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Unlock ethical savings and loans with new Commsave Credit Union partnership
17 September 2024
After several years of planning, Nautilus International members with a UK address are now eligible to join Commsave Credit Union. Here’s why being able to join and accessing its ethical savings and loans scheme is such an exciting development
A new partnership between Nautilus International and Commsave Credit Union means UK members can now safely and ethically access savings and loans.
Credit unions – described as not-for-profit 'community banks' – are a well-established and ethical way to save money and access loans. They are run by members for members, which means there are no external shareholders taking profit out of the business. Profit is used to develop the credit union and provide a return to its members.
Nautilus is launching its partnership with Commsave Credit Union in September 2024, which means the credit union can now provide members with an alternative to high street banks and other finance providers for their personal finance needs.
'The Commsave Credit Union is a vital addition to the benefits available for members of Nautilus International, and is designed to save our members money and support their professional and personal development,' Nautilus International deputy general secretary Olu Tunde said.
Your questions answered by Commsave
WHAT IS COMMSAVE? Commsave Credit Union’s vision is ‘to see a world where everyone is financially included, with access to responsible credit, a safe method of saving, with financial skills to manage their money wisely, and achieve long-term wellbeing’. It is owned exclusively by its members – not private shareholders, unlike many high street banks. It helps people become financially resilient and offers its members savings and loans.
WHAT RETURN WILL I GET ON SAVINGS AND WHAT APR DOES COMMSAVE OFFER ON LOANS? Any dividend payment is based on your daily account balance over the course of the year. The dividend rate to be paid will be recommended by the board of directors and authorised by members at the Annual General Meeting.
One of the great benefits of joining a credit union is that you are a member and part-owner of the company – this means you receive a share of the profits made each year in the form of a dividend. For the most recent financial year, ending 30 September 2023, Commsave paid a return of 4%* – which is very competitive for comparable instant access savings accounts. To take a look at Commsave’s full range of savings accounts, go to: www.commsave.co.uk/savings
Current loan rates vary between 9.4% and 26.8% APR, depending on factors like your individual credit profile, as well as the size and duration of the loan. We make loans that can be repaid within three months, up to a maximum term of seven years. To take a look at Commsave’s full range of loans, go to: www.commsave.co.uk/loans
WILL I NEED TO SAVE? Yes, you will need to save a minimum of £2 a week or £10 a month while you’re a member of Commsave. Our members save on a regular basis, creating a pot of money from which we make loans available to members who need them.
HOW DO I SAVE? You can save by a simple direct debit from your bank account into your Commsave account. We’ll help you set this up during the account opening process. As long as you’re saving the minimum amount, you can change the amount you’re saving at any time – just let us know.
HOW DO LOANS WORK? Commsave bases its decisions on your circumstances, in terms of how much it can lend you, the term of your loan, and the interest charged. The credit union can lend anything from £100 to £25,000 to help with all kinds of needs, from replacing an essential household item to buying a new vehicle or paying for professional courses.
HOW DO I JOIN? Visit www.commsave.co.uk and click Join Us.
*Past performance may not be indicative of future results.
Image: Alaur Rahman/Pexels
Did you know? Commsave already supports The Seafarers' Charity and has been supporting fishing families with regular savings accounts, helping them save for the future and any unforeseen challenges. In the last two years it has also provided loans of £850,000 to around 64 fishing families
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