Putting away a regular amount is always a good habit to get into, our Regular Savings Plan can help you do just that.
Risks you should be aware of:
Capital at risk.
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.
Interim and final bonuses are not guaranteed and may go up or down before being declared.
Simply apply online quoting the promotional code: WEB22 to receive a £25 gift card after your policy starts. Terms and conditions apply
Gift card promotion T&CsPlans start from £5 a month or £50 annually. However, if you haven’t used your friendly society tax-free allowance of £25 per month or £270 per annum, you may want to first consider our Tax Exempt Savings Plan.
This plan is designed for you to save monthly or annual amounts over the longer term. Choose how long you want to save (between 10 and 25 years) and once your plan hits maturity, we'll provide a guaranteed final amount, plus the addition of any possible bonuses.
Please be aware that a surrender penalty will apply if cashed in before maturity.
Anyone of any age can have a plan or have several plans, a great option if you want to open plans for yourself and your loved ones.
Our Regular Savings Plan gives you the ability to save monthly or annually to receive a guaranteed lump sum on maturity plus potential annual and final bonuses.
You'll also have access to our member benefits package.
Start saving today for something special - perhaps to increase your retirement fund, or build up a house deposit? Our Regular Savings Plan could help you achieve your financial goals.
Use our calculator to get an instant quote about your potential savings.
Confirm you have read and understood our Product and Key Information
Decide how much you want to save and for how long
Complete our straightforward online application
Confirm your details are correct and submit your application
Got any questions or prefer to apply over the phone for our Regular Savings Plan? No problem one of our friendly team will be happy to take you through the process. Either call us on 01226 741 000, or click the link below and we can call you back at a time to suit you.
Want a bit more time to fill in your application? Download an application pack and send it back to us when you're ready. If you don't have access to a printer, we can send you an application in the post.
Opening a plan is quick and easy and should take no longer than ten minutes to complete online. You can also apply over the phone or by post.
Unlike banks who add interest to their plans, we aim to add bonuses to our members' policies. Bonuses are calculated at the appropriate rate based on your guaranteed final amount, not the amount of premiums you pay. On maturity you will receive your guaranteed final amount plus bonuses added during the life of the policy. Find out more in our FAQ section below.
Providing the plan runs to its planned maturity date with all premiums paid, we will guarantee a minimum final amount for more than you have paid in (depending on the amount you want to save and for how long). The final value of your plan will depend upon investment performance, but bonuses are declared each year, and these are added to your guaranteed final amount. Once added, these bonuses cannot be taken away.
You cannot make any withdrawals, but if your circumstances change please contact us so we can discuss your options before you surrender your plan. The plan is designed for medium to long term investment and the surrender value may be less than the amount you have paid in.
To cover the cost of expenses incurred in setting up your policy and maintaining it, we take a management contribution of 50% of premiums paid in the first year and 7.5% of the annual premium amount in the second and subsequent years. The charges are deducted from the overall fund and taken into account when we calculate the level of bonuses we are able to pay.
100% of your premiums are invested, you would only see the effect of these charges should you surrender early.
Our most commonly asked questions surrounding the Regular Savings Plan can be found below.
Absolutely, choose a term between 10 and 25 years and watch your savings grow.
Yes, even though a child does not have their own income, an adult can pay into a plan on their behalf. Check out our Children's Regular Savings Plan for more information.
If saving for a child, on maturity or surrender the payment is made to the child as the
beneficiary of the policy.
The Society invests in a range of different assets with the aim of providing a higher return in the medium to longer term (five to ten years+) than may be achievable with a bank or building society account. We will look to achieve this by maintaining a spread of investment assets that will provide a medium to low risk making it an option for individuals with a more cautious approach to investing their money.
Types of assets we invest in are:
The proportion held in each of these will vary depending on market conditions. We can provide you with a guide to the spread of investments. We seek to adopt an ethical
approach to investing and it is our policy not to invest knowingly or directly in industries relating to armaments, tobacco, gambling or pornography.
We invest our funds as described above and receive a return on those investments, which can vary from year to year. In March/April we review the returns achieved during the previous calendar year and declare a bonus rate for each policy type for that period. The rate varies depending upon overall investment returns and is not therefore guaranteed to be paid at the same rate, or at all, in future years. However, once bonuses have been added to your policy they will not be taken away, providing the policy runs to maturity.
Bonuses are calculated at the appropriate rate based on the ‘sum assured’ (your guaranteed final amount), not the amount of premium paid. On maturity you will receive the sum assured plus bonuses added during the life of the policy.
The Society also tries to ‘smooth’ returns over the life of the policy by retaining some of the investment return in good years to maintain bonus rates in less positive years. However, to ensure you receive your fair share of returns on your policy over its lifetime, an additional terminal (final) bonus may be paid on maturity. Payment of this type of bonus depends entirely on investment performance and the rate at which annual bonuses have been added. It is not guaranteed and, if paid, the rate may vary from year to year.
The money you save is invested in a fund on which the Society pays tax and tax at the basic rate may be treated as paid on any taxable gain, which means there is likely to be no further tax to pay unless you are taxable at the higher rate. However, a gain on which tax is treated as paid may have an effect on your tax liability if you qualify for age-related allowances or reliefs, or you are receiving tax credits.
In the event of death before the end of the term, the Society will refund all premiums paid plus interest up to the date of death. Interest is calculated using the Bank of England base rates that have applied during the term of the policy + 1%, though this could be changed in the future by the Society. Notice of any change will be given.
No, this plan does not include any life cover. For more information on our life insurance products, please visit the life insurance section on the website.
When you open a policy with us, you will automatically become a member (customer) of the Society (adult policyholders only). As well as being able to have your say on how the Society is run each year, you will also have access to various discretionary benefits when available, such as optical and dental grants, as well as exclusive access to a range of discounts and offers.
Our team would be more than happy to provide you with factual information about our products and services, so you can make your own decision about how to proceed. However, we are unable to give any advice or recommendations on the suitability of our products. If you are unsure, you should seek advice from a qualified financial adviser, which may incur a fee.
To comply with regulations, the Society will require confirmation of your identification and address. We’ll aim to do this using an electronic verification system, but reserve the right to ask for appropriate documentation from you, if this is not possible.
A Regular Savings Plan is an effective way to build your wealth through steady, manageable contributions. This plan is open to everyone, and you can get started with as little as £5 per month or £50 annually. Select a comfortable set term, ranging from 10 to 25 years, and upon maturity, you’ll receive a guaranteed final amount and any potential bonuses.
Discover how our Regular Savings Plans can work for you. If you haven’t yet maximised your tax-free allowances, perhaps consider our Tax Exempt Savings Plan first.
For more information on the risks involved with this product, please refer to the relevant ‘risks you should be aware of’ section on the product page.
A Regular Savings Plan offers a structured way to build wealth over time through consistent saving. We allow you to deposit as little as £5 monthly or £50 annually and build up your savings over 10 to 25 years. Once your plan matures, you'll receive a guaranteed lump sum plus potential annual and final bonuses. These bonuses are based on our with-profits fund performance, and while they are not guaranteed, we’re proud to have declared bonuses every year since the plans began.
Anyone can open a Regular Savings Plan, regardless of age, and you're welcome to have multiple plans. For instance, you may have one for yourself and another to save for a loved one. Many clients will even opt to create a new plan each year to receive regular maturity payouts in the future. Ultimately, you can make our Regular Savings Plan work for your needs.
Are you saving for a child? Consider opening a Children's Regular Savings Plan to help them start their financial future.
We are here for you at all stages of your journey; our support articles cover a wide variety of topics and are designed to put you in control of your money.
Our products and services have been developed to include a simple range of trusted savings, investment and protection plans - with a particular emphasis on tax-efficient savings and investment plans for the whole family.
Our members are the people we care about the most. Any surplus profit is distributed to provide you with the best possible returns combined with the highest standards of personal service and ethical business practices.