A stocks and shares ISA designed to adapt to your life, your goals and the way you choose to save
Things to consider:
Capital at risk. In certain market conditions, you may get back less than you invested.
Tax treatment depends on individual circumstances and may be subject to change in the future.
Interim and final bonuses are not guaranteed and may go up or down before being declared.
Receive a £25 gift card when you open a My ISA. Simply quote the promotional code MYISAWEB. Terms and conditions apply.
Gift card promotion T&CsLife doesn't always go to plan, and your finances should be able to adapt. With My ISA, you can choose to withdraw money and put it back within the same tax year without affecting your ISA allowance, with additional features including taking an income and building your payments over time if you wish.
So, whether you're saving for something expected or unexpected, you can feel confident your money is working around you.
You can also withdraw from your flexible ISA at any time allowing you to save while keeping access to your money.
An ISA is a tax-efficient way to save or invest, where you don't pay tax on bonuses you earn.
Key points:
With our My ISA, you can start with a lump sum, regular payments, or a combination of both - whatever works best for you.
This flexible ISA is for anyone over the age of 18 who is a UK resident can open a plan.
Whether you're looking to build up your savings gradually, invest a lump sum, have access to your money should you need it, or take an income from your savings, My ISA gives you more ways to make your money work for you.
Confirm you have read and understood our Product and Key Information
Decide how much you want to save and for how long, or transfer an existing ISA to us
Complete our straightforward online application
Confirm your details are correct and submit your application
Need more information or prefer to apply over the phone? We're happy to go through any questions you have, as well as taking you through the application process over the phone. Either call us on 01226 741 000, or click the link below and we can call you back at a time to suit you.
Want a bit more time to fill in your application? Download an application pack and send it back to us when you're ready. If you don't have access to a printer, we can send you an application in the post.
Open a new plan using our simple online application form - which should take no longer than ten minutes to complete. Alternatively, you can apply by post or over the phone, it's up to you.
Each year, we aim to add a bonus to your ISA, depending on how investments perform.
The amount you receive will depend on how much you've saved and how long it's been invested. Bonuses, once added, cannot normally be taken away.
In some circumstances, such as if you withdraw your money during adverse market conditions, we may apply a market value reduction. This helps ensure fairness for all members and may mean you get back less than you paid in.
In the unfortunate event of death, we will pay the value of your ISA plus 1% at the date of death to your personal representative(s) or to your estate. Bonuses will be credited tax-free until the date of death.
You can withdraw money from your ISA at any time, from £250.
Because this is a flexible ISA, you can replace that money within the same tax year without it affecting your allowance.
Please ensure that a minimum of £500 is left remaining in the ISA in order to keep the policy running.
We take a 1.25% management charge, which is deducted before the bonus rate is published.
We're a mutual friendly society, which means we are owned by our members (customers), with no shareholders to satisfy.
Our members are the people we care about the most. Any surplus profit is distributed as bonuses to provide you with the best possible returns combined with the highest standards of personal service and ethical business practices.
|
Feature |
Details |
|
Type |
Stocks & shares ISA. |
|
Annual limit |
£20,000 per tax year. |
|
Who can open |
Anyone over the age of 18, who is a UK resident. |
|
Risk |
Medium to low risk investment fund. |
|
Access |
Access to your money if you need it. Minimum withdrawal of £250. |
|
Tax Treatment |
No income tax or capital gains tax on returns. Tax treatment can depend on individual circumstances and may be subject to change in the future. |
|
Term |
Open-ended product. Designed to be held for at least three years. |
|
Charges |
1.25% - taken from the bonus rate before it is declared. |
|
FSCS Protection |
Classed as long-term insurance, meaning it is |
|
Flexible |
Yes - withdraw money and put it back within the same tax year without affecting your ISA allowance. |
|
Extras |
Have the option of taking an income or using our ISA builder. |
Our most commonly asked questions surrounding our My ISA can be found below.
My ISA allows you to withdraw money and put it back within the same tax year without affecting your ISA allowance.
Example
So, you keep the full benefit of your tax-free allowance whilst having access to your money if you need it.
With our ISA Builder, you can increase what you save gradually helping your savings grow without needing a large upfront commitment.
You choose how much to increase your payments, from £5 each tax year, and you can add or change this at any time.
If you started saving £50 a month and increased your monthly payments by £10 each year:
Over 10 years:
· You could save £11,400 in total
If you kept your payments at £50 a month:
That's £5,400 more just by increasing your payments gradually.
This example is for illustration purposes only.
You can choose to take a regular income from your savings when you need it whilst keeping the rest invested.
You can start with a lump sum, regular payments, or a combination of both - whatever works best for you.
Yes, you can transfer an existing ISA from another provider.
You can also transfer an existing Sheffield Mutual ISA to the My ISA.
Simply complete the application form and we will do the rest.
Please note, by transferring funds from a Sheffield Mutual Investment ISA to the My ISA, you will no longer be eligible for any final bonus that may apply to the Investment ISA in the future.
This stocks and shares ISA invests your money across a range of assets to help balance risk and return.
This includes:
We aim to provide stable, medium to low-risk growth, making this a suitable option if you're looking for a more cautious approach.
We also follow an ethical investment approach and avoid investing directly in industries such as armaments, tobacco, gambling and pornography.
No, your ISA is open-ended.
You can keep your savings invested for as long as you like, however it's designed to be held for a minimum of three years.
We will pay the value of your ISA plus 1% at the date of death to your personal representative(s) or to your estate. Bonuses will be credited tax-free until the date of death.
If you have a spouse or civil partner, they may also be able to continue benefitting from your ISA allowance in their own name. This is referred to as an Additional Permitted Subscription.
Yes, you have 30 days from the policy start date.
If you cancel within this time, we'll return your money in full.
Your ISA is a tax-efficient way to save.
This means you don't pay income tax or capital gains tax on your returns, and you don't need to include them on your tax return.
Tax treatment depends on your individual circumstances and may change in the future.
When you take out a policy with Sheffield Mutual, you become a member, not just a customer.
That means we're here to benefit you, not shareholders.
As a member, you may have access to additional benefits, and you'll have a say in how the Society is run.
Need some further assistance? Our team would be more than happy to provide you with factual information about our products and services, so you can make your own decision about how to proceed. However, we are unable to give any individualised financial advice on the suitability of our products. If you are unsure, you should seek advice from a qualified financial adviser, which may incur a fee.
Need help with some of the language we've used? Click here for our Jargon Buster.
Earning bonuses on bonuses, as well as the amount paid in.
The bonus that, once declared, is added to your policy each year.
An MVR reduces the amount of payout you could potentially receive when withdrawing your money during exceptional circumstances (for example during the COVID-19 pandemic).
The bonus that is announced and used in the 'interim period' before the annual bonus is declared each year.
A process which aims to provide more stable returns, even during periods of economic difficulty.
A tax-free ISA which invests in funds, equities, and other assets.
This runs from 6th April to 5th April the following year.
The name given to a type of fund which normally contains a mix of assets, and which shares the profits with the policyholders. Returns are 'smoothed' whereby some profit is held back in good years which aims to maintain returns in less positive years.
We are here for you at all stages of your journey; our support articles cover a wide variety of topics and are designed to put you in control of your money.