7 reasons a friendly society could be the right place for your savings
Thursday, July 2, 2015
If you’re wondering what a friendly society is and how we differ from other financial providers, here are seven things that make us stand out
Deciding where to save your money can be daunting when there are so many different types of financial institutions to choose from. Read on, or take a look at our video, to find out more about what makes Foresters Friendly Society different.
We have a long track record
Friendly Societies are one of the oldest types of financial services providers and have been around for hundreds of years. The original idea was simple - that if a group of people contributed to a mutual fund, they could receive financial and benevolence support when they needed it – for example, in times of ill health. These were often the only way that a working person could receive help before the introduction of the welfare state.
Many Friendly Societies, including Foresters, still exist today. In fact, we have been supporting families and their finances since 1834, that’s over 180 years!
We focus on affordable saving
Foresters offer a range of medium to long-term savings and investment plans, which are simple and affordable. Our aim is to make saving for the future an attainable goal for as many people as possible, and so our children’s savings plan starts from just £10 a month when taken out online, and our adult plans from £25 a month. It might not sound like much, but it can help to build up a nest egg over time and the important thing is, its manageable.
Profits go back to our members
Another benefit of our mutual status is that we are owned by our members, which means we don’t have any shareholders to pay. Instead, our profits are used for the benefit of our members, for example in the form of policy payouts, our Foresters Extras membership benefits package, or by re-investing them to enhance the customer service we provide.
A responsible approach to money
Because we are owned by and operated for our members, we take a responsible, long-term approach to savings and investments. Our With Profits savings plans sit comfortably between no-risk cash savings and higher-risk stocks and shares and are an option for anyone who wants to save regularly and give their money an opportunity to grow.
Customers are at the heart of what we do
We ensure our staff and systems really do all that we can for you to enhance the customer service we provide, which is reflected in our high levels of customer satisfaction.
Extra tax-free savings options
Friendly societies have a unique legal status, and this allows us to offer tax-exempt savings products that aren’t available to many other financial providers such as high street banks.
We want to help people to help themselves
When you take out a savings plan with Foresters, you become a member, which means that not only do you have access to a range of benefits at no extra cost but that you can even have an input in to how we are run. There aren’t many financial organisations that can say that.
- This blog is intended to provide information, not financial advice, to help you make an informed decision about savings and investments. We do not offer financial advice. You should contact a financial adviser, who may charge a fee, if you want financial advice.
- The value of investments may go up or down and for some products you may get back less than you have paid in.
- Tax rules may change in the future and depend on individual circumstances.
- The membership benefits we provide aren't regulated by the Financial Conduct Authority and the Prudential Regulation Authority and are regularly reviewed by us to ensure they are relevant to our members.