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Hi-Scot Credit Union

www.hi-scot.com

This entry is here for information only.
There is no physical office in Caithness.
All Post Offices can be used to deposit and withdraw funds from the credit union.
Check the Hi-Scot web site if you want to join the credit union that is now being spread out across Highland from the Western Isles with help from Highland Council.

What is a Credit Union?
The modern Credit Union movement traces its origins to Germany and to Friedrich Willhelm Raiffeisen, the Mayor of a small town in southern Germany, who in 1849 formed societies, which later evolved in to Credit Unions. The purposes of these Credit Unions was to enable people to help themselves in relieving debt and poverty.

HI-Scot Credit Union is a community based financial co-operative owned, run and controlled by its own members. All Credit Union members have something in common (the common bond) and every member has an equal vote in the running of the Credit Union. The HI-Scot Credit Union common bond area is a work or live membership, covering the Highlands and Islands area of Scotland.

HI-Scot Credit Union is a non-profit making financial co-operative run entirely by the people for the people. How do Credit Unions work for members? Savings are pooled together to be used as a common fund from which members can apply for loans. Credit Unions encourage people to save, and members have financial security through low cost loans.

When someone joins the Credit Union they open an account - savings. It is called a share account because individuals become part owner of the Credit Union.

Since Credit Unions are not-for-profit organisations, any money made above the cost of operations is returned to the members in the form of dividend.

Credit Unions in the UK were in existence for some time before the movement gained momentum in 1979, when the Credit Unions Act was passed.

Since then, the Credit Union philosophy of mutual self-help has proved very popular, and there are now over 600 Credit Unions affiliated to the Association of British of Credit Unions (ABCUL) throughout England, Scotland and Wales.

In the UK over 360,000 members have recognized the value of credit unions, and have savings approaching 300 million pounds with their credit unions. There are thousands employed in the sector and many more thousands are volunteers involved in the movement.

Benefits of Membership
Membership has many benefits-

Flexible & Convenient Loans
Members can take out loans, subject to Credit Union criteria and repay at tailor-made schedules.

Attractive Dividend on Savings
Every year we pay an attractive dividend on members´┐Ż savings, which are also placed in our Life Insurance scheme, offering a free insurance system on your savings (subject to terms & conditions).

Quality Service, No Fees
You can be assured of a professional service from Credit Union at all times. And you do not pay a transaction fee for saving with us, or borrowing money.

Pay by Standing Order
Arrange a Standing Order from your bank and be sure of regular payments to your Credit Union account. We will send you an annual statement showing all transactions.

Member Services
Take advantage of a host of additional member services available. Ask any staff member for more details about joining the Credit Union, or for further information see the different sections of the Hi-Scot Credit union web site.

Telephone
01851 701865

Fax
01851 701542

E-mail
info@hi-scot.com

Postal Address
Hi-Scot Credit Union
7 James Street
Stornoway
Caithness
HS1 2QN





News for Hi-Scot Credit Union

17/3/2020
Hi-Scot Credit Union - Ready For CoronavirusThumbnail for article : Hi-Scot Credit Union - Ready For Coronavirus
COVID-19 (coronavirus) information.   We're here to help We're here to support you in a number of different ways.  
26/2/2020
HI-Scot credit union is on a mission - to get the Highlands and Islands saving in 2020Thumbnail for article : HI-Scot credit union is on a mission - to get the Highlands and Islands saving in 2020
"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.  
6/2/2020
Why Payroll Deduction? - Check Out Hi-Scot Credit UnionThumbnail for article : Why Payroll Deduction? - Check Out Hi-Scot Credit Union
In 2020, HI-Scot credit union's focus is on making saving and borrowing easier for our members, particularly through the use of payroll deduction with businesses across the Highlands and Islands.   Thousands of employees already have access to payroll deduction with HI-Scot, something the credit union wants to build on in the coming year, promoting the service to employees who work with existing partners and showing other businesses the benefits of offering payroll deduction to their staff.  
30/1/2020
Hi-scot Credit Union Offers Payroll Deductions
HI-Scot, the credit union for the Highlands and Islands, has vowed to make 2020 the year when saving and borrowing are even more accessible.  With a focus on payroll deduction, allowing people to save directly from their pay packet every month via their employer, the credit union offers a viable alternative to high street banking in 2020.  
23/12/2019
Best Year Ever For Hi-Scot Credit UnionThumbnail for article : Best Year Ever For Hi-Scot Credit Union
As 2019 draws to an end, the staff and volunteers at HI-Scot credit union are reflecting on a successful year for the organisation.   "We are pleased to report that 2019 was another twelve months of growth for HI-Scot," said Margaret Ann MacLeod, Chair of the Board of Directors, "This is good news not only for the credit union, but for our members and the communities we serve across the Highlands and Islands." At the recent HI-Scot AGM, the members attending approved a 0.5% dividend.  
28/11/2019
Hi-Scot Credit Union Savers Ready For ChristmasThumbnail for article : Hi-Scot Credit Union Savers Ready For Christmas
Christmas came early across the Highlands and Islands for members of HI-Scot credit union.  Canny savers received their Christmas savings in November, leaving plenty of time to get their Christmas shopping done.  
30/10/2019
Hi-Scot Credit Union Is 13 Years Old And Still GrowingThumbnail for article : Hi-Scot Credit Union Is 13 Years Old And Still Growing
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.  
11/10/2019
Work Not Worry - Help Your Employees Save With Your Credit Union
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.  
1/10/2019
Hi-scot Credit Union Taking Part In Worldwide CelebrationsThumbnail for article : Hi-scot Credit Union Taking Part In Worldwide Celebrations
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.  
7/3/2019
Easy To Join The Hi-Scot Credit Union Online - Saving And BorrowingThumbnail for article : Easy To Join The Hi-Scot Credit Union Online - Saving And Borrowing
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.  

If you contact this Business, please let them know, you found them in the Caithness Business Index