Founded as a mutual society, Police Mutual was set up in 1922 to provide financial services and welfare support to the Police Service. It is open to both Officers and Staff, serving and retired.
Stocks and Shares ISA
The Police Mutual Stocks and Shares ISA is a tax-free wrapper that allows individuals to invest up to £20,000 a year. There’s no income tax or capital gains tax (CGT) to pay on any income or profits from your ISA investments.
Contributions into the ISA are pooled with those of other savers and investors in the Cautious Managed Fund. The Cautious Managed Fund will then invest in a range of other funds which spread investors’ money over a wide range of investments.
The Police Mutual ISA is designed to be a medium to long term investment, held for 5 to 10 years or longer. You can top it up as often as you like, provided you don’t exceed your annual ISA allowance. You can open up this ISA with a lump sum of just £100.
The Police Mutual Junior ISA is also wholly tax-free whereby money invested is sheltered from capital gains and income tax, making it an attractive, tax-efficient product. You can save little or often, either in monthly amounts or as a lump sum. Only parents or guardians are able to open a Junior ISA, but anyone can pay into them (such as grandparents or friends). Money is safely locked away until the child turns 18, helping a nice nest egg build up.
As well as ISAs, Police Mutual also offer a range of financial services including savings and investments, insurance, mortgages, personal loans, healthcare and independent financial advice.
Police Mutual Reviews and Ratings
Online reviews for Police Mutual are poor with customers complaining about the bad customer service and extremely high prices, despite initially being competitive. The company is criticised for a lack of transparency, poor returns on investments and pushy, unhelpful staff.
- Stocks and Shares ISAs for Police Officers and Staff, serving and retired
- Junior versions of the ISA also available
- 75,000 people currently save for their future with Police Mutual
- £25 Gift Card for opening an account
- A wide choice of investments
- Website is clear and in plain English, so easy to understand
- Fast easy online signup
- Stocks and Shares ISAs only
- Cash ISAs, Lifetime ISAs and other ISA products not offered
- ISAs are a medium to long term investment; money is held for 5 to 10 years or longer
- £100 minimum investment
- Limited product detail and information
- Lack of downloadable help guides or online tools
- Some very poor customer reviews and reports of bad customer service
Website: Police Mutual