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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� 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

10/6/2022
Government Minister ‘deeply Grateful' For Sector's Role In Communities
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...  
24/2/2022
Save And Borrow With Your Highland And Islands Based Credit Union - Hi-ScotThumbnail for article : Save And Borrow With Your Highland And Islands Based Credit Union - Hi-Scot
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.  
29/9/2021
Banking Protocol: Preventing Fraud And Protecting Members In Credit Unions
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.  
20/6/2021
Credit Unions Are Growing In The UK But Still A Long Way To Catch Up With USA
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.  
23/5/2021
World Council Launches The Global Credit Union PodcastThumbnail for article : World Council Launches The Global Credit Union Podcast
World Council of Credit Unions is excited to launch a new monthly podcast that will provide the international credit union community with an in-depth look at some of the interesting and important stories it has to tell, particularly in the areas of international advocacy, international projects, education and networking, and digital transformation.   The Global Credit Union Podcast will also be telling stories about the work credit unions across the world are doing on behalf of their members.  
30/4/2021
New Partnership Supports International Credit Union Community
This new project aims to share research and resources with credit unions in the UK and Ireland.   Filene Research Institute announced an exclusive partnership with the Dublin, Ireland-based CMutual to expand research and resources available to credit unions in the United Kingdom and Ireland.  
30/4/2021
UK Credit Unions Has Reached Its Highest Reported Value At £3.98 BillionThumbnail for article : UK Credit Unions Has Reached Its Highest Reported Value At £3.98 Billion
The latest quarterly report by the Bank of England shows UK Credit Unions continue to increase in strength.   The report published on 30 April 2021 showed - Adult membership of credit unions increased in 2020 Q4 after decreasing in 2020 Q3.  
24/2/2021
Launch Of £15 Million Scottish Community Lenders Fund
A new £15 million fund has been announced to support affordable lending services.   It will support Credit Unions and Community Development Financial Institutions (CDFIs) which offer financial help to those who have poor credit and are often turned away from high street banks.  
15/10/2020
International Credit Union Day - Join Hi-Scot Credit UnionThumbnail for article : International Credit Union Day - Join Hi-Scot Credit Union
International Credit Union (ICU) Day celebrates the spirit of the global credit union movement.  The day is recognized to reflect upon the credit union movement's history, promote its achievements, recognize hard work and share member experiences.  
27/9/2020
Employers Can Help Workers Save With Payroll DeductionThumbnail for article : Employers Can Help Workers Save With Payroll Deduction
If your business would like to support employees in building a regular saving habit, call HI-Scot Credit Union..  

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