Caithness Map :: Links to Site Map Great value Unlimited Broadband from an award winning provider  

 

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 info@hi-scot.com

 

Related Businesses

 

Related Articles

30/4/2021
UK Credit Unions Has Reached Its Highest Reported Value At £3.98 BillionThumbnail for article : UK Credit Unions Has Reached Its Highest Reported Value At £3.98 Billion
The latest quarterly report by the Bank of England shows UK Credit Unions continue to increase in strength.   The report published on 30 April 2021 showed - Adult membership of credit unions increased in 2020 Q4 after decreasing in 2020 Q3.  
30/4/2021
New Partnership Supports International Credit Union Community
This new project aims to share research and resources with credit unions in the UK and Ireland.   Filene Research Institute announced an exclusive partnership with the Dublin, Ireland-based CMutual to expand research and resources available to credit unions in the United Kingdom and Ireland.  
24/2/2021
Launch Of £15 Million Scottish Community Lenders Fund
A new £15 million fund has been announced to support affordable lending services.   It will support Credit Unions and Community Development Financial Institutions (CDFIs) which offer financial help to those who have poor credit and are often turned away from high street banks.  
15/10/2020
International Credit Union Day - Join Hi-Scot Credit UnionThumbnail for article : International Credit Union Day - Join Hi-Scot Credit Union
International Credit Union (ICU) Day celebrates the spirit of the global credit union movement.  The day is recognized to reflect upon the credit union movement's history, promote its achievements, recognize hard work and share member experiences.  
27/9/2020
Employers Can Help Workers Save With Payroll DeductionThumbnail for article : Employers Can Help Workers Save With Payroll Deduction
If your business would like to support employees in building a regular saving habit, call HI-Scot Credit Union..  
18/9/2020
Saving In The Time of Pandemic - Check Out The Credit UnionThumbnail for article : Saving In The Time of Pandemic - Check Out The Credit Union
2020 has not been the easiest of years and, for many people, saving has been the last thing on their minds - but there's never been a more prudent time to think about putting money aside for a rainy day.  Or a global pandemic.  
20/8/2020
Over 1000 Cars Bought By Hi-Scot Credit Union LoansThumbnail for article : Over 1000 Cars Bought By Hi-Scot Credit Union Loans
A Hi-Scot credit union loan is now easier than ever to arrange for members.   Cars are a popular reason to borrow but loans can be arranged for a wide range of things.  
5/8/2020
Get A Loan With Your Credit Union - Hi-ScotThumbnail for article : Get A Loan With Your Credit Union - Hi-Scot
Hi-Scot Credit Union covers the Highland and Islands and is membership organisation covered by the Financlal Services Authority Directors are elected each year and are unpaid volunteers with professional staff running the day to day business.  Online banking has recently become available for members.  
5/8/2020
Save With Your Credit Union - Hi-ScotThumbnail for article : Save With Your Credit Union - Hi-Scot
Hi-Scot Credit Union is a membership organisation covered by the Financial Services Authority who guarantee savings in credit unions.   It makes sense to save with us Everyone benefits from regular saving, as it allows us to work towards our financial goals and gives peace-of-mind should an emergency arise.  
17/3/2020
Hi-Scot Credit Union - Ready For CoronavirusThumbnail for article : Hi-Scot Credit Union - Ready For Coronavirus
COVID-19 (coronavirus) information.   We're here to help We're here to support you in a number of different ways.