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Save, Borrow, Plan for Tomorrow With Hi-Scot Credit Union

29th June 2017

Photograph of 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.

Local Caithness director Bill Fernie said, "Credit Unions have been around a long time but have been slow to grow in our region but numbers are increasing as people want to save more and have access to loans that are affordable. We have saving schemes for adults and juniors as well as a Christmas savers scheme to help plan ahead for the festive season. The Christmas savers scheme is also backed by the Financial Services Authority unlike many other savings schemes so your money is safe. We hope more people will see the benefits of saving with a credit union like ours"

What is a credit union?

Credit Unions are a not-for-profit financial co-operative run by its members for the benefit of its members and the community. Savings are pooled together to be used as a common fund from which members can apply for loans.

Anyone can become a member of the Hi-Scot Credit Union, regardless of their income, as long as they share the "common bond" of living or working in the Highlands & Islands of Scotland.


You can save as much or as little as you want, as often as you want, up to our current limit of £10,000. It pays to save - each year a dividend is paid to each member (from any surplus left after running costs and building up reserves). Free life insurance is provided subject to terms and conditions.


Members can apply for a loan for any amount between £100 and £7,500. Approval is subject to status. Loans come with free life insurance subject to terms and conditions. The interest rate on loans ranges from 1% to 2% per month depending on the value of savings held by the member - contact the office for further information. There are no arrangement or early settlement fees.

How Does a Credit Union Differ from a Bank?

Unlike banks, Credit Unions aim to keep money circulating within the community rather than giving it to external shareholders. Credit Unions provide an ethical alternative for people who are concerned about how their money is invested and they provide financial services to those who might otherwise be excluded.

Are Credt Unions Safe?

Credit Unions undergo all the same checks as any other financial institution. They are registered and regulated by the Financial Services Authority and are regularly audited and monitored. Credit Unions are also covered by the Financial Services Compensation Scheme. All our staff and volunteers are bound by a strict code of confidentiality and are committed to providing a high quality, friendly and personalised service to their members.

Paying In Is Easy

By Payroll Deduction

Via Standing Order

At any PayPoint outlet

At any Post Office

Withdrawing Is Easy

A cheque sent to your home address

Transfer to a nominated bank account or your prepaid debit card


Joining is really easy. You can either post the original documents to us or take them along to your nearest Access Point where one of our volunteers will take your membership form & photocopy & verify your ID. A minimum of £3 is needed to start off - £2 joining fee plus £1 initial savings which you can either pay by cheque or via your member card at any post office or pay point outlet. Please note you will not become a full member of Hi-Scot Credit Union until we receive your initial deposit.

What Paperwork Do I Need to Join?

To comply with anti money laundering legislation, we need to see one recent, original document from each list. Please note that we cannot accept the same document for both name & address ID.

Name ID Examples

Signed Passport

UK Photo or "old style" Driving Licence

Disabled Driver's Pass

Benefit Documents

*State Pension Documents

*Inland Revenue Tax Exemption Certificate

*Inland Revenue Tax Notification Document

*Firearms Certificate

Address ID Examples

Utility Bill (eg electricity)

Council Tax Bill

Statement (eg Bank/Credit Card)

Mortgage Statement

Tenancy Agreement

UK Photo or "old style" Driving Licence

Benefit Documents

*State Pension Documents

*Council Rent Card

Solicitor's Letter confirming house sale/purchase

* Must contain specific information relevant to you, ie payment amounts, etc.

Contact Details

Hi-Scot Credit Union

9 Cromwell Street


Isle of Lewis HS1 2DB

Telephone: 01851 701 865

Web site -


Fax: 01851 701 542

Opening Hours

Monday, Tuesday, Thursday & Friday - 9.30 am - 12.30 pm & 1.30 pm - 4.30 pm

Wednesday - Closed

Western Isles Credit Union Ltd trading as Hi-Scot Credit Union is authorised and regulated by the Financial Services Authority (Reg No: 452610)


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