Hi-scot Credit Union Taking Part In Worldwide Celebrations
1st October 2019
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. That's a lot of money benefiting people in our communities."
From their base in Stornoway, HI-Scot serves one of the largest geographical areas of any credit union in the UK. Membership is open to anyone living or working within the area. New members can join by visiting one of the network of local Access Points across the Highlands and Islands or using the secure online system at: Hi-Scot.com
As high street banks close branches throughout the Highlands and Islands, HI-Scot has seen steady growth in its membership. David Mackay explains the ways in which the credit union differs from traditional banks.
"HI-Scot - like credit unions across the world - is not run for profit," said David, “There are no sky-high charges or 'fat cat' bonuses. HI-Scot operates to benefit its members, whether you're saving for special occasion or borrowing with one of our competitively priced loans. We won't try to 'upsell' our products and don't have any hidden extras.”
HI-Scot operates under the Financial Services Compensation Scheme, which means that members' accounts are protected in the same way as at any high street bank.
On this year's International Credit Union Day, HI-Scot will join credit unions in 117 different countries (with a global membership over 260 million) in raising the profile of the unique way in which credit unions operate: established with a co-operative ethos, owned by their members and committed to providing accessible savings and loans to the communities they serve.
David Mackay said that International Credit Union Day this October offered people throughout the Highlands and Islands a unique opportunity. “It's a good chance to get in touch or look us up online and see for yourself what HI-Scot, your local credit union, can do for you.”
Related Businesses
Related Articles
Saving money regularly can help improve sleep, a new report suggests. Putting a monthly amount aside, however small the sum, also helped people to relax and be more optimistic about the future, the study by academics at Bristol University found.
The latest information from the Bank of England shows that adult membership of credit unions across the UK is increasing. The total number of adult members has been steadily increasing.
3500 thousand credit union members save with Hi-Scot credit union. Starting to save in January will make things a lot easier by Christmas 2024.
At meeting of the board of the Hi-Scot Credit Union the directors agreed not to follow other institutions like banks to put up interest rates. Well worth checking what rates you can still get from a credit union.
Hi-Scot credit union covers the Highland and Islands and is a not for profit organisation helping more and more people. Hi-Scot has been growing slowly over recent years and now holds significant savings.
The figures were revealed as the government plans new rules for the sector, allowing it to deliver more products including car finance. Figures from the Bank of England show that credit unions are lending record sums to UK customers, as the cost of borrowing continues to rise.
Addressing credit union professionals at the ABCUL Conference last month, John Glen MP, Economic Secretary to the Treasury, highlighted the positive impact the sector have in communities across the country. The Minister thanked credit unions in his speech for "delivering services that your members, communities, and the country need...
As the world begins to hesitantly open up, it's no surprise that the past two years have taught us the value of shopping local. But have you ever thought about banking local? "A credit union is rooted in the community, especially as it is owned by its members and not external shareholders," said David Mackay, General Manager of HI-Scot Credit Union.
The Banking Protocol is a rapid response scheme that will enable credit union staff to alert police when they suspect a customer is being scammed. Police will attend the branch within the timeframe of an emergency response, enabling them to provide an effective customer intervention, secure evidence to enable them to investigate the potential scam and sometimes catch fraudsters in the act.
The history of credit unions in USA has been one of growth over many years. The public in many states seem to have moved in greater numbers and saved even more with their local credit union.
