do.
Our 6 key commitments ensure that you are treated fairly at every stage of your dealings with us, now and in the future.
You can be confident that when dealing with Commsave, your fair treatment is central to our culture.
Our priority is to provide our members with good value products and services.
Meeting your needs
The products and services offered by Commsave are designed to meet the needs of our members.
Keeping quality high
We will treat members fairly and deliver high quality products and services throughout their relationship with us.
Commsave will provide you with clear information and will keep you informed throughout your dealings with us.
Easy to understand
You can expect that all services provided by us will be as described within our policies and literature.
Commsave Credit Union is Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
We are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a credit union is unable to meet its financial obligations. Most depositors - including most individuals and small businesses - are covered by the scheme.
In respect of deposits, an eligible depositor is entitled to claim up to £85,000. For joint accounts each account holder is treated as having a claim in respect of their share so, for a joint account held by two eligible depositors, the maximum amount that could be claimed would be £85,000 each (making a total of £170,000). The £85,000 limit relates to the combined amount in all the eligible depositor's accounts with the credit union, including their share of any joint account, and not to each separate account.
For further information about the scheme (including the amounts covered and eligibility to claim) please visit here.