Between £15 and £25 a month or £160 - £270 a year for between 10 – 25 years, without the tax man getting his hands on a penny of it at the end.
Yes, you can save either monthly or annually by Direct Debit into an Easy Save.
Yes, providing that the total savings amount for all friendly society tax exempt savings plans held by you, whether or not they are Easy Save plans, does not exceed £25 a month or £270 a year.
No, Easy Save is a regular savings plan and does not accept lump sum payments.
Initial charge of 50% of each premium in year 1
Policy Fee: £1 per month for monthly policies or £12 per year for annual policies. This is deducted from the premiums before they are invested
Annual Management Charge / Guarantee charge: 1.25% of the fund value deducted on a weekly basis
Life cover charge which depends on your age, amount of life cover and the unit value.
No, there are no penalties. However please note:
If you cash in before one year's premiums have been paid you will not get anything back.
If the policy is closed or you stop paying premiums within 10 years, some personal income tax may be payable or any age allowance may be affected if the final value exceeds the total premiums paid.
MVA may be applied to your lump sum on surrender. This would effectively reduce the payout you would receive.
If you cash your policy in in the early years you are unlikely to get back as much as you have paid in.
No, Easy Save can be funded only by Direct Debit.