Single Premium Sustainable ISA

Savings that work hard for you and the planet

  • Sustainable investing from just £100
  • Stop, start, top up or vary your payments at any time
  • You could see more growth than a cash ISA over the long-term
  • Access to your money if you need it (subject to a £500 minimum withdrawal)

Risks you should be aware of:

Our Sustainable ISA is a medium to high risk investment fund, which means the value of your investments may go up or down and you could get back less than you invested.

Tax treatment depends on individual circumstances and may be subject to change in the future.

Free £25 GIFT CARD after your new policy starts...

Simply apply online quoting the promotional code: WEB22 to receive a £25 gift card after your policy starts. Terms and conditions apply

Gift card promotion T&Cs

Product information

  • About this policy

    The Single Premium Sustainable ISA is a great way to align your savings goals with making a positive change. Invest from just £100 and watch your savings grow.

    Our Sustainable ISA is a convenient and flexible way to save tax-free.

    There is no specific term for our ISA, but to take full advantage we suggest saving for the medium to long-term (five years plus). Visit our FAQs for further information.

  • What are they?

    Simply put, Individual Savings Accounts (ISAs) are investments with tax advantages, which means that the money you put in will grow tax-free. 

    The current maximum allowance for ISAs is £20,000 for the current tax year (which runs from 6 April to 5 April). Four types of ISAs are available - stocks and shares ISAs, cash ISAs, innovative finance ISAs and lifetime ISAs. Sheffield Mutual also offers a separate medium to low risk with-profits Investment ISA in addition to the Sustainable ISA.

    What is a unit-linked fund?

    A unit-linked fund pools all investors’ money together into one place. It uses this money to invest into different assets such as bonds and stocks & shares that you may not have been able to invest in as an individual.

    When your policy is opened or if you add monies to it, you will be allocated ‘units’, the value of these units then fluctuates depending on the performance of the overall fund.

    The value of your investment can go down as well as up and you may get back less money than you originally invested.

  • Who are they for?

    Anyone over the age of 18, who is also a resident in the UK, or a Crown servant serving overseas, or their spouse or civil partner.

  • Why open one?

    Our Sustainable ISA could be the perfect way to save for your future, whilst helping to make a positive change to the planet.

    Watch your investment grow, whilst knowing your money is invested in our unit-linked sustainable fund.

    You should consider this ISA if you are willing to take a higher risk for greater potential reward, whist ensuring your investment aligns with strong Environmental, Social and & Governance (ESG) characteristics. 

Feel good investing

For every Sustainable ISA that is opened, we will plant one tree. We will also plant another tree for every £10,000 you invest in your ISA!

Take a look at the Sheffield Mutual forest by clicking the link below.

Terms and conditions apply.

Calculator

The policyholder must be 18 and over and be a UK resident or a crown servant living overseas or their spouse or civil partner.
Please enter your date of birth

What would you like to do?

Years
Years
Please select a term between 5 and 25 years
Please choose an amount between £100 and £150,000
  • Please choose an amount between £100 and £20,000
Please note: You can also enter the term and amount in the boxes instead of using the slider. Quotes are for illustration purposes only and what you get back depends on how your investment grows, meaning you could get more or less than this.

You might get back the following amounts, by investment growth per annum:

2%

 

5%

 

8%

 

Please read the Key information document and Important information documents before applying for a Single Premium Sustainable ISA.

How to apply

Step 1

Confirm you have read and understood our Product and Key Information

Step 2

Decide how much you want to save and for how long, or transfer an ISA to us

Step 3

Complete our straightforward online application

Step 4

Confirm your details are correct and submit your application

Ready to proceed?

Other ways to apply

Apply over the phone

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.

Download an application pack

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.

How it works

  • Opening a Single Premium Sustainable ISA

    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.

  • How do I obtain the current value of my account?

    Checking the current value of your account is easy, simply give us a call on 01226 741 000 and a member of the team will be able to give you an up to date valuation.

    Work out the current value of your account

    You can work out the value of your account by taking the number of units it currently holds and multiplying this number by the current unit price.

    For example, if you hold 30 units and the current unit price is £176.50:
    • 30 units x £176.50 = £5,295

    If you’re not sure how many units your plan currently holds, you can contact us using the details on the back of this brochure to find out. The current unit price will be available on our website, so if you know how many units you hold, you’ll be able to calculate the value of your policy 24/7.

    Unit prices are calculated weekly, but this may vary.

  • How do the units work?

    When you pay premiums, or make a withdrawal from your policy, we will normally work out the number of units we add or withdraw by using the next available price after receiving your instruction (this could take up to 10 working days). We do this as it helps to protect all policyholders’ units in the fund, because it means that no one can take advantage of changes in the financial markets.

    Some transactions will be carried out based on prices already calculated and published. An example of this is the payment we make if you die which is normally based on the
    price at the date of death.

  • Can I make withdrawals and top up my ISA?

    Yes, you can withdraw a minimum of £500 at any time, provided that you have a minimum policy value of £1,000. If you wish to make a withdrawal which would leave your ISA with less than £500 invested you would need to close the plan.

    Please note that you would not be able to replace funds withdrawn without the replacement counting towards your annual subscription limit. If you withdraw from or close your policy at a time where markets are depressed, you may receive back less than you paid in.

    Please ensure that a minimum of £500 of your money invested is left remaining after making a withdrawal in order to keep the policy running. If the unit price then decreases and the value of your policy drops below £500 then your policy will remain open.

    When you contribute to or withdraw from your ISA, the value will be calculated on the next declared unit price. This is a practice that aims to protect the fund and invested members.

  • What about charges?

    We will deduct 1.17% of the value of the ISA policy fund each year to cover administration costs and expenses. The unit price you see already has the charges deducted.

Current Sustainable ISA unit prices

Date Unit prices
20/05/2024 113.48
13/05/2024 112.79
07/05/2024 110.69

A full archive of unit prices can be found here.

FAQ

Our most commonly asked questions surrounding the Investment ISA can be found below.

Yes, you can subscribe, subject to the limits, to multiple stocks & shares ISAs, cash ISAs, innovative finance ISAs and lifetime ISAs each tax year, either with the same or a different provider. Sheffield Mutual offers two funds in which to invest an ISA; a unit-linked and a with-profits fund, both of these are classed as stocks & shares ISAs.

For the current tax year, each adult has an annual ISA investment allowance of £20,000, which you can split as you choose between a stocks & shares ISA, a cash ISA, an innovative finance ISA and, if you are between the ages of 18 and 40, a lifetime ISA. 

The current maximum allowance is £20,000 or £1,666 per month for the tax year which runs from 6 April to 5 April. The minimum amount you can invest in the Sustainable ISA is £10 per month or a single initial lump sum of £100. However, if you have contributed to another stocks & shares ISA, cash ISA, innovative finance ISA or lifetime ISA with us or another provider in the current tax year, this should be deducted from the overall limit.

The Sustainable ISA operates on the next quoted unit price for all transactions, which means that is may take up to 10 working days for any investments in or out of the fund to be bought or sold. The unit price you see at the point of application, withdrawal or surrender may differ from the purchase or sale unit price.

Yes, providing you don’t exceed the maximum annual allowance you can add to your ISA at any time during the tax year. If you are not paying every month by Direct Debit, the minimum additional investment is £100, this can take up to 10 working days to be processed. Call us on 01226 741 000 to make your payment by debit card over the phone, or you can make a payment directly into our bank account (please see the ‘Help & Support’ page on our website for account details). You can also send us a cheque payable to Sheffield Mutual.

Our Sustainable ISA is a medium to high risk product. Please ensure you are comfortable with this level of risk before you invest in this policy.
The investment fund invests in companies and other funds which aim to have a positive outcome. Your money will be invested in a fund of funds (multiple individual funds within one overall fund), this means that Sheffield Mutual can adopt various approaches to investment and sustainability outcomes. Having a more diversified strategy is likely to achieve consistent returns.

Sheffield Mutual’s Sustainable Fund contains approximately 15 individual building blocks, all with a slightly different focus. The Sustainable Fund is net zero aligned and signed up to follow the Principles for Responsible Investment (PRI).

Our Sustainable Fund lets you invest in a highly diversified investment, with strong Environmental, Social and Governance (ESG) characteristics, spreading the risk across different asset classes, such as equities, bonds and cash. If one investment performs poorly, then you still have the others to fall back on. Active management within the fund generates additional returns through individual manager selection and adjusting the asset mix to suit market conditions. As different asset classes perform well at different points in time, investing in a range of asset classes can help limit the degree to which the value of your investment fluctuates. However, please be aware that even a well diversified fund can fall in value, and you may get back less than you invest.

You can transfer your ISA into our with-profits Investment ISA, or to an ISA of the same or a different type with another provider.

There is no specific term, but to take full advantage, investing in this type of policy should be viewed on a medium to long-term basis (a minimum of five years).

When the policy is opened or additional money is added to it, you will be allocated units based upon the next available unit price. For example, if you invested £250 and the unit price was £1 you would be allocated 250 units. The unit price will then change each week and the value of your investments will go up or down, depending on the performance of the overall fund.

All United Nations Member States adopted the 17 Sustainable Development Goals (SDGs) of the 2030 Agenda for Sustainable Development.

Through these goals countries are mobilising efforts to achieve a more sustainable future for all through targets such as to end all forms of poverty, fight inequalities and tackle climate change.

For more information, please visit the United Nations website: sdgs.un.org.

Yes, you can cancel at any time, and if you do so within 30 days of your ISA’s start date, you will receive a refund of your payments subject to a deduction/increase of the amount (if any) by which the value of your investment has fallen/risen at the time when your Cancellation Form is received and processed by the team. This can take up to 10 working days.

If you cancel outside the 30-day cancellation period, your cancelled subscription counts as a subscription to an ISA in the same tax year.

Yes you can transfer some or all of the money saved in current or previous tax years from your Investment ISA to the Sustainable ISA.

To transfer to the Sustainable ISA, we would need to buy units, which may take up to 10 working days. Because this is a unit-linked product, the unit price may go up or down between Sheffield Mutual receiving your transfer request and the sale of your units being completed.

Yes, subscriptions can be transferred freely between cash, stocks and shares and innovative finance ISAs. You can transfer some or all of the money saved in previous tax years with another provider to an ISA with Sheffield Mutual, up to £150,000 per calendar year, without affecting your annual ISA investment allowance.

You can also transfer all of the money saved in the current tax year with another provider to an ISA. These transfers must be the whole amount saved in that tax year up to the day of transfer. Where money saved in the current tax year is transferred, it will be treated as if it has been invested directly into the receiving ISA in that tax year. From 6 April 2024, you will be able to transfer all or part of the money saved in the current tax year to another provider.

To transfer your Sustainable ISA, Sheffield Mutual would need to sell your units and transfer the amount to the new ISA provider, this may take up to 10 working days (the full ISA transfer can take up to 30 days). Because this is a unit-linked ISA, the unit price may go up or down between Sheffield Mutual receiving your transfer request and the sale of your units being completed, meaning your final investment may go up or down.

You will then be able to save up to the full remaining balance of the allowance for that tax year, or you may within the overall limit subscribe to another ISA later in the current tax year.

If you already have a Sustainable ISA transfer policy with Sheffield Mutual, you can choose whether to ‘top-up’ your existing policy or open a new one. See ‘Can I add to my ISA?’ section for further information.

On death, we will pay the policy value at your date of death plus 1% to either your personal representative(s) or to your estate. The value of your ISA will be credited tax-free up to the date of death.

When you open a policy with us, you will automatically become a member of Sheffield Mutual. As well as being able to have your say on how the Society is run each year, you will also have access to various discretionary benefits, such as optical and dental grants, as well as exclusive access to a range of discounts and offers. Unit-linked members will not participate in the distribution of surplus profits achieved by the with-profits fund.

Our friendly and knowledgeable team will be happy to provide you with factual information about the Society’s products and services, so you can make your own choice about how to proceed. No advice or recommendations will be given and if you are in any doubt about the suitability of a product, you should seek advice from a suitably qualified financial adviser, which may incur a fee.

To comply with regulations, Sheffield Mutual will require confirmation of your identification and address. We’ll aim to do this using an electronic verification system but reserve the right to ask for appropriate documentation from you, if this is not possible.

Jargon Buster

Need help with some of the language we've used?

A tax-free deposit account which earns interest. Although less risky and more certain than a stocks & shares ISA, the returns may be relatively modest over the longer term.

Stands for Environmental, Social, and Governance. Investors are increasingly applying these non-financial factors as part of their analysis process to identify material risks and growth opportunities.

An ISA qualifying investment relating to peer to peer loans. These are not currently covered by the Financial Services Compensation Scheme.

A portfolio is a collection of financial investments like stocks, bonds, commodities, cash and cash equivalents.

A tax-free wrapper for investments other than cash deposits.

A group of goals that universally apply to all, countries are mobilising efforts to end all forms of poverty, fight inequalities and tackle climate change.

Sustainable investing balances traditional investing with environmental, social, and governance-related (ESG) insights to improve long-term outcomes. In many ways, sustainable investing can be seen as part of the evolution of investing.

A unit-linked fund pools your money and the money of other investors. It uses this money to invest in a wide range of assets that you might not have been able to invest in on your own. Each fund is divided into units of equal value and your money is used to buy these units.

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 to maintain returns in less positive years.

Help & Support See all help & support articles

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.

Who we are

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 to provide you with the best possible returns combined with the highest standards of personal service and ethical business practices.

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