OneFamily is a customer-owned business which provides financial products and services to the modern family. As the name might suggest, OneFamily helps 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.
All investing should be regarded as longer term. The value of your investments can go up and down, and you may get back less than you invest. Past performance is no guarantee of future results. If you’re not sure which investments are right for you, please seek out a financial adviser. Capital at risk.
What savings accounts do OneFamily offer?
OneFamily offers a range of savings products for your family, including:
Lifetime 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 offers a stocks and shares Lifetime ISA
You can only use the funds to purchase your first home in the UK, or for your retirement at age 60, to avoid a withdrawal penalty
Junior ISA
No income tax or capital gains tax due on returns your child makes
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
Can open if you’re aged 18 or over
No income tax or capital gains tax due on returns you make
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
A Family Bond and Junior Bond were previously available from OneFamily but these are no longer available to new customers.
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Yes, OneFamily tries to make it as easy as possible for you to switch your account across. 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 savings 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 looking to save for something in particular such as your child’s future, a house deposit or your retirement?
You need to work out what you need before comparing the different offers available for certain types of 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)
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
Pros
Long-term savings. If you’re looking to stash your money away for a home or retirement, OneFamily’s savings products might be ideal for your savings goals.
Better returns? OneFamily’s savings products are tied to stocks and shares, which will usually give better returns in the long term compared to your average savings accounts.
Cons
No cash accounts. OneFamily currently doesn’t offer cash ISAs or bonds, which are generally safer and protected by the FSCS.
High risk? While investing in stocks and shares can have a better payoff in the long run, it’s riskier because what you put in isn’t protected from rises and falls in the stock market. This means you can get back less than the amount you originally invested.
Customer service information for OneFamily
Email support
Telephone support
In-app or live chat
Contact form
Branch support
The verdict: Is saving with OneFamily worth it?
OneFamily offers a range of long-term savings products that may be of interest to those wanting to help their loved ones be better prepared for the future.
As a friendly society, OneFamily can provide certain types of savings and investment products that you won’t find with traditional banks or financial services companies. But it’s worth doing your research into whether these products are right for your family’s circumstances.
We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.
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Matthew Boyle is a banking and mortgages publisher at Finder. He has a 7-year history of publishing helpful guides to assist consumers in making better decisions. In his spare time, you will find him walking in the Norfolk countryside admiring the local wildlife. See full bio
Matthew's expertise
Matthew has written 279 Finder guides across topics including:
Helping first-time buyers apply for a mortgage
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