At our Annual General Meeting (AGM) members voted for 2024’s 4% dividend rate meaning 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.”
Credit unions are member owned, and member run organisations. A credit union’s AGM is the means by which the voluntary board of directors updates members of the performance of the credit union during the year.
More than 200 members attended January’s AGM. As well as authorising the 4% dividend 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 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.
What's the difference between a bank and a credit union?
Credit unions are often able to lend to people who might not be able to borrow easily from more traditional financial institutions. Credit unions are often willing to loan smaller amounts at lower rates than most banks or building societies are prepared to do.
For these reasons, credit unions can play an essential part in helping those who are struggling and who might otherwise be forced to turn to high-cost or high-risk borrowing – such as payday loans or even loan sharks.
