HI-Scot credit union is on a mission - to get the Highlands and Islands saving in 2020
26th February 2020
"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. Their aim in 2020 is to raise awareness across the whole of the Highlands and Islands, highlighting their services which include accessible loans, online banking and payroll deduction.
Payroll deduction, for example, allows members to save directly from their salaries. This service is currently available to tens of thousands of employees in the Highlands and Islands - all they need to do to access it is to become a member of HI-Scot.
There are over 430,000 people saving with credit unions across Scotland and 3200 of those are members of HI-Scot credit union.
"In the Western Isles, where HI-Scot started out, we have just over 8% of the population saving with HI-Scot and we aim to raise the level of our membership across our common bond area, which incorporates the Highlands, Orkney Islands, Shetland Islands and the Western Isles." David explained.
The credit union is run is differently from traditional high street banks. Anyone who joins becomes a member and has a vote and, each year at the AGM, a Board of Directors is voted in from the membership.
"Every one of our Directors is a HI-Scot member," David said. "And every one is voted in by the wider membership. They all carry out their roles in a voluntary capacity, meaning that HI-Scot is run for the members, by the members. There are no external shareholders."
Credit unions across the globe are run in this way, with savings and loans helping to keep money in local communities.
“I'd encourage anyone in the Highlands and Islands who wants to save or borrow to consider HI-Scot this year,” David said.
More information can be found on HI-Scot's website:www.hi-scot.com
Related Businesses
Related Articles
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.
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.
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.
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.
If your business would like to support employees in building a regular saving habit, call HI-Scot 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.
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.
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.
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.
COVID-19 (coronavirus) information. We're here to help We're here to support you in a number of different ways.
