Hi-Scot Credit Union Has Another Successful Year

31st January 2015

The Hi-Scot Credit Union that covers Highland, Orkney and the Western Isles recently held its annual general meeting and the chairman who like all the directors is an unpaid volunteer was able to announce increased membership and a rise in the savings of its members. The amount of loans also continues to rise due to the excellent lending terms for members but the Hi-Scot Credit Union now has a very good amount of capital available for new borrowers.

For the year to 30th September 2014 the Credit Union declared a dividend for savers of 1.5%. Credit unions do not pay interest but they pay an annual dividend declared at the end of each financial year.

Hi-Scot credit union has seen an increasing number of people join to make savings and for many it is their preferred place to go to get loans that have some great advantages over other forms of borrowing. Growing in popularity has been people taking loans to finance car purchase or home improvements as the offer can be very attractive when compared to other sources.

Credit Unions are all about saving and borrowing at low rates for members. They have been around for many years but only in recent years has more attention been on them as government seeks to show that you do not always need to go to pay day lenders or other high cost lenders.

More and more employers are offering salary deductions to be paid straight into Credit union saving accounts with Hi-Scot and other credit unions. Highland Council and NHS Highland are among those offering this to staff and the numbers of employers making this available is growing a is it very easy to set up and for payments to go straight to accounts.

All savings in Credit Unions in the UK are like the banks covered by The Financial Services Compensation Scheme (FSCS). Most depositors are covered up to £85,000 and for joint accounts £170,000.

For more information go to the Hi-Scot credit union or look up other area credit unions on Google.

Whats In it for me?
Flexible and convenient loans
Members can take out loans, subject to our 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 and no fees
You can be assured of a professional service from us at all times, and you do not pay a transaction fee for saving or borrowing money.

Pay by standing order
Arrange a standing order from your bank and be sure of regular payments to your savings account. We will send you an annual statement showing all transactions.

Christmas Savers
The Christmas Saver Account is ideal for our existing members who like to plan ahead for the expense of Christmas by putting money away throughout the year.

Young People
Open an account to save for future college or university years. Save regularly or when ever money is gifted to build up a balance ready for leaving home.

Easy To Use
Make deposits at any Post Office, Pay Point or by salary deduction or standing orders from bank accounts.

Life Cover
All loans come with free life insurance cover - check this on the web site.

Check Your Account
Annual statements are issued and you can check online with user name and password.

Where Can I Join?
Where to Join
Anyone living within the Highland Region can join at any of the Highland Council's Service Points. A full list can be found at the Highland Council's website http://www.highland.gov.uk/directory/16/a_to_z. In Inverness, you can also join at the Merkinch Enterprise office on Grant Street.

In Orkney you can join at Voluntary Action Orkney or Orkney Housing Association Ltd both based in Kirkwall.

Ada Campbell is available to sign up new Members at the Claddach Kirkibost Centre, North Uist - Please telephone in advance on 01876 510250. In South Uist, you can join at the Cothrom centre.

Katie MacLeod & Morag Munro, Harris Voluntary Service, are available to sign up new Members at their office in the Old Primary School, Tarbert during normal office hours.

In Barra, Catherine L McFadyen is available to sign up new Members at the Council offices.

Check the Hi-Scot credit union for much more information and contact details -