OneFamily Savings Accounts

OneFamily is a customer-owned business which provides financial products and services to the modern family. As the name might suggest, OneFamily help to enable families to meet the financial demands of modern life. The company was formed in 2015, after a merger between Engage Mutual Assurance and Family Investments, and is now headquartered in Brighton.

OneFamily serves roughly 1 in 12 families in the United Kingdom, and has over £7.4 billion of assets under management. Find out if you should join the many families that use OneFamily’s services in our review below.

What savings accounts do OneFamily offer?

OneFamily offer a range of savings products for your family, including:

Liftime ISA

• Available to 18-39 year olds
• Pay in until your 50th birthday
• Invest up to £4,000 in the current tax year, as part of your total £20,000 ISA allowance
• Receive a 25% Government bonus into your Lifetime ISA
• OneFamily only offer a stocks and shares Lifetime ISA
• Withdrawals allowed towards purchase of first home in UK, or for your retirement at age 60

Junior ISA

• Final amount free from income/capital gains tax
• Invest up to £9,000 in the current tax year
• Only your child can access the money at age 18
• Easy online account management

Stocks & Shares ISA

• Open if 18 or over and aren’t contributing to another stocks and shares ISA in the same tax year.
• Two investment funds to choose from.
• Deposit at least £25 a month by direct debit or a lump sum of £250
• Invest up to the annual ISA limit of £20,000

Family Bond

• Invest if you’re aged between 16 and 74
• Tax-free investment
• Invest for 10 to 25 years
• You can have a Family Bond as well as an ISA
• Invest £25 a month or £270 a year
• Includes some life cover
• Invests in stocks and shares so it has good potential to grow over the long-term

Junior Bond

• Allows adults (over 18) to save money for children aged 15 and under
• Invest between £15 and £25 a month, or between £165 and £270 per year for at least 10 years
• Long-term investment plan, thus free from income and capital gains tax
• Invests in stocks and shares so it has good potential to grow over the long-term

Is it easy to switch to OneFamily?

Yes, OneFamily try to make it as easy as possible for you to switch your account to them. All you need to do is set up a new account and send your funds over.

OneFamily accepts account transfers from Stocks & Shares ISAs, Lifetime ISAs, Child Trust Fund and Junior ISA accounts. This can be easily done by filling out a form on the website.

How do I decide which account is for me?

You need to work out what it is you need from your bank account. Are you looking to put a bit of money away each month? Do you want to put some money away and restrict access to it? Are you after rewards or hoping to maximise interest?

You need to work out what you need before comparing the different offers available for certain types of bank account. Once you’ve done that, useful guidelines to compare include:

• Interest rates
• Fees (if there are any)
• Access to cash (if you need quick access for instance)
• Rewards and loyalty schemes (if you’re into the add-ons or switching bonuses)

Does OneFamily offer online or mobile banking?

Yes, you can manage all savings and investment accounts held with OneFamily using online banking. If you need to get in touch, OneFamily’s customer service team can be contacted on: 0344 8 920 920

The Pros and Cons of saving with OneFamily