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.
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.
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)
- 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
- 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