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

 

Why Payroll Deduction? - Check Out Hi-Scot Credit Union

6th February 2020

Photograph of Why Payroll Deduction? - Check Out Hi-Scot Credit Union

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.

Encouraging staff to save - and giving them an easy way to do so - can support good saving habits. If you would like to find out more about payroll deduction, contact HI-Scot today!

Email at: info@hi-scot.com or call us on 01851 701865.

Follow HI-Scot on Facebook and twitter for the latest news from the credit union for the Highlands and Islands.

----------------------------------------------------------------------------

WHY PAYROLL DEDUCTION?

Employee health and wellbeing is key to running a successful business, yet one area which has been consistently overlooked is the financial wellbeing of staff. According to the Financial Wellbeing Index 2019 (Close Brothers), money worries are a real issue, with 94% of those surveyed admitting that they worry about money and 77% of this group saying that this impacts their working life.

Getting into the habit of saving regularly can relieve some of this stress, providing a buffer to guard against financial 'shocks', such as an unexpected bill or period of sickness.

So why should your business choose Payroll Deduction with HI-Scot credit union?

Recent research carried out by the Financial Inclusion Centre into credit union Payroll Deduction schemes showed that employees saving this way are much more likely to save regularly. The simplicity of having a payment deducted directly from their salary every pay day was one of the main reasons staff chose to save in this way. However, it was noted that there was a lack of awareness about the availability of Payroll Deduction within participating organisations - something which HI-Scot is also aware of.

By promoting Payroll Deduction with HI-Scot throughout 2020, the credit union hopes to both extend the opportunity to save this way to employees of new businesses and to highlight the service to staff in the organisations which already participate.

Together we can get the Highlands and Islands saving!

--------------------------------------------------------------------------------

Saving and borrowing with HI-Scot is simple. Join online or contact us on 01851 701865.

Membership of HI-Scot not only means an easy way to save regularly, but also gives you access to affordable loans with no hidden charges or fees.

HI-Scot is run in the same way as credit unions across the world by our members and for our members. HI-Scot does not operate for profit, but for the benefit of our members with no external shareholders.

HI-Scot offers online membership and members can access their accounts at any time and view balances, download statements or arrange transfers. In addition, we have our main office in Stornoway and a network of Access Points across the Highlands and Islands.

Find out more about HI-Scot credit union by visiting our website today.

----------------------------------------------------------------------------------------

Saving regularly via payroll deduction is already available to thousands of staff across the Highlands and Islands.

Local authorities within the credit union's 'common bond' area - Comhairle nan Eilean Siar, Highland Council and Orkney Islands Council - are signed up to Payroll Deduction, as are NHS Highland, NHS Western Isles, Highland Home Carers, Lewis Crofters and Skills Development Scotland.

Throughout 2020, HI-Scot plans to promote the service to staff in all of these organisations and businesses, highlighting the simplicity of saving this way.

If a staff member wishes to sign up to payroll deduction with HI-Scot, they must be a member of the credit union and should contact HI-Scot to set up a regular payment. As well as saving, loan repayments can also be made direct from salary.

For more information, contact HI-Scot: info@hi-scot.com / 01851 701865

 

Related Businesses

 

Related Articles

30/1/2020
Hi-scot Credit Union Offers Payroll Deductions
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.  
23/12/2019
Best Year Ever For Hi-Scot Credit UnionThumbnail for article : Best Year Ever For Hi-Scot Credit Union
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.  
28/11/2019
Hi-Scot Credit Union Savers Ready For ChristmasThumbnail for article : Hi-Scot Credit Union Savers Ready For Christmas
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.  
30/10/2019
Hi-Scot Credit Union Is 13 Years Old And Still GrowingThumbnail for article : Hi-Scot Credit Union Is 13 Years Old And Still Growing
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.  
11/10/2019
Work Not Worry - Help Your Employees Save With Your Credit Union
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.  
1/10/2019
Hi-scot Credit Union Taking Part In Worldwide CelebrationsThumbnail for article : Hi-scot Credit Union Taking Part In Worldwide Celebrations
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.  
7/3/2019
Easy To Join The Hi-Scot Credit Union Online - Saving And BorrowingThumbnail for article : Easy To Join The Hi-Scot Credit Union Online - Saving And Borrowing
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.  
10/12/2018
Hi-Scot Credit Union Annual General Meeting - Extension Meeting In WickThumbnail for article : Hi-Scot Credit Union Annual General Meeting - Extension Meeting In Wick
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.  
14/11/2018
Scottish Government Launches ‘people, Not Profit' CampaignThumbnail for article : Scottish Government Launches ‘people, Not Profit' Campaign
Scottish Government Launches ‘people, Not Profit' Campaign To Support The Scottish Credit Unions Sector.   The ‘People, Not Profit' credit unions campaign has been launched by Aileen Campbell, Cabinet Secretary for Communities and Local Government today (Wednesday 14 November 2018), as results of a new survey reveal that one in five (20%) people in Scotland have not heard of a 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.  

[Printer Friendly Version]