Honestly, Scottish Friendly is not the cheapest Stocks and Shares ISA on the market, and it's not trying to be. The headline AMC is 1.5% (currently discounted to 1.25% on the Unitised With-Profits Fund since January 2025, subject to periodic review), which is materially higher than something like Vanguard, InvestEngine, or Trading 212.
What you're paying for is a long-established, member-owned mutual that handles all the fund management for you and has been doing it for over 160 years. If you value that, it's a fair trade.
What I like is how straightforward the proposition is. You pick the ISA, set a monthly amount, and they invest it for you. No fund picking, no rebalancing, no notifications nudging you to trade. For a certain kind of saver, someone who wants the tax wrapper but doesn't want to think about it, that simplicity is the whole point.
The merger with OneFamily, due to complete in early 2027, doesn't change my view either way. The Scottish Friendly brand is staying, your ISA terms carry over, and the combined entity will be one of the largest mutuals in the UK. If anything it adds scale.
The one thing I'd pay attention to is the £50 exit fee within the first 5 years. Quick trick: leave £50 invested rather than fully closing the account, and the fee doesn't apply. Small admin step, but it's the difference between paying £50 to leave and paying nothing.
Worth it for hands-off savers who value mutuality over rock-bottom fees. Not worth it if you want to actively pick funds or run a multi-fund portfolio from one app.
