Frequently Asked Questions

Browse through some of our most frequently asked questions. If your question isn't answered here contact us.

How do I become a member of Commsave?

You may apply to open a regular account, with a minimum initial deposit of £2 and agree to save at least £10 monthly.

How do I save with Commsave?

The majority of our members save through their payroll. Family members have the choice of saving through their relatives’ payroll, regular card payments or through a bank standing order.

How much can I borrow and how quickly?

New members can apply for an introductory loan of up to £6,000 instantly, repayable over 3 years. After 3 months members can apply for 5 times the amount in their savings, up to a maximum of £20,000, repayable over 7 years.

How do I repay my loan?

By adjusting your payroll deduction, card payment or standing order to include the loan repayment.

Can I withdraw from my savings when I have a loan?

When you take out a loan you are required to keep the equivalent of one third of the outstanding loan balance in your savings at all times. This is known as security against your loan and ensures that your savings grow throughout your loan repayment term.

Do I get a return on my savings?

Depending on Commsave’s financial performance, you will get an annual dividend on the total amount you have saved in the account during the financial year (October to September). This is usually paid into accounts in the following January each year.

Helpful Information

Need some help with budgeting or money management? Check out some of our helpful links and tips packed full of useful information.

Financial Healthcheck

Whatever the situation with your finances, it's good to know where you stand and that you are making the most of what you have.

Free Debt Help and Advice

To be sure of getting the free, impartial debt help you need, consult a debt charity, such as StepChange.

Dealing With A CCJ

If you have a County Court Judgement and are unsure what you can do, we have some useful advice and information that may help.