Hi-Scot Credit Union Is 13 Years Old And Still Growing
30th October 2019
The number thirteen might be unlucky for some, but not HI-Scot credit union who are celebrating thirteen years of serving their members across the Highlands and Islands of Scotland.
From humble beginnings as an idea conceived by hard-working volunteers determined to bring an ethical, community-minded option for saving and borrowing to the islands, Western Isles credit union (HI-Scot's original incarnation) opened its doors in 2006.
"HI-Scot has continued to grow, year on year, since 2006," said General Manager, David Mackay, "In 2011 we expanded to Highland region and the Orkney and Shetland Islands and now have over 3000 members."
With almost £4 million held on deposit, HI-Scot members are certainly seeing the benefits of saving regularly through the credit union. Many members use payroll deduction, an easy way to save every week or month, and a service offered by many employers, including Comhairle nan Eilean Siar and NHS Western Isles.
Members also benefit from a range of loan products, meaning that a new car, washing machine or kitchen can become an affordable reality. Over the past thirteen years, HI-Scot have approved over £9.5 million in loans and, with a process which considers each application individually, tailor member's borrowing to their personal circumstances. There's no "Computer says no" with HI-Scot!
"As people start to look for more ethical ways of banking, credit unions offer their members something that High Street banks cannot," David Mackay said, "HI-Scot is owned entirely by its members and so operates with their interests at heart."
HI-Scot is based in James Street, Stornoway, but the credit union is accessible in all areas of the Highlands and Islands thanks to online services and local Access Points. More information can be found on HI-Scot's website: www.hi-scot.com
“It's been a great thirteen years and the credit union is thriving.” David added, “All of us at HI-Scot look forward to many more years supporting our members across the Highlands and Islands to save, borrow and plan for tomorrow.”
In Caithness Bill Fernie who is a director of Hi-Scot Credit Union will be at the Pulteney Centre, Wick on on 11 December at 4.00pm to hold a local meeting as part of the Annual General Meeting. Notices will appear at a later date.
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.
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.
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