What is a Friendly Society? Posted by FriendlySocietySavings on March 29th, 2008

Friendly Societies where originally set up by groups of people in order to look after their members during times of illness or to look after them in old age.  The socities were named after what the group had in common which could either be the area they lived in or their occupations.  That’s why you get interesting names such as Independent Order of Foresters or Nottingham Friendly Society.

 After the introduction of the welfare state Friendly Societies still continued to develop and took care of their members needs.  Today they offer tax free savings plans, child trust funds, life assurance and income protection policies amongst other plans.

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