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OneFamily

OneFamily Savings Accounts

Can OneFamily provide you with the right savings account? Find out if the Financial Services company suits you below.

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By

Charlie Barton

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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.

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 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

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 FCSC.
  • High risk? While investing in stocks and shares can have a better payoff in then 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.

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 young and old 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 you family’s circumstances, as early withdrawal from some OneFamily savings plans will have tax impacts.

Savings ratings

★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor

Our customer satisfaction scores ("Customers say") are based on a survey of 2,224 customers carried out in December 2022.

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.

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