A quick guide to the Capital Plan

You simply invest a lump sum of £2,500 now and we’ll use it to make annual payments of £270 into a tax-exempt savings plan for the next ten years.

This product is offered in conjunction with Mansfield Building Society, enabling you to invest a lump sum in order to build up an even larger tax-free sum in ten years’ time. It’s a convenient way to save for children, grandchildren, your retirement or an extra-special holiday or celebration.

With this plan, you get the best of both worlds... You earn a guaranteed minimum interest rate on the lump sum invested with Mansfield Building Society of 2.20% (which is currently a very attractive rate) AND you have a guaranteed final amount plus any additional bonuses to look forward to on maturity of the Tax Exempt Savings Plan.

This plan could be ideal for you if you have a sum of £2,500 that you want to put away and forget about for the next ten years. Once the plan is open, you don't need to do a thing, the Mansfield will simply send us £270 on each one year anniversary. You'll get a statement from us each year so you can see how your TESP is growing and we'll write to you close to the maturity date so you can start to make plans and decide what to do with your payout.

Further information and an application pack can be found here.

Please read the product Q&As and Key Information Document before applying for this policy.

If you surrender the plan before maturity (which is the term you select when first starting the plan), you may get back less than you have paid in.

Tax treatment depends on individual circumstances and may be subject to change in the future.

This blog provides generic information and opinions of the writer and should not be relied upon for making investment decisions. No financial advice has been provided by Sheffield Mutual. If you are in any doubt as to whether a savings or investment plan is suitable for you, you should consider contacting a financial adviser for advice. If you do not have a financial adviser, you can get details of local financial advisers by visiting www.unbiased.co.uk or www.vouchedfor.co.uk. Advisers may charge for providing such advice and should confirm any costs beforehand.