It's simple, we're run purely for the benefit of our customers (known as members), whilst providing a friendly alternative to banks and building societies. With no shareholders, any surplus profit is distributed to provide you with the best possible returns combined with the highest standards of personal service and ethical business practices.
Why choose Sheffield Mutual?
We've been around for a long time and think we know a thing or two about savings and investments, as well as our customers being our number one priority.
What does this mean? In short, we're owned by our customers (which we refer to as members) - this means all our surplus profits are used to provide better potential returns than a bank or building society along with other benefits to our members, rather than pay any external shareholders.
You may not have heard of a friendly society before, but they have existed for hundreds of years and were originally founded to provide benefits to people with limited resources in times of need with funeral and sickness benefit schemes.
Whilst times have changed, the ethos of providing products to improve the financial wellbeing of members remains true to Sheffield Mutual today.
Most of our products are with-profits policies and when you invest with us, we pool your money together with other members' in our with-profits fund. This is then invested in assets like commercial property, shares, fixed interest, cash, bonds and government gilts. Our with-profits fund is managed to provide a low to medium risk investment, appealing to individuals with a more cautious approach to investing.
With-profits aims to offer a better return than a typical bank or building society account but is not as risky as investing all your money directly in the stock market as we also ‘smooth’ returns.
Sheffield Mutual really does offer something for everyone in the family, from Junior ISAs for the little ones right through to tax free ISAs, regular savings and investment bonds. We also offer the ever popular Tax Exempt Savings Plans, which are unique to friendly societies such as ourselves. We strive to keep our products simple and easy to understand.
Many of our products offer a guaranteed minimum final amount (sum assured), which means you will receive this guaranteed final amount plus any bonuses added providing you hold the policy to maturity and pay all premiums due.
As a member owned organisation, our decision making and policies are driven by our members and not external shareholders. You can always speak to a friendly, knowledgeable member of staff at Sheffield Mutual, who will take personal responsibility to deal with your request or question accurately and efficiently.
We seek to adopt an ethical approach to investing within its with-profits fund and it is our policy not to invest knowingly or directly in industries relating to armaments, tobacco, gambling or pornography.
We offer a safe and secure home for members’ funds and hold surplus capital well in excess of the regulatory minimum requirement. We have a careful and prudent investment policy, but for added peace of mind we are also a member of the UK Financial Services Compensation Scheme.
"I have saved with Sheffield Mutual all my life through my parents from when I was a child and now as an adult. As well as providing good financial products they do so efficiently and with a personal touch. I would recommend Sheffield Mutual to everyone."
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