The government has set out plans to widen access to credit unions by raising the cap on the number of people a community-based credit union can serve - from three million to 10 million potential members.

The reforms will also allow students to join regional credit unions for the first time, and will make it easier for retired members and wider family and household members to remain or become part of a credit union.

The changes are designed to give more households access to fair, lower-cost alternatives to high-cost credit - including affordable loans, secure savings, and financial education. Matt Goulding, our Chief Executive, said: “This is genuinely exciting news for the credit union sector - and for the millions of people who stand to benefit from it.

“At Commsave, we’ve spent 35 years proving what’s possible when finance is done differently. This is our anniversary year, and we’re proud to be celebrating it with more members than ever before - over 42,000 people who have chosen to save and borrow with a co-operative that puts them first, not shareholders.

“These reforms signal that the government understands what we’ve always known: ethical, community-based finance isn’t a niche offering - it’s an essential part of a fairer financial system. Raising the membership cap, bringing students into the fold, and modernising the rules around family membership will all help credit unions like Commsave grow our reach and our impact. We’re ready for it.”

The government’s announcement follows a Call for Evidence on credit union membership rules launched after the Chancellor’s first Mansion House speech, and forms part of a wider Financial Inclusion Strategy aimed at improving access to banking, savings, and financial education across the UK.

For us, the inclusion of students represents a significant opportunity. We already run financial education programmes through our Commsave Educates app and its partnership with Northampton Town FC Community Trust’s Money Matters programme - and we see the reform as a natural extension of its mission to help young people build good financial habits from the start.

We support over 42,000 members across the UK, offering safe savings, affordable and responsible credit, and access to financial education. Since launching our Community Fund in 2022, we have also distributed over £150,000 to charities, schools, and community groups across Northamptonshire and beyond.

Matt Bland, Chief Executive of ABCUL - the main trade body for credit unions in Britain - added: “This announcement marks an important milestone in the government’s recognition of the vital role credit unions play in strengthening financial resilience and improving financial inclusion across Great Britain. Reforms to the common bond will enable credit unions to expand their reach, serve more communities and work together more effectively to deliver sustainable growth.”