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Why Payroll Deduction? - Check Out Hi-scot Credit Union

6th February 2020

Photograph of Why Payroll Deduction? - Check Out Hi-scot Credit Union

In 2020, HI-Scot credit union's focus is on making saving and borrowing easier for our members, particularly through the use of payroll deduction with businesses across the Highlands and Islands.

Thousands of employees already have access to payroll deduction with HI-Scot, something the credit union wants to build on in the coming year, promoting the service to employees who work with existing partners and showing other businesses the benefits of offering payroll deduction to their staff.

Encouraging staff to save - and giving them an easy way to do so - can support good saving habits. If you would like to find out more about payroll deduction, contact HI-Scot today!

Email at: info@hi-scot.com or call us on 01851 701865.

Follow HI-Scot on Facebook and twitter for the latest news from the credit union for the Highlands and Islands.

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WHY PAYROLL DEDUCTION?

Employee health and wellbeing is key to running a successful business, yet one area which has been consistently overlooked is the financial wellbeing of staff. According to the Financial Wellbeing Index 2019 (Close Brothers), money worries are a real issue, with 94% of those surveyed admitting that they worry about money and 77% of this group saying that this impacts their working life.

Getting into the habit of saving regularly can relieve some of this stress, providing a buffer to guard against financial 'shocks', such as an unexpected bill or period of sickness.

So why should your business choose Payroll Deduction with HI-Scot credit union?

Recent research carried out by the Financial Inclusion Centre into credit union Payroll Deduction schemes showed that employees saving this way are much more likely to save regularly. The simplicity of having a payment deducted directly from their salary every pay day was one of the main reasons staff chose to save in this way. However, it was noted that there was a lack of awareness about the availability of Payroll Deduction within participating organisations - something which HI-Scot is also aware of.

By promoting Payroll Deduction with HI-Scot throughout 2020, the credit union hopes to both extend the opportunity to save this way to employees of new businesses and to highlight the service to staff in the organisations which already participate.

Together we can get the Highlands and Islands saving!

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Saving and borrowing with HI-Scot is simple. Join online or contact us on 01851 701865.

Membership of HI-Scot not only means an easy way to save regularly, but also gives you access to affordable loans with no hidden charges or fees.

HI-Scot is run in the same way as credit unions across the world by our members and for our members. HI-Scot does not operate for profit, but for the benefit of our members with no external shareholders.

HI-Scot offers online membership and members can access their accounts at any time and view balances, download statements or arrange transfers. In addition, we have our main office in Stornoway and a network of Access Points across the Highlands and Islands.

Find out more about HI-Scot credit union by visiting our website today.

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Saving regularly via payroll deduction is already available to thousands of staff across the Highlands and Islands.

Local authorities within the credit union's 'common bond' area - Comhairle nan Eilean Siar, Highland Council and Orkney Islands Council - are signed up to Payroll Deduction, as are NHS Highland, NHS Western Isles, Highland Home Carers, Lewis Crofters and Skills Development Scotland.

Throughout 2020, HI-Scot plans to promote the service to staff in all of these organisations and businesses, highlighting the simplicity of saving this way.

If a staff member wishes to sign up to payroll deduction with HI-Scot, they must be a member of the credit union and should contact HI-Scot to set up a regular payment. As well as saving, loan repayments can also be made direct from salary.

For more information, contact HI-Scot: info@hi-scot.com / 01851 701865

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