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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Matthew Boyle

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OneFamily

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
  • 3 investment styles 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.

Is it easy to switch to OneFamily?

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.

Our “Best for” picks highlight top options in specific categories based on our independent evaluation (see our full methodology), while “Promoted” tags indicate sponsored placements. Selected products may not suit everyone. We track selected market offers, which may not cover every product. Products are listed in no particular order unless specified, and inclusion or ordering may be influenced by popularity or commercial agreements. Most comparison table data is provided by Defaqto or sourced directly from providers. Always evaluate your own circumstances and consider independent advice before making major financial decisions.
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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 210 Finder guides across topics including:
  • Helping first-time buyers apply for a mortgage
  • Comparing bank accounts and highlighting useful features
  • Publishing easy-to-understand guides
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