Our Adult Savings Accounts FAQs
Opening a plan
-
Am I eligible to open a plan?
To be eligible to open an ISA or a 5 Year Fixed Rate Bond, you must be aged 18 years old and a UK resident.
-
How many savings plans can I have?
You can open ISAs with more than one provider within the tax year, providing you don’t exceed the maximum annual allowance across all the ISAs you hold. The current maximum allowance for the 2025/26 tax year is £20,000. The ISAs you hold can all be the same type or you can choose a mixture of ISAs that you’re eligible for in a given tax year. It is important you check your eligibility for each type of ISA, and remember, you can only pay into one Lifetime ISA in a single tax year (up to £4,000).
-
Can I open an ISA for my child?
You must be 18 to have one of our with profits Investment ISA or a unit-linked Stocks & Shares ISA. However, we do offer a Junior ISA, which is the child friendly version of an ISA that you can open for your child. When the child turns 18, they can then transfer their Junior ISA into an adult ISA.
-
Can I open a savings plan with a single lump sum payment?
You can open either of our ISAs with a single payment from £100, and can then save flexibly up to the annual allowance.
You can also choose to open a 5 Year Fixed Rate Bond and get started with a minimum lump sum of £1,000 which has a guaranteed annual return over the five-year term.
-
When will I receive my ‘ISA boost’ in my Investment ISA?
The ‘ISA Boost’ will be paid within 30 days of your first deposit being received into your with profits Investment ISA. Please note that this is dependent on the terms and conditions of the offer, including that it cannot be used in conjunction with any other offer and that this offer does not apply to the unit-linked Stocks & Shares ISA.
-
When will my Direct Debit show on my plan?
Once your Direct Debit payment has been taken from your bank account, it can take up to three working days to show up in your ISA.
Information about your plan
-
Will I pay tax on the growth of my plan?
ISAs
Our ISAs are tax-efficient meaning that there will not be any income tax or capital gains tax to pay on the growth of the plan. Any money withdrawn is also tax-free.
5 Year Fixed Rate Bond
We pay tax on the fund that generates any returns on the 5 Year Fixed Rate Bond, so if you are a basic rate taxpayer, you should not have to pay any further taxes. When your Bond matures, we’ll send you a Chargeable Event Certificate. If you are a higher-rate taxpayer, you should include this in your tax return as you may have to pay additional tax when the Bond matures or if money is withdrawn before the end of the plan.
-
Is there an interest rate on the savings plans?
Adult ISAs
With Profits Investment ISA: We aim to pay a quarterly bonus every three months into the plan. The value of bonuses is determined by the performance of the With-Profits fund, as well as other factors such as smoothing and management charges. Please see our Principles and Practices of Financial Management (PPFM).
Please remember that past performance is not a guide to how the plan could perform in the future, and although we can never take bonuses away once they have been paid, we may not pay one during periods when performance is particularly poor.
Unit-linked Stocks & Shares ISA: You can choose from 5 different funds to which your plan can be linked. Each fund invests in a range of assets and has its own risk level. The amount payable to you under the policy will depend on the performance of the fund(s) you choose as links, as well as other factors such as the management charges for your ISA. Please see Guide to Unit Linked Investing for more information.
5 Year Fixed Rate Bond
Our bond offers a fixed interest rate over the five-year term, meaning you’ll know from the start the return you can expect if you hold the bond until maturity. However, additional contributions are not permitted after the initial investment.
-
What is the annual allowance of my plan?
Adult ISAs
The annual ISA allowance can vary each tax year. The allowance is set by the Government and can rise in line with the Consumer Prices Index. In the 2025/26 tax year, the annual ISA allowance is £20,000 – this applies across multiple ISAs, that you have with us or other providers. Therefore, if you have various ISAs, the total amount of money you contribute should not exceed the allowance.
-
How much can I save each month in my plan?
With Shepherds Friendly, you can choose to invest in either or both of our ISAs – the with profits Investment ISA and the unit linked Stocks & Shares ISA. You can invest from £25 a month in a unit-linked Stocks & Shares ISA or from £30 a month in a with profits Investment ISA, up to a maximum of £1,666 a month across your ISAs, which allows you to fulfill your annual ISA allowance of £20,000.
Additionally, if you prefer to pay in lump sums, the initial deposit must be a minimum of £100, and then you can make additional lump sum payments at any point.
-
What is the deadline to use my ISA allowance?
Your ISA allowance resets each year on 6th April, in line with the start of the new tax year. Any unused allowance does not roll over to the next year.
-
Can I carry any unused ISA allowance over to the next tax year?
Current Government regulations mean that you cannot carry any unused ISA allowance over to the next tax year.
-
How will the money in my savings plan be invested?
We will invest your money in our With Profit Fund, which holds a mix of assets including stocks and shares, property, gilts, bonds and cash. The market values of these assets can move up and down over time.
-
What happens to my plan if I die?
Adult ISAs
Should you die while your with profits Investment ISA is still invested, a death benefit will be paid to your estate. The amount payable will be 100% of your initial investment plus all bonuses which have been added and any final bonus which may be paid, subject to a minimum payment of 101% of your initial investment.
Should you die while your unit-linked Stocks & Shares ISA is still invested, a death benefit will be paid to your estate. We guarantee that we will pay 101% of the value of your units upon death.
If you are married or in a civil partnership, an ISA can be transferred to your Spouse or Civil Partner.
5 Year Fixed Rate Bond
The Bond also acts as a life insurance contract, so if you die prior to the maturity date of the plan and you are the sole plan holder, your estate receives a lump sum. The final amount paid out depends on how far you were into the plan. For example, if death occurs within the cancellation period, 100% of the money you invested goes back to your estate. This increases to 101% for in the first year of the policy and goes up by 1% each year of the policy, so in year five it would be 105%. You can find exact details in the plan’s terms and conditions. “
-
Is the money I invest with Shepherds Friendly protected?
Yes. Any money invested with Shepherds Friendly Society is covered by the Financial Services Compensation Scheme. The maximum level of compensation is currently 100% of the claim with no upper limit (correct at time of publishing – October 2025). The actual level of compensation you receive will depend on the basis of your claim.
Find out more information about the Financial Services Compensation Scheme.
Managing your plan
-
How can I check the value of my investments?
You can view your investment value via our mobile app or online login area. Alternatively, you can contact our Member Services team.
-
Can I withdraw money from my plan at any time?
Adult ISAs
Yes, you can withdraw money from your ISA at any time.
If you hold a with profits Investment ISA, you can request a withdrawal by emailing withdrawals@shepherdsfriendly.co.uk. Please include your plan number and send your request from the email address registered with us. Withdrawals are typically processed within five to seven working days, but may take up to 10 working days during busy periods. Please keep in mind that our with profits Investment ISA is intended as a medium to long-term investment, and making regular withdrawals could reduce the overall value of your investment.
If you have a unit-linked Stocks & Shares ISA, you can request a withdrawal directly through our mobile app. Simply login to your account through our mobile app and click the withdraw button to request a full or partial withdrawal directly to your bank account. Alternatively, you can contact our Member Services team (https://www.shepherdsfriendly.co.uk/help-and-support/) to help process a withdrawal.
5 Year Fixed Rate Bond
You cannot withdraw from your 5 Year Fixed Rate Bond before the end of the five-year term apart from when there are exceptional circumstances. Examples include diagnosis of a terminal illness, bankruptcy, insolvency, or sequestration.
-
Will I have to pay tax or face a penalty if I withdraw money from my Investment ISA?
Any money you withdraw from your account will be paid to you tax-free. There is no fixed penalty for withdrawing money from your Investment ISA. However, in poor market conditions, we may apply a Market Value Reduction (MVR).
-
If I withdraw money from my ISA, can I pay it back in later?
If you withdraw money from your ISA then this will still count towards your annual ISA allowance. Regardless of how much money you withdraw during a single tax year, you cannot invest more than your annual allowance in combined payments within that tax year. That means if you use your full allowance and then make a withdrawal, you cannot pay that money back in during the same tax year.
-
How do I add money to investments?
Adult ISAs
For our ISAs (with profits investment ISA and unit-linked Stocks & Shares ISA), you can top up your plan at any time, as long as you stay within the annual ISA allowance of £20,000. You can make these additional payments through your online account or our mobile app, or by calling our Member Services team, who will be happy to assist.
5 Year Fixed Rate Bond
With the 5 Year Fixed Rate Bond, once you’ve made your initial lump sum investment, further contributions cannot be added to that bond. However, you’re welcome to open additional 5 Year Fixed Rate Bonds if you wish, provided that your total investment across these bonds does not exceed £125,000.
-
What do I do if I can’t afford my monthly payments for a while?
ISAs
You can suspend or reduce your monthly Direct Debit at any point via your online login area or mobile app. Alternatively, you can call our Member Services team to make adjustments to your Direct Debit.
-
How do I inform Shepherds Friendly of change of my address?
You can update your personal details in your online login area or via the mobile app. Alternatively you can can call our member services team who would be happy to help.
-
Is there a charge for managing the plans?
Adult ISAs
We deduct charges from your investment to cover our expenses and the cost of administering and managing your investments.
For our with profits Investment ISA the charges are deducted from the investment growth prior to bonuses being declared; this is currently an annual management charge of 1.5%.
For the unit linked Stocks & Shares ISA there is an annual management charge of 0.75% that is applied to the unit price. For more information, please see Guide to Unit Linked Investing for more information.
5 Year Fixed Rate Bond
There are no explicit charges for the 5 Year Fixed Rate Bond. The plan has been created to incorporate any charges we may incur.
-
How do I cancel my plan?
Adult ISAs
From the day you open a with profits Investment ISA you have a 30 day cooling off period to cancel it should you change your mind. If you cancel within this timeframe, 100% of the money you put in will be returned to you. If you cancel after the 30 days, you can request your cash-in value and we will organise the lump sum to be paid into your account.
If you cancel your unit-linked Stocks & Shares ISA within the 30-days or after, the amount you get back will be based on the price the next available trading window after your request has been processed. This means you may get back less than your initial investment.
Please note: After the 30 days cancellation period, under ISA rules you will be treated as though you have subscribed to a Stocks and Shares ISA and therefore any investment made will count towards your annual ISA allowance.
To cancel or cash in your plan, please email our Member Services team on members@shepherdsfriendly.co.uk with your full name and plan number.
5 Year Fixed Rate Bond
Once your application is accepted, you can cancel your plan within the first 30 days of opening it. You can do this by contacting our Member Services team via email at members@shepherdsfriendly.co.uk or via telephone on 0800 526 249. If you do so within this period, we will refund all the money you have invested. After the 30 days cancellation period you will not be able to withdraw money from the Bond unless there are exceptional circumstances.
Our Member Services Team are always happy to help. You can call them on 0800 526 249
or email us at info@shepherdsfriendly.co.uk
