Shepherds Friendly is one of the oldest financial mutual societies in the world. It offers a range of savings options for adults and children.
What savings options does Shepherds Friendly offer?
Stocks and Shares ISA
Easy access to your money.
Invest from £30 per month.
Or make online payments in single lump sums. Your first deposit must be at least £100.
Once your first deposit has been received, you’ll get cashback of up to £100, known as an ISA Boost.
Low-medium risk with this investment option.
You might get an annual bonus if your investments perform well enough.
Also acts as life insurance, paying out a lump sum if you die.
What is a cash ISA?
A cash ISA is a savings account where you don’t pay tax on the interest you earn. There’s a limit on the amount you can deposit into ISAs each year, which is set by the government.
Junior ISA
Parent or guardian can only open this type of account.
Pay in monthly, with a minimum of £10 a month.
Or start with a lump sum of at least £100.
The annual limit for junior ISAs currently stands at £9,000.
5 Year Fixed Rate Bond
Save any amount from £1,000 to £125,000.
Lock away your cash for 5 years and earn a fixed interest rate.
Also acts as life insurance, paying out a lump sum if you die.
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Firstly, you need to decide what you’re looking for in a savings account. Are you looking for a tax-free account? Do you want to save for your children? Are you looking to lock away a lump sum of cash for a number of years?
You need to work out what you need before comparing the different offers available for certain types of savings accounts. Once you have done that, it’s useful to look at:
Interest rates
Fees (If there are any.)
Access to cash (If you need quick access, for instance.)
Does Shepherds Friendly offer online banking?
Shepherds Friendly lets you apply and manage your accounts online. You can do a range of things in the online members area, including:
View your plan details and recent transactions.
Check how your plan is performing.
Make online payments to your ISA quickly.
What are the pros and cons of banking with Shepherds Friendly?
Pros
Online banking. Managing your savings accounts online means you can get instant access to your account. There's no need to call up or send a letter.
Junior ISA account. Shepherds Friendly offers a child's account.
Insurance. Some accounts include life insurance.
Cashback. The stocks and shares ISA pays cashback after your first deposit.
Free voucher. You might get a Love 2 Shop gift voucher of up to £50 when you open an account.
Cons
Little choice of accounts. You will get a wider selection of savings accounts elsewhere.
No high-street presence. It might not be suited to those who prefer face-to-face banking. However, you can contact Shepherds Friendly over the phone, online and also by post and email.
Customer service information for Shepherds Friendly
Email support
Telephone support
In-app or live chat
Contact form
Branch support
Frequently asked questions
Eligible deposits with Shepherds Friendly are protected up to a total of £120,000 by the Financial Services Compensation Scheme, the UK’s deposit guarantee scheme.
Yes, Shepherds Friendly deducts charges from your investment to cover any expenses as well as the cost for administering and handling your ISA. There is currently an annual management charge of 1.5%.
You’ll have access to the money invested in your Shepherds Friendly Stocks and Shares ISA at any time. But the minimum you can withdraw at a time is £100.
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Felix Thompson is a freelance writer at Finder. He covers everything from digital banking to car insurance and, whatever the topic, he aims to make it easy for consumers to get straight to the best deal. Felix has a postgraduate qualification in international journalism and is also a broadcast journalist. In his spare time, he loves to cycle.
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