Police Friendly review

You can open an individual savings account, a lifetime individual savings account or a junior individual savings account. The range is listed at isa, lisa and jisa. The account runs under Metropolitan Police Friendly Society Limited.

The minimum deposit is £50, which is a low starting point for a tax sheltered account. Once the account is open you can invest that money in the assets listed at stocks and funds.

A withdrawal that does not qualify under the account rules is hit by 25% government charge on non-qualifying withdrawals. That charge sits on top of any market movement on the investments you hold, so the account rewards money you can leave alone.

Protection sits with FSCS up to GBP 85,000, which covers eligible investments held in the account. The provider is regulated as set out in Financial Conduct Authority / Prudential Regulation Authority, so claims are handled through the UK scheme rather than a private fund.

The investment list runs to stocks and funds. That means a straightforward range for building a pot over time rather than a trading platform with shares, bonds and derivatives in the same account.

The account is provided by Metropolitan Police Friendly Society Limited, a named legal entity rather than an anonymous platform. It was founded in 1893 and is based in the United Kingdom.

Contact runs on email and phone, so you can reach the team by email or by phone. There is no chat or message service in that list, which suits people who prefer to talk something through.

Someone wanting a wider market list or a trading platform would look elsewhere, since investable markets here run to stocks and funds. Police Friendly is built around savings pots rather than active dealing.