Tax Exempt Savings Plan
Our Tax Exempt Savings Plan or TESP allows you to build up a tax-free lump sum for the future on top of your annual ISA allowance
A low entry, tax-free investment from as little as £15 per month
There are two reasons why our Tax Exempt Savings Plan is a family favourite: It encourages the habit of saving regularly, whilst offering long-term tax-free growth potential for you and your family.
We offer two types of TESP, one with Life Cover and one without. Simply select which type of plan you would like on your application form. Open your plan with a regular premium of £20 a month or more to receive a £20 Amazon.co.uk gift card* on us.
Additional Tax-Free saving
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. Available to both adults and children.
Our TESP offers a low-entry to investment with no hidden fees or unexpected risks to your money. Open a TESP for a child from as little as £5 to £25 a month or £15 to £25 a month for adults.
Calculated at the start of the plan and paid out when your plan matures, your TESP will deliver a guaranteed return, plus any bonuses we may add. Bonuses are not guaranteed, but once added they can’t be removed.
Investing for yourself and your loved ones is easier than you think
- Available for all – Our TESP offers a low-entry to investment for adults and children living in the UK with no hidden fees or unexpected risks to your money.
- You choose how much – Select your regular monthly premium at the start of your plan, from £15 to £25 per month for adults and from £5 to £25 per month for a child.
- You say when – Choose a fixed savings period, from 10 to 30 years, or a specific date, such as a special birthday! The plan must run for at least 10 years.
- Receive a Guaranteed Lump Sum – Calculated at the start of the plan and paid out when your Tax Exempt Savings Plan matures.
- Know what to expect – Bonuses are calculated using your Guaranteed Lump Sum, not the amount you’ve saved to date. Bonuses are not guaranteed, but once added, a bonus can’t be removed.
- The option of Life Cover – For those aged 65 and under at the date of application, a Life Cover option is available.
- A £20 welcome gift* – Open a plan with £20 a month and receive a £20 Amazon.co.uk Gift Card* as a welcome gift from us.
On your side
As a mutual, we are here to create returns for our Members and not for corporate profit. Our mutual ethos means our Members are our shareholders and all surplus profits are returned to them as a bonus. It is this mutual ethos that has been the bedrock of our society for over 178 years.
Your Questions Answered
The more commonly asked questions and answers about our Tax Exempt Savings Plan
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.