Saving In The Time of Pandemic - Check Out The Credit Union
18th September 2020
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.
"Saving with a credit union is very straightforward," said HI-Scot credit union General Manager, David Mackay, "And with options like payroll deduction, where you decide how much to save and this is deducted directly from your salary every pay day, our members can start saving today."
HI-Scot has over 3200 members and, with no external shareholders, the credit union is building a strong financial community across the Highlands and Islands. The credit union offers a range of savings and loans to members and operates under the Financial Services Compensation Scheme, so members' accounts are fully protected.
"We offer our members, who all live and work in the Highlands and Islands, services that suit their needs." David explained, "For example, we recently introduced phone loans, which makes accessing our affordable loans a whole lot easier. At HI-Scot, we take each member's circumstances into consideration, whether they want to save or borrow - or do both."
The summer of 2020 brought some positive news for HI-Scot as the credit union reached the significant milestone of issuing £10 million in loans since opening in 2006.
"That £10 million has allowed our members to buy cars, make improvements to their homes and has supported them in countless other ways to access affordable credit." said David, “That's a lot of people getting to work or keeping their home in good condition thanks to a HI-Scot loan.”
To find out more about saving and borrowing with HI-Scot credit union, have a look at their website: 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..
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.
"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.