Everyone knows how difficult it is to save money in the current financial climate. With petrol prices on the increase most days, inflation over 4% and the cost of living not falling having spare money to put aside if difficult.
The ISA, the governments standard tax free savings device is a great way of saving, but many people get to the deadline having put nothing in the ISA over the year, and then realise they have nothing left to put in the ISA as they haven’t saved.
This is where a Friendly Societies plan is different. By getting together with a group of family members, you can invest between £10 and £25 a month, tax free together, and in Scottish Friendly’s case, if you invest more than £60 a month between you, they will pay a bonus which offsets the cost of having the money managed and invested, a perk not afforded to individual ISA investors.
The other main advantage is that you are investing just a little bit each month, over a ten year spell, which will eventually mature into a very decent lump sum which you can use to pay for university fee’s, to clear some of your mortgage or even a dream family holiday.
Everyone up to the age of 64 is eligible to invest in this scheme and all members are covered by the companies life cover, which means a lump sum will be paid if one of the scheme members dies.
So in a market where putting a lump sum away once a year is tough, grouping together and investing just a little each month could be the answer to all our savings needs.
To apply, click here