Member Satisfaction an All Time High for Commsave Reveals Impact Report

Friday 16 August 2024

Commsave Credit Union has published its first Impact Report to highlight all that the postal based credit union have achieved during the year.

Now serving over 35,000 members with a total of £89.5m since inception, the report demonstrates the impact that membership of Commsave has on its members’ ability to save is demonstrated by the findings of its annual member survey. Prior to joining Commsave, only 40% of members said they saved regularly throughout the year – a figure that rises to 76% for existing members – with a further 15% reporting that they save whenever they can – meaning 9 out of every 10 members are putting away funds to help provide a more secure future.

“Our Credit Union continues to go from strength to strength and everyone involved in driving our achievements should be rightly proud of their efforts.” says Chair of Commsave, Kundai Kafamba. “From the savings accounts we provide, to the various loan products we make available, our aim is to help our members achieve financial wellbeing. Reading through this report, it is incredibly heart-warming to see the reality of the impact Commsave makes across our areas of operation. This truly is the ‘credit union difference”.

An additional savings initiative at Commsave is its PrizeSaver Account. The scheme, popular with many credit unions across the country continues to be a success. Over 6,000 members now using the facility. In the last year, seven Commsave members won the £5,000 first prize in the monthly draws, with 71 others collecting one of the runners-up prizes. This meant that the total prizes won by our members during the year was just over £37,000 – all on top of the competitive dividend members earned on savings held in the account

As well as working to improve the financial wellbeing of members, Commsave take seriously its responsibility to have a positive impact across the communities within which it operates. In particular, aiming to support other organisations working for the benefit of communities, through its Community Fund and other charitable activity. Supporting the good causes that matter to members. The Community Fund was launched in July 2022 and has, as of June 2024, supported more than 70 good causes from communities all over the UK, making donations of £76,000 in total.

Commenting on the report and Commsave’s successes, CEO, Dominic Masterson said: “It is always worthwhile taking a step back from the day to day running of the Credit Union to reflect on our achievements and the impact we have on our members’ lives and on the communities, we are part of.

“Enabling members to save and build their financial resilience, while ensuring they have access to an affordable source of credit, has helped our 35,000 members manage their money, knowing they have a financial friend there to support them. I’d like to thank our fabulous staff team who so regularly go above and beyond to deliver for our members. We continue to look at new ways of enhancing the value we deliver and look forward to serving our valued members long into the future.”

Read the full report here.