Regular savings

Building up your savings doesn't have to mean finding a large lump sum or receiving an unexpected windfall. By setting aside smaller amounts of money regularly, you can build your savings and investments over time, turning a small amount every month into a valuable nest egg.

At Sheffield Mutual, we want to help our members get into the habit of saving regularly. To help with this process, we offer a range of regular savings plans, designed to enable our customers to save every month while still earning bonuses.

Regular savings accounts make it simple to save a little bit every month, making them an excellent choice for members trying to build up their savings or for young families looking to take their first steps towards financial stability.

Find The Perfect Savings Account to Help You Start Saving Regularly

Sheffield Mutual offers our customers a variety of regular savings options, including our Regular Premium Investment ISA, a tax-efficient way to save up to £20,000 a year, our Tax Exempt Savings Plan, a product unique to Friendly Societies that offer tax-free savings on top of your annual ISA allowance, and our Regular Savings Plan, which provides a guaranteed lump sum upon maturity, as well as the option to earn additional bonuses while you save.

Members can start saving from as little as £5 a month. Our TaxExempt Savings Plans and Regular Savings Plans have fixed terms between 10 and 25 years, allowing you and your family to plan for your financial future.

What is the best way to use a regular savings plan?

Regular Savings Plans are excellent options for customers who want to contribute to their savings on a consistent basis. Specifically, a Regular Savings Plan could benefit you if:

• You are planning for medium- to long-term financial goals

• You can afford to put money away every month, not just as a one-off

• You are confident that you will not need access to your cash in the short term

• You are interested in learning more about saving and establishing good financial habits

However, Regular Savings Plans may not be for everyone. Regular Savings Plans typically charge penalties for withdrawing before the end of their term, and so may not be the best choice for you if:

• You need access to your savings immediately

• You are unable to commit to saving every month

• You plan on withdrawing money from your account regularly

If you are still interested in saving, but aren’t sure if a Regular Savings Plan is right for you, consider our Lump Sum Investments, or if you are thinking of saving for your family, consider browsing our range of Children’s Savings options.

If you are interested in becoming a member of Sheffield Mutual or have questions about our products, please don't hesitate to contact us. A member of our friendly and helpful team will be happy to provide you with more information.

For more information on the risks, please refer to the relevant 'Risks You Should Be Aware Of' section for each product.