Established in 1862 originally as the City of Glasgow Friendly Society, Scottish Friendly is now one of the largest mutual life offices in the UK, offering a wide range of financial products and services. The company is based in Glasgow.
Scottish Friendly’s Investment ISA is a tax-efficient investment account that sits within your tax-efficient Stocks & Shares ISA wrapper, so you do not have to pay capital gains tax on profits arising from your stocks and shares investments. In addition, there is no tax on dividend income from shares or interest paid on bonds.
You can invest in a range of different type of investments from just £10 a month; there is a choice of 10 funds from low to high risk. The company offer three investment types: My Easy Choice ISA, My Choice ISA and My Prime ISA, depending on your level of experience and appetite for risk. The maximum allocation each tax year is £20,000. To qualify you must be a UK resident and aged 18 years or over.
Junior Investment ISA
Scottish Friendly’s Junior Investment ISA it is a tax-efficient way to save, with no tax payable on interest earned. Money is safely locked away until the child turns 18, at which point the ISA transfers to an adult ISA and becomes fully accessible to the child.
The minimum balance for opening this account is £10, with a maximum subscription limit is £9,000. You can pay a lump sum from £50 or transfer in from another Junior ISA provider. This product offers a selection of nine funds to choose from, so you can tailor your child’s investment.
As well as ISAs, Scottish Friendly also offers a range of related financial services including bonds, child trusts, life insurance and more.
Scottish Friendly Reviews and Ratings
Online reviews for Scottish Friendly are very good with customers happy with the straightforward, user-friendly application process that is quick and easy to set up, the excellent communication received, and the helpful staff. Some negative reviewers have made note of the misinformation and misdirection they have received as a result of payments being delayed.
- One of the largest mutual life offices in the UK
- No shareholders, so profits are used to benefit members
- Choose from either: My Easy Choice ISA, My Choice ISA and My Prime ISA, depending on your level of experience and appetite for risk
- Easy to manage online system and mobile app
- Company donates £10 to the Mental Health Foundation when you add £10 to your ISA
- A clear, easy-to-understand website
- Very good customer reviews
- Fast easy online signup
- Award-winning: Best Junior ISA provider at the Investment Life and Pensions Moneyfacts Awards / Best Mutual Insurer
- Member benefits including access to savings and offers from thousands of leading brands and local outlets
- Junior ISAs and Investment ISA products only
- Cash ISAs, Lifetime ISAs, Innovative Finance ISA or other ISA products not offered
- Some complaints over the misinformation and misdirection of payments
- 10 funds to invest in
Website: Scottish Friendly