About Sheffield Mutual

Sheffield Mutual is a friendly society, not a bank. This means that, because we are owned by our members, any surplus profits are redistributed to them through bonuses rather than paid out to external shareholders.

Many of our products are part of our with-profit fund, a type of investment designed to help our members grow their money while maintaining a medium to low risk profile.

When you invest in one of our products linked to our with-profit fund, you pool your money with other members and invest in a diverse portfolio that includes commercial property, government gilts, and other investments to provide a stable return.

Our with-profits fund aims to offer a better return than a typical bank or building society by utilising a diversified investment strategy and ‘smoothing’ returns to ensure stability, even during adverse economic conditions.

At Sheffield Mutual, we put our members at the heart of everything we do. That’s why we work hard to create products that can offer a great return while still being simple to understand, such as our Tax Exempt Savings Plan. We also offer investments to meet a wide range of customers’ needs, including bonds, ISAs, and JISAs, allowing our members to choose the products that best suit their savings needs.

When you are browsing our range of products, you will find that many of our savings plans and investments provide a ‘sum assured’ when you take out your plan.

The ‘sum assured’ is the guaranteed minimum final amount you will receive at the end of your plan (provided the plan reaches maturity and all payments are made).

This allows our customers to remain confident that they will receive a minimum return on their investment, along with any bonuses earned along the way. It is also important to remember that bonuses are calculated based on the sum assured, and not the amount paid to date. 

Because our members own Sheffield Mutual, they are at the forefront of every decision we make. This includes allowing members to receive bonuses based on the performance of our with-profits fund and to contact us directly with any questions or issues they may have.

At Sheffield Mutual, we strive to invest in line with our strong ESG principles. This means we avoid investing knowingly in businesses or industries linked to gambling, tobacco, pornography, or munitions, so our members can invest with confidence, knowing their money isn’t supporting potentially harmful business practices.

At Sheffield Mutual, we maintain surplus capital in excess of the regulatory minimum, leaving plenty of space for our members to withdraw their funds if their life circumstances or financial strategies change.

In addition, Sheffield Mutual is a member of the UK Financial Services Compensation Scheme, so our members can remain confident that they are protected in the event that Sheffield Mutual was unable or unlikely to be able to pay a claim or go out of business.