March 2026: Millions more people could soon access ethical, community-based finance –
and Northamptonshire-based Commsave Credit Union is ready to welcome them, following
landmark government reforms announced this week.
This week, the government set out plans to widen access to credit unions by raising the cap
on the number of people a community-based credit union can serve – from three million to
10 million potential members.
The reforms will also allow students to join regional credit unions for the first time, and will
make it easier for retired members and wider family and household members to remain or
become part of a credit union.
The changes are designed to give more households access to fair, lower-cost alternatives to
high-cost credit – including affordable loans, secure savings, and financial education.
Matt Goulding, Chief Executive of Commsave Credit Union, said: “This is genuinely exciting
news for the credit union sector – and for the millions of people who stand to benefit from
it.
“At Commsave, we’ve spent 35 years proving what’s possible when finance is done
differently. This is our anniversary year, and we’re proud to be celebrating it with more
members than ever before – over 42,000 people who have chosen to save and borrow with
a co-operative that puts them first, not shareholders.
“These reforms signal that the government understands what we’ve always known: ethical,
community-based finance isn’t a niche offering – it’s an essential part of a fairer financial
system. Raising the membership cap, bringing students into the fold, and modernising the
rules around family membership will all help credit unions like Commsave grow our reach
and our impact. We’re ready for it.”
The government’s announcement follows a Call for Evidence on credit union membership
rules launched after the Chancellor’s first Mansion House speech, and forms part of a wider
Financial Inclusion Strategy aimed at improving access to banking, savings, and financial
education across the UK.
For Commsave, the inclusion of students represents a significant opportunity. The credit
union already runs financial education programmes through its Commsave Educates app
and its partnership with Northampton Town FC Community Trust’s Money Matters
programme – and sees the reform as a natural extension of its mission to help young people
build good financial habits from the start.
Commsave Credit Union supports over 42,000 members across the UK, offering safe savings,
affordable and responsible credit, and access to financial education. Since launching its
Community Fund in 2022, the credit union has also distributed over £150,000 to charities,
schools, and community groups across Northamptonshire and beyond.
Matt Bland, Chief Executive of ABCUL – the main trade body for credit unions in Britain –
added: “This announcement marks an important milestone in the government’s recognition
of the vital role credit unions play in strengthening financial resilience and improving
financial inclusion across Great Britain. Reforms to the common bond will enable credit
unions to expand their reach, serve more communities and work together more effectively
to deliver sustainable growth.”
Read the full government announcement at gov.uk
For more information about Commsave Credit Union and how to join, visit
www.commsave.co.uk
ENDS
Notes to editors
About Commsave Credit Union