Credit Union success extended throughout Highlands and Islands

Hi-Scot Credit Union, formally Western Isles Credit Union, are delighted to now be able to offer their services to all those who live and work in the Highlands and Islands through the extension of their Common Bond area.

Hi-Scot Credit Union has been operating in the Western Isles since December 2006, and has experienced a healthy growth rate in that period. 1700 members of the community have joined and are actively benefiting from the service, which has seen £2 million worth of loans issued.

Danny Alexander, Chief Secretary to the Treasury, formally launched the Credit Union at the opening of their recently refurbished office in Stornoway saying “I am very pleased to launch the Hi-Scot Credit Union in Stornoway today. Its success in the Western Isles in just five years shows just how invaluable its flexible and personalised services are to the local community. With this expansion all those living or working in the Highlands and Islands will now also be able to access its competitive and affordable financial products, whilst ensuring that benefits stay within the local economy. Across Britain credit union membership is increasing, with 240,000 members in Scotland alone – I am delighted to become a member of Hi-Scot Credit Union and encourage people across the area to do the same.”

As a resident of Aviemore, and eligible for membership, Mr Alexander also took the opportunity to join the Credit Union and encouraged everyone in the region to take the time out of their busy schedules to do the same.

Credit Unions are a genuine alternative to the High Street banks and offer favourable rates on savings and loans to their members. Anyone who lives or works in the Highlands and Islands can join HI-Scot Credit Union and take advantage of the range of services offered.

Councillor Carolyn Wilson of The Highland Council’s Resources Committee said: “The Highland Council was greatly encouraged by the launch of the new credit union throughout the Highland Region. This is an extremely valuable service to be able to offer the community, and at a time where lending is so difficult, the fact that the Credit Union puts their members first by listening to their needs and providing them with ethical financial products and services. Most importantly, any money saved through the Credit Union stays within the Highlands and Islands region, benefiting only those who live and work in these communities.”

Angus Campbell, Leader of Comhairle nan Eilean Siar, stated “At a time where the impact of recession is really hitting the Western Isles it is reassuring to know that the work of the Credit Union is unaffected by these factors. Hi-Scot Credit Union have been extremely successful in the Western Isles by providing financial services to the community, which are competitively priced and keep money circulating in the local area which ultimately wholly benefits the local economy. It’s a first class service, delivered by extremely experienced and knowledgeable personnel who offer their members a personal, one-to-one efficient level of service.”

Ian Morrison, Chair of Hi-Scot Credit Union added “We are really excited about extending our coverage to the Highlands and Islands of Scotland. Our success in the Western Isles proves that there is a real demand for community based financial services, and our move into the Highland Region is a landmark occasion for us – we can make a real difference to our members and their communities.”