Work Not Worry - Help Your Employees Save With Your Credit Union
11th October 2019
Employers can help their staff to save very easily by offering payroll deductions each month with a credit union.
Credit unions are financial co-operatives owned and controlled by their members. They are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. They are covered by the Financial Services Compensation Scheme, so the first £85,000 of a member's savings is completely safe.
If you would like more details about payroll deductions in Highland and Islands contact Hi-Scot Credit Union
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.
HI-Scot has been in existence since 2006, though up until 2010 was under the name of Western Isles Credit Union. The name was changed to HI-Scot to reflect that fact that we'd moved to a position of serving all of the Highlands & Islands, and indeed anyone who lives or works in this area can apply to join us.
Hi-Scot Credit Union has its Annual General Meeting on Wednesday 12th December 2018 at 4.00pm. The office of the credit union is based in Stornoway and due to the geography of Highland and Islands has moved more and more online.
Scottish Government Launches ‘people, Not Profit' Campaign To Support The Scottish Credit Unions Sector. The ‘People, Not Profit' credit unions campaign has been launched by Aileen Campbell, Cabinet Secretary for Communities and Local Government today (Wednesday 14 November 2018), as results of a new survey reveal that one in five (20%) people in Scotland have not heard of a 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.
You don't want to save so you won't want to read this item about credit unions. It is easy to do now in Highland and Islands now that Hi-Scot credit union is online with its services for savers and borrowers.
In a report by Scottish Government published earlier in 2016 entitled "Scotland's Credit Unions - Investing in Our Future" The First Minister Nicola Sturgeon wrote a letter to employers as follows - Dear As First Minister of Scotland I am delighted to be able to offer this letter in support of the work of credit unions and at the same time encourage the uptake of payroll deduction schemes for employees with credit union accounts. Credit unions make an invaluable contribution to providing financial services and products to a wide range of customers.
Hi-Scot - A Credit Union for YOU. HI-Scot has been in existence since 2006, though up until 2010 was under the name of Western Isles Credit Union.
The Economic Secretary to the Treasury, Andrea Leadsom, today encouraged employers and voluntary sector organisations to engage with credit unions to help them provide affordable credit and responsible financial services in their communities. Following the launch of the government's call for evidence on credit unions in June, the Economic Secretary today visited London Mutual Credit Union to hear first-hand how credit unions are providing a payday loan product at a fraction of the costs charged by payday lenders.
The Highland Council is to write to the UK Government, the Scottish Government and the Convention of Scottish Local Authorities to highlight its total opposition to the high-cost short-term credit offered by pay day lending companies and the misery that spiralling debt brings to the poorest in society. A priority, they say, is to cap the level of interest on the repayment of loans, which can be as high as 4,000 per cent, at no more than 60 per cent.
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