27 March 2023
Sheffield Mutual announces bonus rates
We have declared our results for 2022, showing membership growth, largely due to the continued popularity of our Investment ISA, Bonds, and regular savings products.
2022 Business & Financial Highlights:
- Traditional membership grew to 12,738 (2021: 12,627)
- Total number of traditional policies increased by 3% to 18,978 (2021: 18,498)
We continued to differentiate from large banks and building societies by providing a personalised service, as highlighted by receiving a 95% satisfaction score.
A shift in the savings market saw rates fluctuate dramatically over the course of 2022. The Society, however, offers a stable rate year on year, aiming for better rates than banks and building societies over the longer term by smoothing out inflationary increases.
Directly held equity and fixed interest funds fluctuated throughout the year, however our diversified portfolio includes commercial property, providing a return of 7%, and was able to declare competitive rates across our product range.
Commenting on the results, Jamie Bellamy, Chief Executive, said: "Inflationary pressures have hit many families hard and we’ve spoken with many of our members about how they’ve been financially impacted. Our staff have been on hand to provide that reassurance that the Society continues to be in a financially strong position, through prudent management and our mutual ethos.”