Communal Co-operative Credit Union review
Updated September 28, 2026 · VaultCue Editorial Team · Facts checked September 26, 2026
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Our verdict
The Communal Co-operative Credit Union is a Grenada based credit union for members who want a savings account that pays interest without a monthly charge. The easy-access account carries a monthly fee of XCD 0 and a minimum deposit of XCD 0, so keeping a balance costs you nothing to run.
Key facts
- Best for
- Saving and day to day banking in Grenada with no monthly account charge.
- 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
Everyday accounts
- Audience
- Expats, Business, Freelancers, Teens
Facts checked September 26, 2026, 5 sources
Apps and profiles
- Get the app
- Google Play
Pros and cons
Pros
- Monthly fee of XCD 0 on the easy-access savings account
- Minimum deposit of XCD 0, so you can start small
- Interest paid quarterly, on a variable rate
- Serviced over phone for members who prefer to talk to someone
Cons
- Support runs on phone only, so there is no stated online or chat help
- Interest is paid quarterly, so savers who like to see a credit more often may find the gaps between payments long
- A variable rate can move, so the return on your money is not locked in
Who it suits
- Members living and working in Grenada
- Expats settling in Grenada
- Businesses and freelancers keeping daily takings
Who should look elsewhere
- People who want a fixed rate locked for a term, since this one is variable
- Anyone who needs help by email or live chat, as support is phone only
- Savers who want monthly interest, because interest is paid quarterly
Fees and FX
The easy-access savings account carries a monthly fee of XCD 0 and a minimum deposit of XCD 0, so you can start with a small balance and add money as you go. Running the account adds nothing to your monthly outgoings, and the savings side earns interest on whatever you hold.
The company behind it
The provider is The Communal Co-operative Credit Union Ltd., a co-operative credit union based in Grenada. It has been running since 1992 and welcomes members from a range of backgrounds, including expats, businesses, freelancers and teenagers. Help is offered over phone, so you talk to someone directly, and the accounts sit with a local institution close to where you live and work.
How Communal Co-operative Credit Union compares
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Where 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 savings account?+
The monthly fee is XCD 0 and the minimum deposit is XCD 0. That means you can open the account and top it up as it suits you, with no set opening balance to find and no standing charge each month.
Is the interest rate fixed?+
No. The rate is variable, so the return can change rather than staying set for a term. Interest is paid quarterly, so credits land less often than with a provider that pays you every month.
What kind of account is it?+
It is an easy access account, so you can reach your money without giving notice. It also works as a day to day account on the Communal Visa Debit Card, and you decide what to add rather than paying in a set amount each month.
Who can join?+
Membership is open to expats, businesses, freelancers and teenagers, and the legal entity is The Communal Co-operative Credit Union Ltd.. The group lists its audience as expats, business and freelancer, so both personal accounts and trading members are welcome to join the same union.
How is the account run day to day?+
Spending and withdrawals run from the same balance that earns interest, using the Communal Visa Debit Card. You choose what goes in each month rather than meeting a set deposit, which suits a first account that has to cover day to day money.
How do I get help if something goes wrong?+
Support is offered over phone, so you speak to a person directly rather than sending a message and waiting. Phone is the listed channel, which suits members who would rather talk the problem through than write it down.
When was the credit union founded?+
The credit union has been running since 1992 and is registered as The Communal Co-operative Credit Union Ltd.. It is based in Grenada, so the account sits with a local institution rather than a branch of a larger banking group, and membership is the route to opening one.
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: Audience, Legal entity
“Overseas members must present Tax Identification Number and or Social Security Number”
Compiled from 6 source pages, checked September 26, 2026. We did not open an account.
Not confirmed yet: Headline rate, Term, Deposit protection.
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Communal Co-operative Credit Union
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