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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� 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.
Postal Address
Hi-Scot Credit Union
7 James Street
Stornoway
Caithness
HS1 2QN
News for Hi-Scot Credit Union
14/3/2025
Highland and Islands Has Its Own Community Owned Credit Union - Saving or Borrowing Use It
Credit unions have been around a long time. Hi-Scot credit union covers the Highland and Islands and it is easy to save or borrow at good rates.
11/7/2024
Sleep Could Be Boosted By Saving Small Amounts
Saving money regularly can help improve sleep, a new report suggests. Putting a monthly amount aside, however small the sum, also helped people to relax and be more optimistic about the future, the study by academics at Bristol University found.1/5/2024
Adult Membership Of Credit Unions Is Increasing And Members Taking Out More Loans
The latest information from the Bank of England shows that adult membership of credit unions across the UK is increasing. The total number of adult members has been steadily increasing.
29/12/2023
Christmas is Past But Hi-Scot Credit Union Can Help Save For Next Christmas
3500 thousand credit union members save with Hi-Scot credit union. Starting to save in January will make things a lot easier by Christmas 2024.
2/7/2023
Hi-Scot Credit Union Keeps Interest Rates Low
At meeting of the board of the Hi-Scot Credit Union the directors agreed not to follow other institutions like banks to put up interest rates. Well worth checking what rates you can still get from a credit union.
31/5/2023
Say Hi To Your Highland And Islands Credit Union for Saving and Borrowing
Hi-Scot credit union covers the Highland and Islands and is a not for profit organisation helping more and more people. Hi-Scot has been growing slowly over recent years and now holds significant savings.
11/3/2023
Credit Union Lending Reaches Record Levels As UK Borrowing Costs Rise
The figures were revealed as the government plans new rules for the sector, allowing it to deliver more products including car finance. Figures from the Bank of England show that credit unions are lending record sums to UK customers, as the cost of borrowing continues to rise.
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-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.If you contact this Business, please let them know, you found them in the Caithness Business Index
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