Scottish Friendly is on the list of main mutual lifestyle and partnerships associations from the United Kingdom and contains an amazingly extensive history with been with us for at least 150 decades ago
Scottish Friendly Was Initially based under the title City of Glasgow Friendly Society at 1862. Back in 1992, the title shifted to Scottish Friendly Assurance. This has been a consequence of the business enterprise moving out of the Scottish-based mutual.
Currently, Scottish Friendly is actually a financial services team using a scope of products all associated with financing. The business remains established in Glasgow. Scottish Friendly tends to make customer care a priority.
To provide a notion of the magnitude of Scottish Friendly, it’d significantly more than 550,000 members at Dec. 3 1, 2017, also had been appearing immediately after shares valued over 2.7 billion.
Awards and Milestones
Since becoming based in 1862, Scottish Friendly includes a history. It’s been associated in town and started out accepting assess installments in 1962. Scottish Friendly established its own website from 1997 and commenced deploying a kids’s climbing job in 1998. It released ISA account in 1999 and allow the firm to get rid of the immediate sales staff in 2004. The business released its Child Trust Fund at 2005. A fresh site and Flexible Plans started in 2011, together with all the My Plans on the web device in 2012. Back in 2013it established the brand new Junior ISA product or service.
In 2007, Scottish Friendly made the Orange Best Use of Technology at Business Award by the National Business Awards in Scotland. This Calendar Year, Cedent given the firm the Best Practice at Insurance Administration Award. Additionally in 2008,” Fiona McBain,” the firm’s primary executive, has been the Business Leader of the Year in the Glasgow Business Awards. Back in 2010, the Firm won the Young People Award by the Arts & Business Scotland for sponsoring “Meet Our Authors” on World Book Day. Back in 2012, it won both the Scottish Business Awards’ Financial Services Company of the Year Award.
Scottish Friendly Children’s Book Tour
The Scottish Friendly Children’s Book Tour is one of the many ways that the financial institution gives back to the community. The tour marked its 20th anniversary in 2018 and involves a partnership with the Scottish Book Trust. It aims to inspire the imagination of children via a passion for illustration, reading, and writing. To date, it has reached 1,081 schools and 100,000 children.
Benefits of Scottish Friendly Being a Mutual
The concept of a mutual organization is somewhat unusual to most people, so Scottish Friendly outlines what it entails on its website. Mutuals are exclusively owned by their members or customers and run just for the benefit of those members. They offer a range of services, including investments, savings, children’s savings, insurance, mortgages, pensions, and healthcare.
As a mutual, Scottish Friendly gives clients some benefits over other banking systems. This mutual offers similar services to insurance companies and banks, but without paying profits to Scottish Friendly via its online contact form or send a letter via traditional snail mail.
Scottish Friendly offers financial products and works with partners to offer life coverage, as well. The company has been in business for more than 150 years and is regulated to provide clients with peace of mind.
Scottish Friendly does not offer the range of investment products that other providers we have covered do, if you are looking for a more hands-on approach or different investment products then we recommend you look at MoneyFarm and Fidelity.
As it stands though, Scottish Friendly offer a simple and affordable way to get started building an ISA with a low tolerance for risk as they offer investment products which guarantee your invested money back. However with these types of investments, your possible returns will not be as great as with more risky products.
With the minimum investment amount being just 10 per month, Scottish Friendly can be great for people just starting out and wanting to make use of their ISA allowance, the Junior ISA is also a great way to start saving some money for your children to use later on in life.
Ease of Use
- Long History & Well Established
- Mutual – No Profits to Shareholders
- FSCS Protection for Funds
- Low Monthly Invstment Requirement
- Good for Beginners
- Not Large Choice of Funds
- Not Large Choice of Investment Types