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Sheffield Mutual Friendly Society ISAs

Sheffield Mutual is a member-owned mutual friendly society that provides a range of life insurance, tax exempt, savings and investment plans. It was founded in 1892.

Investment ISA

Sheffield Mutual’s Investment ISA is a convenient and flexible way to save or invest tax-free, offering the potential for tax-free investment growth through annual and final bonuses; the 2023/24 interim bonus rate is 3.50%. You can invest from just £30 per month or a £300 lump sum, up to a maximum allocation of up to £20,000 in the current tax year.

With this account you can access your money if you need to, but the minimum withdrawal amount is £250. You can transfer an existing ISA from another provider. The annual management charge for this account is 1.50% p.a. with no initial or hidden charges.

Choose from a selection of investment funds – this is great if you are looking for higher rewards than from a normal savings account and if you are prepared to accept a certain level of investment risk in adverse market conditions.

Investment Junior ISA

Similar to the above Investment ISA, this junior version is a tax-free investment for children under the age of 18, with returns free from Capital Gains Tax and dividends sheltered from higher rate tax.

It allows parents or guardians with parental responsibility to plan for a child’s future; they maintain control of the Junior ISA until the child reaches 18, but as soon as a subscription has been made, the money becomes the child’s.

The maximum allocation into this ISA is £9,000 with many investment opportunities available. Top-ups can be made by anyone at any time; the minimum saving rate is just £10 per month.

Other Services

Sheffield Mutual provides a range of life insurance, tax exempt, savings and investment plans.

Sheffield Mutual Reviews and Ratings

Online reviews for Sheffield Mutual are excellent with customers very happy with the efficient, helpful service they received, the straightforward online application process, knowledgeable staff, and the impressive member benefits that are offered.

Reviews.io – 4.93/5 (based on 262 reviews)

Pros

  • A well-established credible friendly society since 1892
  • No initial or hidden charges
  • Bonus rate of 3.50%
  • Invest from just £30 per month
  • Quick easy online setup
  • Clear, easy to understand product information on website
  • Excellent customer reviews
  • Authorised by the Prudential Regulation Authority
  • Regulated by the Financial Conduct Authority and the Prudential Regulation Authority
  • A member of the Financial Services Compensation Scheme

Cons

  • Investment ISAs only
  • Cash ISAs, Lifetime ISAs or other ISA products not offered
  • £250 minimum withdrawal fee
  • Minimum £30 per month investment is required
  • Annual management charge is 1.50%

Website: Sheffield Mutual

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Disclaimer: OurLifePlan.co.uk is a retirement and end of life information website only. We are not an insurer, financial planer, financial advisor, broker and/or other financial institution and as such we are not authorised or regulated by the FCA to offer financial advice. We can't recommend any of the products and/or services featured on the site. We strongly urge you to seek independent professional advice before buying any financial product and/or service. Companies are ranked in no particular order and higher ranking does not imply one company is better than another. We do our best to make it clear when information was published and try to keep it up to date and correct. However, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, prices, products and/or services. You use this website at your own risk and we accept no liability for any loss suffered. We work with FCA authorised and regulated firms who may pay us a commission for referring you to them but this has no impact on our content and helps keep this website free to use and will be fully disclosed. OurLifePlan.co.uk is the trading name of Brilliant British Ltd (Company number 10490224)