Hi-scot Credit Union Offers Payroll Deductions
30th January 2020
HI-Scot, the credit union for the Highlands and Islands, has vowed to make 2020 the year when saving and borrowing are even more accessible. With a focus on payroll deduction, allowing people to save directly from their pay packet every month via their employer, the credit union offers a viable alternative to high street banking in 2020.
"We're always looking for ways to make banking with HI-Scot easier for our members," said David Mackay, General Manager, “And payroll deduction is exactly that, with savings or loan repayments being made directly into a member's account from their salary.”
Recent research from the Financial Inclusion Centre showed that employees saving with a credit union via payroll are much more likely to regularly save and that the simplicity of payroll deduction is a vital factor.
“HI-Scot already offers payroll deduction with several organisations across the Highlands and Islands,” said Dave Rattray, Treasurer of the Board of Directors, “In 2020 we want to increase this reach and offer the service to more of our members - and also welcome new members to the credit union.”
Payroll deduction with HI-Scot credit union is available to employees at Comhairle nan Eilean Siar, Highland Council, Orkney Islands Council, Shetland Islands Council, NHS Highland, NHS Western Isles, Highland Home Carers, Lewis Crofters and Skills Development Scotland. To find out more about saving via payroll deduction with any of these organisations, employees should contact HI-Scot directly.
“We plan to expand the list of employers who offer payroll deduction throughout 2020,” adds David, “And we'd like to encourage people who work for any of the organisations who offer the service to consider saving in this way.”
The Financial Inclusion Centre's research also showed that more than half of workers reported that their current financial situation worries them. An employer who encourages a regular saving habit by offering payroll deduction can hope to support their employees - with the buffer provided by savings, people feel more in control of their circumstances, which impacts positively on an individual's sense of well-being.
HI-Scot are keen to speak to any employer in the Highlands and Islands who would like to sign up to payroll deduction and can be contacted on 01851 701865 or by email at firstname.lastname@example.org
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"As we enter our fourteenth year of business, we'll be spreading the word about the benefits of saving with the credit union," said HI-Scot's General Manager, David Mackay. "HI-Scot is member led and member run and we offer a range of services." HI-Scot is well established in the Western Isles, where the credit union is based.
In 2020, HI-Scot credit union's focus is on making saving and borrowing easier for our members, particularly through the use of payroll deduction with businesses across the Highlands and Islands. Thousands of employees already have access to payroll deduction with HI-Scot, something the credit union wants to build on in the coming year, promoting the service to employees who work with existing partners and showing other businesses the benefits of offering payroll deduction to their staff.
As 2019 draws to an end, the staff and volunteers at HI-Scot credit union are reflecting on a successful year for the organisation. "We are pleased to report that 2019 was another twelve months of growth for HI-Scot," said Margaret Ann MacLeod, Chair of the Board of Directors, "This is good news not only for the credit union, but for our members and the communities we serve across the Highlands and Islands." At the recent HI-Scot AGM, the members attending approved a 0.5% dividend.
Christmas came early across the Highlands and Islands for members of HI-Scot credit union. Canny savers received their Christmas savings in November, leaving plenty of time to get their Christmas shopping done.
The number thirteen might be unlucky for some, but not HI-Scot credit union who are celebrating thirteen years of serving their members across the Highlands and Islands of Scotland. From humble beginnings as an idea conceived by hard-working volunteers determined to bring an ethical, community-minded option for saving and borrowing to the islands, Western Isles credit union (HI-Scot's original incarnation) opened its doors in 2006.
Employers can help their staff to save very easily by offering payroll deductions each month with a credit union. Credit unions are financial co-operatives owned and controlled by their members.
In October HI-Scot, the credit union for the Highlands and Islands, will take part in a worldwide celebration of credit unions. Thursday 17th October is International Credit Union Day 2019, a day which highlights the history and achievements of the movement, as well as raising the profile of the work of credit unions in local communities, reflected in this year's theme: 'Local Service, Global Reach.' "HI-Scot has been working across the Highlands and Islands for thirteen years and, in 2019, we have over three thousand members," said HI-Scot General Manager, David Mackay, "In that time we have approved over four thousand loans.
HI-Scot has been in existence since 2006, though up until 2010 was under the name of Western Isles Credit Union. The name was changed to HI-Scot to reflect that fact that we'd moved to a position of serving all of the Highlands & Islands, and indeed anyone who lives or works in this area can apply to join us.
Hi-Scot Credit Union has its Annual General Meeting on Wednesday 12th December 2018 at 4.00pm. The office of the credit union is based in Stornoway and due to the geography of Highland and Islands has moved more and more online.
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