Save With Your Credit Union - Hi-Scot
5th August 2020
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. Committing yourself to a regular saving pattern can be difficult but at HI-Scot it's easy by either standing order or payroll deduction, and our members can save at an affordable level, be it £1 or £100.
Members can also request a dedicated payment card to make deposits to their accounts at any Post Office or PayPoint outlet, making saving even easier. Small regular amounts soon add up and remember that at HI-Scot you are not just another customer, but a co-owning member of an organisation which provides security and protection.
Withdrawing your savings at HI-Scot is also simple
The easiest way to withdraw your savings is via our online banking facility. We would encourage all our members to register for this service as you can also check your balances or download statements at any time.
We can arrange to transfer funds directly to your nominated bank account. Payments will be transferred between participating financial institutions by Faster Payment and provided you contact us by 3pm, your funds should be in your bank account by 4pm the same working day. We can't guarantee that all payments will be this fast, so you should check that the bank account you are sending money to receives Faster Payments. If you contact us after 3pm, your funds should be in your bank account by 4pm the following working day.
You must leave at least £1 in your savings account or the loan security amount of £250 if you have a Loyalty Loan.
A maximum of £250 cash can be withdrawn at our Stornoway office or we can issue you with a cheque.
Check it out at https://www.hi-scot.com/
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.
COVID-19 (coronavirus) information. We're here to help We're here to support you in a number of different ways.
"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.