More Than £3million Returned to Members of Northamptonshire-Based Credit Union

Friday 21 February 2025

Members of Northamptonshire based credit union Commsave have been awarded a 4% return on their savings totalling £3.1million.

At January’s Commsave Annual General Meeting (AGM) members voted for 2024’s 4% dividend rate meaning the credit union’s 37,000 plus members received a share of the profits with the next dividend payment due in January 2026.

Richard Munro, Interim Chief Executive, explained: “We are delighted to be announce a very competitive 4% return on savings on our instant access, no notice savings account. Our members are not just customers, they are also owners. This means that instead of distributing profits to external shareholders, we return these profits to our members, ensuring that everyone shares in the success of Commsave.”

More than 200 Commsave members attended January’s AGM. As well as authorising the 4% dividend members once again voted to reward borrowers.

Richard explained: “As a credit union we want to reward not just our savers, but also our borrowers. We have what is called a loan interest rebate, which means we reward those members who have taken loans out with us and who stick to the repayment terms.

“As well as the £3.1 million returned to savers, it was voted to reward our borrowers with a 4% rebate on the interest they have paid. These loan rebates are another way we give back to our members.”

This 4% rate has also been extended to Commsave members with ISAs, which stands for Individual Savings Accounts. ISAs enable members to save tax-free into a cash savings account. In April 2024 ISA savers were awarded nearly £407,000 in interest and in April 2025, with the rise in members, this is expected to be even more.