In October Highlands and Islands celebrate Credit Unions

This month HI-Scot, the credit union for the Highlands and Islands, will take part in a worldwide celebration of credit unions.

By The Newsroom
Monday, 7th October 2019, 12:45 pm

International Credit Union Day falls on Thursday, October 17th and it 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 General Manager, David Mackay, said: “HI-Scot has been working across the Highlands and Islands for thirteen years and, in 2019, we have over three thousand members.

“In that time we have approved over four thousand loans. That’s a lot of money benefiting people in our communities.”

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From their base in Stornoway, HI-Scot serves one of the largest geographical areas of any credit union in the UK.

Membership is open to anyone living or working within the area.

New members can join by visiting one of the network of local Access Points across the Highlands and Islands or using the secure online system at:

As high street banks close branches throughout the Highlands and Islands, HI-Scot has seen steady growth in its membership.

David Mackay explains the ways in which the credit union differs from traditional banks.

“HI-Scot – like credit unions across the world – is not run for profit,” said David, “There are no sky-high charges or ‘fat cat’ bonuses.

“HI-Scot operates to benefit its members, whether you’re saving for special occasion or borrowing with one of our competitively priced loans. We won’t try to ‘upsell’ our products and don’t have any hidden extras.”

HI-Scot operates under the Financial Services Compensation Scheme, which means that members’ accounts are protected in the same way as a bank.

On this year’s International Credit Union Day, HI-Scot will join credit unions in 117 different countries (with a global membership over 260 million) in raising the profile of the unique way in which credit unions operate: established with a co-operative ethos, owned by their members and committed to providing accessible savings and loans to the communities they serve.

David Mackay said that International Credit Union Day this October offered people throughout the Highlands and Islands a unique opportunity. “It’s a good chance to get in touch or look us up online and see for yourself what HI-Scot, your local credit union, can do for you.”