A Mutual Society

A friendly society which is sometimes called a mutual society, will normally offer the same if not very similar service to that of a bank. The difference is, their members may benefit from higher interest rates on savings and generally have fewer or lower fees on services offered by the mutual society.

Scottish Friendly Assurance Society Limited

At the heart is Scottish Friendly Assurance Society Limited (SFAS), the largest mutual life office in Scotland. Scottish Friendly Assurance Society Limited uses all the tax-efficient advantages of a mutual friendly society to deliver simple, cost-effective, low entry savings, assurance, insurance and investment products to people from all walks of life through a highly sophisticated direct marketing and partnership operation. SFAS is also supported by the group’s highly efficient administration capability which provides extremely effective customer service resulting in high levels of customer satisfaction.

As a mutual society, we have no shareholders, so profits are distributed among our with profits policyholders in the form of bonuses.