Performance

At Sheffield Mutual, we've been helping individuals grow and protect their money for over 130 years. As a mutual organisation, we're driven by one clear purpose: to deliver strong, reliable returns for our policyholders - not external shareholders.

In 2024, we were proud to pay record-breaking bonuses, reflecting the strength of our financial performance and our commitment to rewarding members.

Below you'll find:
* Our 2024 highlights, showcasing key achievements and fund performance
* A look at our bonus rates over recent years, demonstrating our consistent track record
* Details of our current interim bonus rates and how they apply to maturities and claims

Explore the results that make Sheffield Mutual a trusted choice for stable, long term results.

• Total assets including the Child Trust Fund (CTF) are £223.3 million
• We declared a record breaking £5.6 million in bonuses
• Assets excluding the CTF are £170 million
• Traditional membership was at 12,497
• Total number of traditional policies was at 18,734
• Including the Child Trust Fund the Society now has 79,951 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 91% satisfaction score and increasing our rating on REVIEWS.io to 4.95. 

Commenting on the results, Jamie Bellamy, Chief Executive, said:

"The Society’s total assets grew to a record £223.3m. In the ten years I’ve now been with the Society, this has grown by 190% from £77m, bolstered by our stock market investments and commercial properties. This growth has enabled us to offer strong and consistent rates across our products, with the Society paying out a record profit share to members for 2024. We’re also able to reinvest back into our fantastic team and infrastructure, enhancing the service we ultimately offer. Our online reviews and satisfaction surveys are evidence of the great work that the team are doing and our achievements so far.

The mutuality principles make sure that people are also valued rather than just their investment - we will continue with our approach of focussing on people and shared prosperity as we believe these fundamentals are crucial to our continued growth."

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.

*Before deduction of the 1.25% annual management charge for ISAs and JISAs.

We currently have no MVR in place on any of our products.

Final bonuses are not guaranteed and may go up or down at any time.

¹A final bonus of 2% is currently being applied to maturing endowment policies(Tax Exempt Savings Plan and Regular Savings Plan).

²Final bonuses are being paid on bonds as follows:

• 25% on investments made in 2005 or 2009
• 15% on investments in 2013 or earlier (excluding 2005 and 2009)
• 10% on bonds invested in 2014 to 2016 inclusive

³Final bonuses are being paid on ISAs as follows:

• 5% on tax years 2002/03 to 04/05
• 10% on tax years 2009/10 to 13/14
• 5% on tax years 2014/15 to 19/20

⁴5% final bonus on JISA subscriptions which have been in force five 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).

Final bonuses are not guaranteed and may go up or down at any time.

¹A final bonus of 2% is currently being applied to maturing endowment policies (Tax Exempt Savings Plan and Regular Savings Plan).

²Final bonuses are being paid on bonds as follows:

• 25% on investments made in 2005 or 2009
• 15% on investments in 2013 or earlier (excluding 2005 and 2009)
• 10% on bonds invested in 2014 to 2016 inclusive