Company

Communisave started with a small group of volunteers who formed a steering group to expore the need for a Credit Union in the Selly Oak and Bournville Wards in the summer of 1996. We were registered as a Credit Union on 13 January 1999, as South Central Birmingham Credit Union Ltd. (SCBCU). On 1 October 2005 we merged with 3 other CU's in South Birmingham (Kings Norton, West Heath and Northfield and Frankley and Rubery Rednal).

Following the merger CommuniSave has over 600 members, and we expect membership to grow significantly over the coming year.

There are around 600 Credit Unions in the UK serving over half a million members. Since July 2002 Credit Unions in the UK have been regulated by the Financial Services Authority. The same organisation that regulates Banks and Building Societies.

Credit Union members savings are safe, since all Credit Unions are part of the Financial Services Compensation Scheme. The Credit Union is fully insured against theft and dishonesty.

The Credit Unions members are its Shareholders and receive annual dividends based on the performance of the Credit Union.

The Credit Union is run by volunteers with a Board of Directors, and various committies including a Supervisory Committee which ensures the Credit Union adheres to its rules and regulations. CommuniSave has a part-time development/Admin worker currently funded by the Neighbourhood Renewal Funds of Selly Oak and Bournville Wards.

.....you get Free Life Insurance from the Credit Union. If you die your Loans is repaid and any Shares are doubled.

.....it costs nothing to join CommuniSave.

.....you can save as little or as much as you like, we have no minimum savings level.

.....CommuniSave has no minimum loan amount.

.....CommuniSave is a not-for-profit member-run, organisation, our members are the Shareholders.

.....Credit Unions are regulated by the Financial Services Authority (FSA).

.....CommuniSave is a member of the Financial Services Compensation Scheme, giving members the same protection as the customers of Banks and Building Societies.