Credit unions have never been more popular or more critical, according to new Bank of England findings.

The Bank’s latest figures reveal that credit unions across England, Scotland, and Wales continue to see steady growth in membership, loans, and savings, with total membership reaching a record high of more than 1.5 million.

This national trend is mirrored in Northamptonshire, where credit union Commsave has reported a surge in new members since the start of the year and a record number of calls from local residents seeking savings, loans, and financial advice.

Richard Munro, Interim CEO of Commsave, said: “For the first time, we now have more than 37,000 members, and this continues to rise. In January alone, over 450 new members joined Commsave, and we are on track to exceed this in February. We are living in challenging economic times, and the need for financial support has never been greater—this is exactly what credit unions are here to provide.”

Newly released Bank of England data highlights the increasing demand for credit unions, with total membership in Great Britain reaching 1,568,726—a 4.2% rise from the previous year.

Loan demand is also rising, reflecting the financial pressures many households face. The total value of credit union loans increased by £9 million from Q2/24 to Q3/24, reaching £1.848 billion. With the ongoing cost-of-living crisis and an energy price cap increase on the horizon, more people are turning to credit unions for affordable credit solutions.

Savings are also on the rise, with total credit union deposits growing 4.5% year-on-year, reaching £2.371 billion by Q3/24.

Robert Kelly, CEO of the Association of British Credit Unions Limited (ABCUL) – the main trade association for credit unions in Britain – said: “These figures demonstrate the resilience and importance of the credit union movement in Great Britain. As more people face financial uncertainty, credit unions provide an essential service—offering ethical savings, affordable credit, and financial education. The continued increase in membership, loans, and savings is a testament to the trust and value credit unions bring to their members.”

‘You Are More Than Your Credit Score’—Commsave’s Membership Campaign

This year, Commsave is reinforcing its commitment to financial inclusion with a bold new campaign: ‘You Are More Than Your Credit Score’. The campaign features airtime on Heart Radio and branded designs on Northamptonshire’s Stagecoach buses, spreading the message that financial support should be accessible to all.

To encourage new members, Commsave has also launched the 321 Prize Draw. Existing members who refer friends or family—or new members who join—will be automatically entered into a draw to win £3,000, £2,000, or £1,000.

Find out more about Commsave, the 321 campaign, and how to join: www.commsave.co.uk