With so many different types of financial institutions to choose from, Foresters Friendly Society appreciates how daunting it can be for customers when deciding which one could be the right place for their savings. So, they came up with the idea of developing a short video, featuring rising star Foresters Fred, to explain more about Foresters Friendly Society, mutuality, and how they differ to other financial providers.
The short guide below summarises the key points, or you can watch Foresters simple guide to Friendly Societies here.
Friendly Societies are in fact one of the oldest types of financial services providers and have been around for hundreds of years, over 180 years in Foresters’ case.
In a time long before the introduction of the welfare state, the original idea of a Friendly Society 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.
They are owned by their members
One benefit of their mutual status is that Friendly Societies are owned by their members, which means they don’t have any shareholders to pay; instead their profits are used for the benefit of their members.
For example Foresters Friendly Society provide this is in the form of policy payouts, their Foresters Extras membership benefits package, or by re-investing profits to enhance the customer service they provide.
Mutuals are also known for being customer focused, and Foresters ensure their staff and systems really do all that they can to enhance the customer service they provide, which is reflected in their consistently high levels of customer satisfaction.
Unique tax-free savings options
Friendly Societies have a unique legal status, which allows them to offer tax-exempt savings products for adults and children that aren’t available from many other financial providers.
Affordable saving for the family
Foresters Friendly Society’s aim is to make saving for the future an attainable goal for as many people as possible, by offering a range of simple and affordable, medium to long-term savings and investment plans.
A responsible approach to saving
Because they are owned by and operated for their members, Foresters Friendly Society take a responsible, long-term approach to savings and investments. Their With Profits savings plans sit comfortably between low-risk traditional cash deposit savings and higher-risk stocks and shares investments and are an option for anyone who wants to save regularly and give their money an opportunity to grow.
They want to help people to help themselves
When you take out a savings plan with Foresters Friendly Society, you automatically become a member, which means that not only do you have access to a range of discretionary benefits at no extra cost but that you can even have an input in to how the Society is run.
If you’d like to find out more about what a Friendly Society is and how Foresters Friendly Society differs to other financial providers, you can watch their video on mutuality here.
How Foresters can help you to save
To find out more about them, click here
- This article is intended to provide information, not financial advice, to help you make an informed decision about savings and investments. Foresters Friendly Society does not offer financial advice. You should contact a financial adviser, who may charge a fee, if you want financial advice.
- For some products you may get back less than you have paid in, dependent on investment conditions.
- Tax rules may change in the future and depend on individual circumstances.
- The membership benefits Foresters Friendly Society provide aren’t regulated and are regularly reviewed by them to ensure they are relevant to their members.