Established in 1834 and located in Southampton, Foresters Friendly Society assists over 75,000 members with savings, investments and insurance products.
Stocks and Shares ISA
Foresters Friendly Society’s Stocks and Shares ISA is a great way to save in a tax-free manner as you don’t need to pay any Income or Capital Gains Tax on the return. It is ideal for medium to long term savings and for people looking to save something for their future. You can save up to £20,000 in the 2020/2021 tax year.
Make regular payments from just £50 per month, lump sums of at least £500 and top ups of at least £250. Your money is invested in the organisation’s Order Insurance Fund with the aim of providing investment growth: your money is spread across a number of different types of investments including property, equities, cash and UK government bonds.
The Stocks & Shares ISA doesn’t pay interest. Instead, by investing the money you pay into the plan and any profits generated by the fund are used to add an annual bonus to your ISA and possibly a final bonus when you withdraw your money.
Foresters Friendly Society’s Lifetime ISA is designed for people saving for their first home or retirement for the medium to long term. It helps you boost your savings with a 25% government bonus on your savings, up to a maximum of £1,000 per year. Save up to £4,000 each tax year, either regularly from £50 per month or invest a lump sum of at least £500. Top ups of £250 or more can be made thereafter. Transfers are also accepted. The product is available to all UK residents aged 18 to 39. Whilst you can’t take out a joint Lifetime ISA, your partner can also take one out.
Foresters Friendly Society Reviews and Ratings
Online reviews for Foresters Friendly Society are generally very good with customers happy with the very helpful and friendly service they were given, as well as how easy it is to set up a new plan. As such there are many recommendations for this organisation. Some negative feedback includes instances of poor communication from the organisation, with no statements or updates given to the customer.
Reviews.io – 4.57/5 (based on 339 reviews)
- A long-established, reputable organisation since 1834
- Profits are distributed to members not shareholders
- Free M&S Gift Card for opening a new account
- Access to Foresters Extras membership benefits, including discretionary grants
- Plans are covered by the Financial Services Compensation Scheme for extra protection
- A clear, informative website
- Fast easy online setup
- Good customer reviews and recommendations
- Lifetime and Stocks and Shares ISA products only
- Cash ISAs, Junior ISAs or Innovative Finance ISAs not offered
- Some instances of poor communication from the organisation, with no statements or updates given to the customer
- Lifetime ISAs only available to UK residents aged 18 to 39
- Joint Lifetime ISA not allowed
Website: Foresters Friendly Society