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Hi-Scot Credit Union

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.

01851 701865

01851 701542


Postal Address
Hi-Scot Credit Union
7 James Street

News for Hi-Scot Credit Union

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.  
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..  
Saving In The Time of Pandemic - Check Out The Credit UnionThumbnail for article : Saving In The Time of Pandemic - Check Out The Credit Union
2020 has not been the easiest of years and, for many people, saving has been the last thing on their minds - but there's never been a more prudent time to think about putting money aside for a rainy day.  Or a global pandemic.  
Over 1000 Cars Bought By Hi-Scot Credit Union LoansThumbnail for article : Over 1000 Cars Bought By Hi-Scot Credit Union Loans
A Hi-Scot credit union loan is now easier than ever to arrange for members.   Cars are a popular reason to borrow but loans can be arranged for a wide range of things.  
Save With Your Credit Union - Hi-ScotThumbnail for article : Save With Your Credit Union - Hi-Scot
Hi-Scot Credit Union is a membership organisation covered by the Financial Services Authority who guarantee savings in credit unions.   It makes sense to save with us Everyone benefits from regular saving, as it allows us to work towards our financial goals and gives peace-of-mind should an emergency arise.  
Get A Loan With Your Credit Union - Hi-ScotThumbnail for article : Get A Loan With Your Credit Union - Hi-Scot
Hi-Scot Credit Union covers the Highland and Islands and is membership organisation covered by the Financlal Services Authority Directors are elected each year and are unpaid volunteers with professional staff running the day to day business.  Online banking has recently become available for members.  
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.  
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.  
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.  
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.  

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