Performance
We've been around for over 130 years, and we’re proud of our performance both past and present. Keep reading for more information on our current bonuses, past performance and our highlights for the previous year.
2023 highlights
- Total assets including the Child Trust Fund (CTF) are £215 million
- Assets excluding the CTF are £162 million
- Traditional membership was at 12,645 (2022: 12,738)
- Total number of traditional policies increased to 19,002 (2022: 18,978)
- Including the Child Trust Fund the Society now has 80,727 policies and accounts
Sheffield Mutual continued to differentiate itself from large banks and building societies by providing a personalised service, as highlighted by receiving a 95% satisfaction score.
Commenting on the results, Jamie Bellamy, Chief Executive, said:
"Personal savings has rightly been pushed to the forefront, leading to a more active market. The savvier savers are also not just chasing the highest rate, they’re researching the financial organisation to check that their mutual values align. Our member feedback and reviews continue to encourage our team and demonstrate that competitive rates and high quality service can be found away from the large corporates."
More information on how we have performed over the last number of years can be found below.
|
|
2023 |
2022 |
2021 |
2020 |
2019 |
|---|---|---|---|---|---|
|
Premium Income £m* |
13.7 |
17.0 |
21.7 |
17.8 |
20.7 |
|
Total Assets £m |
215.4 |
201.1 |
206.5 |
183.0 |
175.0 |
|
Number Of Members* |
12,645 |
12,738 |
12,627 |
12,258 |
11,941 |
|
Number Of Policies* |
19,002 |
18,978 |
18,498 |
17,379 |
16,518 |
*Excludes Child Trust Funds
Our bonus rates
Unlike banks who add interest to their plans, we aim to add bonuses to our members' policies. An overview of our recent bonus rates can be found in the table below.
Please note, our interim rate is used for maturities and claims prior to the next declaration and is not a reliable indicator of future bonus rates. Interim bonus rates are not guaranteed and may go up or down until they are declared. The declared rate is agreed at the end of March each year.
In certain circumstances your capital is at risk, please read the product brochure and Key Information Document for further information.
|
|
2024 interim rate |
2023 |
2022 |
2021 |
2020 |
2019 |
|
Tax Exempt Savings Plan (Type 43)1 |
2.00% |
2.00% |
1.00% |
0.70% |
0.70% |
0.95% |
|
Tax Exempt Savings Plan with Life Insurance (Type 24)1 |
1.75% |
1.75% |
0.75% |
0.50% |
0.50% |
0.75% |
|
Regular Savings Plan (Type 47)1 |
1.75% |
1.75% |
0.75% |
0.50% |
0.50% |
0.75% |
|
Investment Bond2 |
3.25% |
3.25% |
1.75% |
1.50% |
1.50% |
2.00% |
|
Income Bond2 |
3.50% |
3.50% |
2.00% |
1.75% |
1.75% |
2.25% |
|
Investment ISAs*3 |
5.25% |
5.25% |
1/3/23-5/4/23: 5.00% 1/8/22-28/2/23: 4.00% 6/4/22-31/7/22: 3.75% |
3.50% |
3.50% |
4.00% |
|
Investment Junior ISAs*4 |
5.50% |
5.50% |
1/3/23-5/4/23: 5.25% 1/8/22-28/2/23: 4.25% 6/4/22-31/7/22: 4.00% |
3.75% |
3.75% |
4.25% |
*Before deduction of the 1.25% annual management charge for ISAs and JISAs (effective from 6th April 2024).
We currently have no MVR in place on any of our products.
Final (terminal) bonuses are not guaranteed and may go up or down at any time.
1A final (terminal) bonus of 2% is currently being applied to maturing endowment policies(Tax Exempt Savings Plan and Regular Savings Plan).
2Final (terminal) bonuses are being paid on bonds for any investments made up to and including 2013 of 10%. For any investments made in 2014 to 2016 a final bonus of 5% will be paid.
35% final (terminal) bonus on Investment ISA subscriptions in the 2009/10 tax years through to 2013/14 tax years.
45% final (terminal) bonus on JISA subscriptions which have been in force 5 years or more and reinvested with the Society on maturity.
Please see bonus rates for our older plans below (please be aware, these are no longer open to new business).
|
Plan |
2024 interim rate |
2023 |
2022 |
2021 |
2020 |
2019 |
|
Regular Savings Plan Old Issue (Type 27)1 |
1.50% |
1.50% |
0.50% |
0.30% |
0.30% |
0.55% |
|
Tax Exempt Savings Plan Old Issue (Type 23)1 |
1.75% |
1.75% |
0.75% |
0.50% |
0.50% |
0.75% |
|
Pension Bond2 |
3.75% |
3.75% |
2.25% |
2.00% |
2.00% |
2.50% |
Final (terminal) bonuses are not guaranteed and may go up or down at any time.
1A final (terminal) bonus of 2% is currently being applied to maturing endowment policies (Tax Exempt Savings Plan and Regular Savings Plan).
2Final (terminal) bonuses are being paid for any investments made up to and including 2013 of 10%. For any investments made in 2014 to 2016 a final bonus of 5% will be paid. This is calculated on the sum assured and previous bonuses.