Commsave:A Credit Union for employees of the RM Group.

[Commsaver]

I dont think all credit unions have doubled their interest rates, although the regulations did change allowings cu's to charge up to 2% if they wanted/needed to. Our standard loans are still 1% per month, but other credit unions have raised their rates in order to cover costs etc.

[arnold cheshire]

why have credit unions DOUBLED their interest rates ??

What they all have or are you just interested in one in particular.

why have credit unions DOUBLED their interest rates i know this applies to penny post and commsave 26 per cent aint cheap their supossed to be helping you not ripping you off

[Commsaver]

It doesn't apply to commsave at all we are still 1% a month are you sure its not penny post and 1st class?

[arnold cheshire]

It doesn't apply to commsave at all we are still 1% a month are you sure its not penny post and 1st class?

youre only 1 per cent a month if you have a third in savings

[Commsaver]

No that's incorrect not sure where you got that from all our loans are usually based on three times savings but recently we did five times savings and the loans were still 1% the only time they are slightly higher at 1.5% is for emergency loans, loan 2 if a member has 9cj's or first loans that are completely unsecured. We do not have any loans that are charged at 2% a month which was the 26% apr mentioned. Where have you read that its higher as it is not correct and I can get it changed. :)

[arnold cheshire]

No that's incorrect not sure where you got that from all our loans are usually based on three times savings but recently we did five times savings and the loans were still 1% the only time they are slightly higher at 1.5% is for emergency loans, loan 2 if a member has 9cj's or first loans that are completely unsecured. We do not have any loans that are charged at 2% a month which was the 26% apr mentioned. Where have you read that its higher as it is not correct and I can get it changed. :)

you sound brilliant

[mcc868]

Credit Unions have to operate within certain 'common bonds' and the 3 credit unions within Royal Mail are divided by postcode areas. Roughly this splits out to be Commsave - Eastern Territories, PennyPost the South West inc Wales and Scottish Postal Workers being Scotland and the North of England. Surprised that Penny post have increased their interest rates, but as a member dont forget you have a say on such rule changes and you can attend the AGM to query any such decisions you are not happy with. As a member of the credit union you have the ultimate ownership of how it is run. If you are not happy make sure you tell them!

why does commsave not operate in n ireland

[Caniel]

Probably some silly law that prevents them.

[rick184]

Probably some silly law that prevents them.

I understand Commsave can now accept members from Northern Ireland