More Than £3.3 million Returned to Members as Serve and Protect Marks a Strong Financial Year

Friday 2 January 2026

Serve and Protect Credit Union has marked the close of its 2024/25 financial year with a successful Annual General Meeting and the publication of its latest Annual Review, highlighting a year defined by growth, consolidation and continued commitment to member financial resilience.

The AGM, held on Thursday 18 December, brought together more than 50 members online alongside staff and directors attending in person.

Chairman Nigel Rabbitts reaffirmed the cooperative’s proud roots within the police family and its expansion to serve those working across prison, probation, military, fire and health services. He also confirmed that Serve and Protect Credit Union is now owned by more than 55,000 members.

Members voted to approve a 3.5% dividend on Regular Saver and Flexi Saver Accounts, alongside a 4.5% dividend for Junior Savers. When combined with interest paid on other savings products, more than £3.3 million has been returned to members during the financial year.

Reflecting on the year, CEO Paul Norgrove said: “[The] 2024/25 financial year has been one of growth and consolidation for Serve and Protect Credit Union. I would like to open by thanking our members for their ongoing support, without which we would not be able to serve so many new members and bring enhancements to our product and service offering at the rate we have in recent years.”

These themes are echoed throughout the newly published Annual Review. During 2024/25, member savings grew by almost 10% to reach £100.5 million, while £15.9 million of existing debt was consolidated to support members facing financial pressure. The team also handled more than 43,500 member calls during the year.

Beyond the figures, the credit union continued to invest in inclusion and service quality. Key highlights included the launch of a new Accessibility Toolbar on the website, recognition as Highly Commended in the Financial Education Provider of the Year category at the Workplace Savings and Benefits Awards, and feedback showing that 89% of members agree Serve and Protect makes it easy to save regularly.

December also saw a renewed focus on the importance of financial wellbeing in the workplace. Following its inclusion in the UK Government’s new Financial Inclusion Strategy, Serve and Protect published a blog highlighting payroll deduction schemes as one of the most effective staff benefits available to employers. Evidence shows that financial stress can significantly impact focus, productivity and wellbeing, while organisations adopting opt-out payroll saving models have seen participation rates reach as high as 70%.

Looking ahead to 2026, the credit union has encouraged members to set meaningful financial resolutions, from building an emergency buffer and tackling high-interest debt, to cutting unnecessary subscriptions and setting clear, motivating savings goals.