The Communal Co-operative Credit Union review
Updated September 28, 2026 · SumCue Editorial Team · Facts checked September 26, 2026
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Our verdict
The Communal Co-operative Credit Union suits members in Grenada who want everyday banking and borrowing from the same co-operative. The monthly fee is XCD 0 and the minimum deposit is XCD 0, so keeping the account is free, though membership starts with a share purchase.
Key facts
- Best for
- Members who want a free everyday account that pays interest and can borrow from the same co-operative.
- Rate type
- Variable↗
- Minimum deposit
- EC$0↗
- Access terms
- Everyday transaction account tied to the Communal Visa Debit Card, interest paid quarterly, no set monthly deposit↗
- Monthly fee
- EC$0↗
- Account kind
- Easy access↗
- Legal entity
- The Communal Co-operative Credit Union Ltd.↗
- Headquarters
- Grenada↗
- Founded
- 1992↗
- Support channels
- Phone↗
- Pricing model
- No monthly fee
- Official website
- thecommunalcu.com
Loans
Mortgages
- Purpose
- Purchase↗
Facts checked September 26, 2026, 7 sources
Apps and profiles
- Get the app
- Google Play
Pros and cons
Pros
- The monthly fee is XCD 0 and the minimum deposit is XCD 0, so the account is free to run and free to open.
- It lends directly across personal, secured and car, so borrowing stays inside the same membership.
- The account is easy access and pays interest quarterly, so savings and everyday spending sit together.
Cons
- The rate is variable, so interest can move rather than staying fixed for a term.
- Support runs on phone only, which is thin for anyone who prefers written answers.
- A share purchase and a registration fee come before any account is opened.
Who it suits
- Members in Grenada who want a free everyday account that pays interest.
- Anyone willing to buy member shares, since the account sits with The Communal Co-operative Credit Union Ltd..
- People who want the same membership to cover lending for purchase.
Who should look elsewhere
- Finteres, for savers who want a set starting amount of €100 rather than a member share purchase.
- Starling Personal Account Debit Card, for anyone wanting an account outside Grenada with a minimum deposit of £0 and no share purchase.
- eToro, for readers who want interest on a brokerage balance from $1 to $10,000.
Fees and FX
The monthly fee is XCD 0 and the minimum deposit is XCD 0, so the everyday transaction account costs nothing to open and nothing to run. Members can hold a balance, spend from the account and still be credited interest, with no monthly charge taking a slice of the balance. There is no minimum balance to maintain, so the account suits irregular pay as comfortably as a monthly salary.
The company behind it
The credit union is The Communal Co-operative Credit Union Ltd., based in Grenada and running since 1992. It is member owned, so joining means buying shares and paying a registration fee. Applicants supply picture IDs and proof of address, a birth certificate below a minimum age, and a tax identification or social security number if they are overseas. Support runs on phone.
How The Communal Co-operative Credit Union compares
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Where The Communal Co-operative Credit Union is available
- Available
- Grenada
Countries from the brand (Source, checked September 26, 2026)
Frequently asked questions
What does it cost to keep the account?+
The monthly fee is XCD 0 and the minimum deposit is XCD 0, so the everyday transaction account is free to open and free to run. Interest is credited quarterly, and no set amount has to be deposited each month.
What interest do I earn, and can it change?+
The rate is variable, so the interest can move rather than staying fixed for a term. Interest is credited quarterly on the balance. Across savings accounts on the site the median headline rate is 3%, which gives a market reference.
Who can join the credit union?+
Joining The Communal Co-operative Credit Union Ltd. means buying member shares and paying a registration fee, so the account comes with membership attached. Applicants provide picture IDs and proof of address. Anyone below a minimum age needs a birth certificate, and members living overseas need a tax identification or social security number.
Can I borrow from the same place?+
The credit union is a direct lender for personal, secured and car, so members can take personal, secured, car and business loans from the same body that holds the savings. Property lending covers purchase, and the membership application is the starting point for a loan as well as the account.
How do I get at my money?+
The account is easy access, so money comes out as needed instead of being locked to a term. Spending runs on the Communal Visa Debit Card while the balance still earns, and the minimum deposit is XCD 0, so savings and everyday payments can sit together.
How do I get help with the account?+
Support runs on phone, so members reach the credit union by phone. It is a direct route for members rather than a general desk, which suits people who prefer talking to someone about an account. Questions about the share purchase and the registration fee go through the same line.
How long has it been running?+
The credit union is The Communal Co-operative Credit Union Ltd., based in Grenada and operating since 1992. It is member owned, so the members hold the shares and the account sits inside that structure. Membership, savings and lending all run through the same body.
Sources
- thecommunalcu.com checked September 26, 2026
Backs: Headquarters
“Head Office, Halifax Street, St. George's, Grenada, W.I.”
- thecommunalcu.com/about/contact-us checked September 26, 2026
Backs: Support channels
“Head Office, Halifax Street, St. George's, St. George, Tel:(473) 440-1755”
- thecommunalcu.com/about/history checked September 26, 2026
Backs: Founded
“1992 The World Council of Credit Union selected The Communal and another Credit Union in St. Patrick's, to pilot a project aimed at the development of the movement in Grenada”
- thecommunalcu.com/accounts/communal-accounts checked September 26, 2026
Backs: Pricing model
“With no monthly fees on any of our deposit accounts, start saving today”
- thecommunalcu.com/accounts/saving-accounts checked September 26, 2026
Backs: Access terms, Account kind, Minimum deposit, Monthly fee, Rate type
“Regular Savings: Opening/Minimum Balance: $35; Interest paid quarterly; No set monthly deposit required”
- thecommunalcu.com/join-the-communal checked September 26, 2026
Backs: Eligibility, Legal entity
“Present two picture IDs (National, NIS, Passport, Drivers Licence) ... Purchase 100 shares at $5.00 per share, total value of $500.00 (within 3 months) ... Overseas members must present Tax...”
- thecommunalcu.com/loans/communal-loans checked September 26, 2026
Backs: Lender type, Loan types
“we leverage the expertise of our Credit Administration Team to support you in the pursuit of your dreams by providing affordable and attractive financing”
- thecommunalcu.com/loans/property-and-home-loans checked September 26, 2026
Backs: Purpose
“Home & Property Loans - House Construction, Purchase, or Renovation; Land Purchase”
Compiled from 8 source pages, checked September 26, 2026. We did not open an account.
Not confirmed yet: Headline rate, Term, Deposit protection.
Related by the facts
The Communal Co-operative Credit Union
Members who want a free everyday account that pays interest and can borrow from the same co-operative.