Simple, achievable saving from £5 a month to help your loved ones thrive
A Tax Exempt Savings option that lets family such as grandparents, aunties, uncles and godparents save for their loved ones without using their annual ISA allowance.
Supporting their future goals is easier than you think
- Accessible saving – Our TESP offers a low-entry to saving with no hidden fees or unexpected risks to your money. Open a TESP for a child from as little as £5 a month or £15 a month for adults.
- Tax Exempt – Our Tax Exempt Savings Plan is precisely that – a tax-free savings solution in addition to your annual ISA allowance that is unique to Friendly Societies such as us.
- A Guaranteed Lump Sum – Calculated at the start of the plan and paid out when it matures.
- The potential for more – Every year, your TESP could receive a bonus depending on the performance of the Society’s With Profits fund. Although not guaranteed, once added they cannot be removed. These potential bonuses are calculated using your Guaranteed Lump Sum, not the amount you’ve saved over the term of your plan so far.
- A gift with a difference – Open a TESP on behalf of your loved ones to save for their future. You can even choose a special day when the plan will pay out like a special birthday or as a graduation present!
- The option of Life Cover – Our Life Cover option delivers the added peace of mind that the plan will pay out the Sum Assured in the case of the plan holder’s death.
- A £20 welcome gift* – Open a plan with £20 a month a receive a £20 Amazon.co.uk Gift Card as a welcome gift from us.
A few more questions?
All the answer to our TESP Frequently Asked Questions here
Please ensure that you read the full product guide, Key Information Document and Terms and Conditions within the application pack before applying for your TESP. If there is anything you do not understand then please contact us for clarification.
We are not able to offer advice so if you require advice on whether this is the right product for you, you should seek advice from an Independent Financial Adviser (IFA). You may be charged for this advice.
Tax treatment is based on our current understanding of rules which may change in the future and will depend on individual circumstances.