Stornoway-based credit union says it’s prudent to put some money aside

David Mackay, general manager of Stornoway-based HI-Scot Credit Union, said: “Saving with a credit union is very straightforward, and with options like payroll deduction, where you decide how much to save and this is deducted directly from your salary, our members can start saving today.”

HI-Scot has more than 3,200 members and, with no external shareholders, it is building a strong financial community across the Highlands and Islands.

The credit union offers a range of savings and loans and operates under the Financial Services Compensation Scheme, so members’ accounts are fully protected.

“We offer our members, who all live and work in the Highlands and Islands, services that suit their needs,” David explained. “For example, we recently introduced phone loans, which makes accessing our affordable loans a whole lot easier.

“At HI-Scot, we take each member’s circumstances into consideration, whether they want to save or borrow – or do both.”

The summer of 2020 brought some positive news for HI-Scot as the credit union reached the significant milestone of issuing £10 million in loans since opening in 2006.

“That £10 million has allowed our members to buy cars, make improvements to their homes and has supported them in countless other ways to access affordable credit.” said David.

“That’s a lot of people getting to work or keeping their home in good condition thanks to a HI-Scot loan.”

To find out more about saving and borrowing with HI-Scot credit union, go to HI-Scot