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| formerly = The Rechabite Friendly Society
| formerly = The Rechabite Friendly Society
| formation = 25 August 1835
| formation = 25 August 1835
|registration_id = 109994
| type =
| headquarters = 2 The Old Court House, Tenterden Street, BL9 0AL
| headquarters = 2 The Old Court House, Tenterden Street, BL9 0AL
| location = Bury
| location = Bury
| region_served = United Kingdom
| region_served = United Kingdom
| services = Ethical savings and investments
| key_people =
| parent_organisation =
| budget =
| num_staff =
| num_volunteers =
| website = {{url|http://www.healthyinvestment.co.uk/ }}
| website = {{url|http://www.healthyinvestment.co.uk/ }}
}}
}}

Revision as of 15:30, 23 July 2015

Healthy Investment
AbbreviationHI
Formation25 August 1835
Registration no.109994
Headquarters2 The Old Court House, Tenterden Street, BL9 0AL
Location
  • Bury
Region served
United Kingdom
ServicesEthical savings and investments
Websitewww.healthyinvestment.co.uk
Formerly called
The Rechabite Friendly Society

Introduction

Healthy Investment[1] is a mutual friendly society that provides a range of ethical With-profits savings and investment products. They were originally formed in 1835 as The Rechabite Friendly Society but now trade as Healthy Investment[2]. They have more than 100,000 members and look after over £115m of members’ money. As Healthy Investment is a mutual friendly society there are no shareholders to benefit from the investments, everything is done for the benefit of their members.

History

On 25 August 1835 a small group of men, already committed to the total abstinence of alcohol, met in Mrs Meadowcrofts’ Temperance Hotel, Bolton Street, Salford in order to discuss a friendly society for those who had ‘signed the pledge’ and abstained from alcohol. From its first procession on New Year’s day in 1836 the organisation grew rapidly with local groups known as ‘tents’ being formed throughout the country. In 1842 contributions of 2 shillings per year for the under 35s entitled you to £5 death benefit and a further penny a week provided you with a sickness benefit of half a crown (12½p).

In 1999 the Society, by now known as The Rechabite Friendly Society, modernised and centralised its various local groups and regions into one Manchester based Head Office. In 2004 the Society developed further and opened its membership to include temperate members or those who enjoy alcohol in moderation. Today The Rechabite Friendly Society trades as Healthy Investment.

The Society’s head office is now based in Bury, Greater Manchester[3].

Current products

Tax Exempt Savings Plan: This is a regular savings plan which allows all UK residents to save a small amount each month to build a cash sum on maturity. The plans, which run for a minimum of 10 years, are tax free investment at maturity. The tax advantages of these policies are only available from friendly societies. Healthy Investment’s has a minimum contribution of £10 per month makes them very affordable for all.


Standard Savings Plan: The Standard Savings Plan is also a regular savings plan which allows for a larger cash sum to be built up. It is a qualifying life policy which means that all of the benefits on maturity are paid out free of income tax and capital gains tax. As the Tax Exempt and Standard Savings Plan are qualifying life policies, a limit of £300 per month has been set by HM Revenue and Customs.


Investment Bond: The With-profits Investment Bond is a single premium policy. They can be taken out on a joint life basis, meaning the Bond[4] can be in the name of two people. This might be particularly useful for parents to keep money under their control but for their child’s benefit. It can also be used a source of income for elderly people after retirement.


Individual Savings Accounts (ISA): Healthy Investment offers a stocks and shares ISA. Regular monthly or one off investments can be made into the ISA[5]. Because of the special tax advantages of ISAs they are only available to UK residents over the age of 18 and HM Revenue and Customs limit the amount you can invest in any one tax year.


Junior ISAs: The Junior ISA, launched by the government in November 2011, is a flexible investment which allows investments to be made on a regular or one off basis, up to the government’s limit. The Junior ISA was created for children that missed out on the Child Trust Fund but as from 6th April 2015 the government have allowed the transfer of a Child Trust Fund into a Junior ISA.


Child Trust Funds: Healthy Investment offers two different types of Child Trust Fund. The Stakeholder and the Ethical Child Trust Funds are both available to parents with children born in the UK between 1 September 2002 and 2 January 2011 and were issued with a Child Trust Fund voucher by the government. From 6th April 2015 the government have allowed the transfer of a Child Trust Fund into a Junior ISA.


Save21[6]: The Save 21[7] product is a variation of the Tax Exempt Savings Plan. This product allows an individual to save up to £25 per month for a child. This can be taken out by parents or grandparents with the child receiving the cash lump sum on their 21st birthday. Other childrens savings products such as the Junior ISA and Child Trust Funds provide the child with the cash lump sum at age 18.

Ethical Investment

As a modern financial services organisation it specialises in providing ethical savings and investment products. It remains true to its founder’s principles and avoids direct investment in companies in alcohol, arms and tobacco industries and in gambling and pornography providers.

All of the Healthy Investments products, excluding the Child Trust Funds, are invested into Healthy Investments With-profits Fund. This is actively managed by Investec who work within the limits set by Healthy Investment. The aim of Healthy Investment’s With-profits Fund is to provide their members with a cautious but steady return.

As With-profits investments many of the products provided by Healthy Investment include capital and bonus guarantees where, on set dates, you are guaranteed to get your money back.

The Stakeholder Child Trust funds, in order to meet the stakeholder product rules, invest in a wide range of shares that track the UK All Share Index, however an ethical Child Trust Fund is available that follows the ethical investment strategy of the Society.

Regulation

Healthy Investment is regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Its members are covered by the Financial Services Compensation Scheme (FSCS) which guarantees investers 100% of all their investment with the Society without limit.

Healthy Investment is a member of the Association of Financial Mutuals.

References

  1. ^ http://www.sda-llp.co.uk/case-studies/healthy-investment-and-the-retail-distribution-review/
  2. ^ http://www.healthyinvestment.co.uk/about_us/a_glorious_history.php
  3. ^ http://www.burytimes.co.uk/news/business/2315531.bury_is_ideal_base_for_friendly_society/
  4. ^ http://lgbwealthmanagement.com/investments/healthy-investment-bond/
  5. ^ http://www.moneywise.co.uk/healthy-investment/healthy-profits-isa
  6. ^ http://www.save21.co.uk/at-a-glance.html
  7. ^ http://www.parentalchoice.co.uk/blog/investing-for-your-childrens-future
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