Child Benefit Savings

Ideally many of us would like to put aside our child benefit to pay for things like school uniforms or school trips. Working with H M Revenue & Customs we have made it possible for Child Benefit to be paid directly in to your Commsave account, to help you save for all those child related expenses.

Working with H M Revenue & Customs we have made it possible for your Child Benefit to be paid direct in to your Commsave account.  We can of course quickly transfer it in to your bank account whenever you need it, and best of all while it's in your Commsave account it will be counted towards your dividend, so it will go that bit further!

Setting up a Child Benefit Account

There are a few things you will need to hand in order to set up a Child benefit account:

  • Your name
  • Your date of birth
  • Your national insurance number
  • Your Child benefit number
  • Your telephone number
  • Your address
  • The name and date of birth of your eldest child

You need to contact the Child Benefit Agency, and tell them that you would like to send it to an account of someone  for you:

Commsave Credit Union 

Cooperative Bank 

Sort code 08-90-73 

Account 70014068 

There are several ways to change your account details for child benefit, firstly you can complete the changes online by visiting:

https://online.hmrc.gov.uk/shortforms/form/CBOCH1702e?dept-name=CBO&sub-dept-name=&location=3&origin=http://www.hmrc.gov.uk

Or you can contact the child benefit helpline on 0845 302 1444, you can also write to them at:

Child benefit office Box 1, Newcastle upon Tyne, NE88 1AA


Savings Calculator
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"What you never see, you can't spend!"

Some people find it easy to save whilst others 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!

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 several times a day and reach your account by 8pm the same day.

You must leave at least £1 in your savings account or the loan security amount of 1/3rd of the loan balance if you have a loan.

Do I get a return on my savings?

Our dividend for 2016 was 2.25% and over the past 3 years has been a fantastic 2%, much higher than instant access savings accounts at a bank!

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.

Can I make one off payments to my savings?

Yes, you can make deposits into your account by sending in a cheque 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 call us on 0303 0402 660 and ask a staff member to provide you with our sort code and account number, before logging into 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. If you would like to make a payment to us by debit or credit card click here.

Ready to join?

If you'd like to sign up for an account, simply fill in our application form and we'll get back to you.

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