Caithness Map :: Links to Site Map Paying too much for broadband? Move to PlusNet broadband and save£££s. Free setup now available - terms apply. PlusNet broadband.  

 


Hi-Scot Credit Union

www.hi-scot.com

This entry is here for information only.
There is no physical office in Caithness.
All Post Offices can be used to deposit and withdraw funds from the credit union.
Check the Hi-Scot web site if you want to join the credit union that is now being spread out across Highland from the Western Isles with help from Highland Council.

What is a Credit Union?
The modern Credit Union movement traces its origins to Germany and to Friedrich Willhelm Raiffeisen, the Mayor of a small town in southern Germany, who in 1849 formed societies, which later evolved in to Credit Unions. The purposes of these Credit Unions was to enable people to help themselves in relieving debt and poverty.

HI-Scot Credit Union is a community based financial co-operative owned, run and controlled by its own members. All Credit Union members have something in common (the common bond) and every member has an equal vote in the running of the Credit Union. The HI-Scot Credit Union common bond area is a work or live membership, covering the Highlands and Islands area of Scotland.

HI-Scot Credit Union is a non-profit making financial co-operative run entirely by the people for the people. How do Credit Unions work for members? Savings are pooled together to be used as a common fund from which members can apply for loans. Credit Unions encourage people to save, and members have financial security through low cost loans.

When someone joins the Credit Union they open an account - savings. It is called a share account because individuals become part owner of the Credit Union.

Since Credit Unions are not-for-profit organisations, any money made above the cost of operations is returned to the members in the form of dividend.

Credit Unions in the UK were in existence for some time before the movement gained momentum in 1979, when the Credit Unions Act was passed.

Since then, the Credit Union philosophy of mutual self-help has proved very popular, and there are now over 600 Credit Unions affiliated to the Association of British of Credit Unions (ABCUL) throughout England, Scotland and Wales.

In the UK over 360,000 members have recognized the value of credit unions, and have savings approaching 300 million pounds with their credit unions. There are thousands employed in the sector and many more thousands are volunteers involved in the movement.

Benefits of Membership
Membership has many benefits-

Flexible & Convenient Loans
Members can take out loans, subject to Credit Union criteria and repay at tailor-made schedules.

Attractive Dividend on Savings
Every year we pay an attractive dividend on members’ savings, which are also placed in our Life Insurance scheme, offering a free insurance system on your savings (subject to terms & conditions).

Quality Service, No Fees
You can be assured of a professional service from Credit Union at all times. And you do not pay a transaction fee for saving with us, or borrowing money.

Pay by Standing Order
Arrange a Standing Order from your bank and be sure of regular payments to your Credit Union account. We will send you an annual statement showing all transactions.

Member Services
Take advantage of a host of additional member services available. Ask any staff member for more details about joining the Credit Union, or for further information see the different sections of the Hi-Scot Credit union web site.

Telephone
01851 701865

Fax
01851 701542

E-mail
info@hi-scot.com

Postal Address
Hi-Scot Credit Union
7 James Street
Stornoway
Caithness
HS1 2QN



News for Hi-Scot Credit Union

29/6/2017
Save, Borrow, Plan for Tomorrow With Hi-Scot Credit UnionThumbnail for article : Save, Borrow, Plan for Tomorrow With Hi-Scot Credit Union
Hi-Scot Credit Union has been in business for over 10 years and initially started in the Western Isles expanding into the other areas of Highlands and Islands a few years ago.   With an increasing membership now standing at over 2500 the group headed up by a small team of staff and a volunteer board of directors Hi-Scot Credit Union is going from strength to strength.  
2/10/2016
So you don't want to save? - Then Don't Join A Credit Union!!
You don't want to save so you won't want to read this item about credit unions.   It is easy to do now in Highland and Islands now that Hi-Scot credit union is online with its services for savers and borrowers.  
25/9/2016
Credit Union Payroll Deductions for Scottish EmployersThumbnail for article : Credit Union Payroll Deductions for Scottish Employers
In a report by Scottish Government published earlier in 2016 entitled "Scotland's Credit Unions - Investing in Our Future" The First Minister Nicola Sturgeon wrote a letter to employers as follows - Dear As First Minister of Scotland I am delighted to be able to offer this letter in support of the work of credit unions and at the same time encourage the uptake of payroll deduction schemes for employees with credit union accounts.   Credit unions make an invaluable contribution to providing financial services and products to a wide range of customers.  
3/9/2016
Want To Save Or Need A Low Cost Loan - Think Hi-Scot Credit UnionThumbnail for article : Want To Save Or Need A Low Cost Loan - Think Hi-Scot Credit Union
Hi-Scot - A Credit Union for YOU.   HI-Scot has been in existence since 2006, though up until 2010 was under the name of Western Isles Credit Union.  
13/8/2014
Government Takes Action to Promote the Provision of Affordable Credit Through Credit Unions
The Economic Secretary to the Treasury, Andrea Leadsom, today encouraged employers and voluntary sector organisations to engage with credit unions to help them provide affordable credit and responsible financial services in their communities.   Following the launch of the government's call for evidence on credit unions in June, the Economic Secretary today visited London Mutual Credit Union to hear first-hand how credit unions are providing a payday loan product at a fraction of the costs charged by payday lenders.  
28/11/2013
Council steps up opposition to pay day lending
The Highland Council is to write to the UK Government, the Scottish Government and the Convention of Scottish Local Authorities to highlight its total opposition to the high-cost short-term credit offered by pay day lending companies and the misery that spiralling debt brings to the poorest in society.   A priority, they say, is to cap the level of interest on the repayment of loans, which can be as high as 4,000 per cent, at no more than 60 per cent.  
12/12/2012
HI-Scot Credit Union Can Help Savers and Borrowers in 2013
As we approach 2013, nearly five years on from the start of the “Credit Crunch” of 2008, households in the Highlands and Islands Region continue to face many financial challenges.   There are challenges for both borrowers and savers in equal measure; whether it is the saver who has seen interest paid on savings being slashed, or the borrower who can no longer access credit from their Bank.  
18/9/2012
Save, Borrow, Plan for Tomorrow
HI-SCOT Credit Union is now operating across the Highland area and provides an opportunity for people in the community to come together to save, and borrow money at low rates.  Credit Unions are not-for-profit co-operatives, with surpluses being returned to members.  

If you contact this Business, please let them know, you found them in the Caithness Business Index