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Foresters Tax Exempt Savings Plan
By Foresters Friendly Society
Maximise your tax-efficient savings with a Tax Exempt Savings Plan from Foresters Friendly Society.
This product is issued by Foresters Friendly Society
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Website: Visit the website for this product
Reviewed on 05 May 2011 by Sophia
Good Points: Easy to set up, I applied for this account online and it took less than 8 minutes to complete. I like that the account is tax free so I know that my money is working harder for me and I will get everything! It is also affordable since you can start with as little as £15 a month. I am thinking of opening an acount for my daughter as well!
Bad Points: For those couples who want to have a joint investment this is not the one for you since you cannot take out joint accounts. There is no guarantee that you will receive any additional bonuses so don't count this in your investment until you get it. You are only guarenteed to get the amount that you have paid into the plan so if you want an investment that pays out I would consider a Cash ISA instead of this plan.
I have just opened this account. I like the idea of a separate account that is locked away which allows you to save without the temptation of using the money because it is easily accessible. This plan allows me this and I am happy for this. As I have said before I have recently opened this account online so I am waiting for my paperwork to come through. Hopefully It will be a very good experience! I have a Cash ISA as well so it is peace of mind to know that eventhough I wont get as high a pay out as my Cash ISA at least my money is guaranteed and safe.
Website: Visit the website for this product
Reviewed on 05 May 2011 by janet richards
Good Points: min amount to invest monthly is £25, no capital gains or income tax, option to choose the length of term, guaranteed minimum lump sum and open to all over age of 16.
Bad Points: the bad points are that there will be an uncertainty in the stock market so you could be at a loss and not have as much invested as planned. Maximum amount monthly investment is only £25 so if you want to pay in more you cant.
i think this is a good way of saving but you should really look into these kind of savings accounts and be happy before you go ahead as there are alot of claus and these are not like normal banking savings, good points are more than bad but if you are not happy with your money yo yoing up and down then it's not right for you. Whilst the stock markets go up and down so will your money and yes you may end up with more saved but it's not guaranteed. Generally thought i think it's a good way of saving and you only need to make min payments and it's better than nothing.