Making your money work for you.
A lot of the work for regular savings plans is provided for by ISA’s
However there remain 2 main types of regular savings plan that continue to be relevant
Tax Exempt Savings Plans
Maximum Investment Plans (MIP’s)
Tax Exempt Savings Plans
The Tax Exempt Savings Plans are an often overlooked plan ideal for regular saving for everyone. They are offered by an old fashioned type of company called Friendly Societies and offer as the name suggests a Tax free savings plan. Everyone (including children) can have one. They provide for a regular saving of up to £25.00 per month and historically have been popular way of saving for children for when they go to university or need a deposit for their first home.
Maximum Investment Plans (MIP’s)
Maximum Investment Plans are at the other end of the financial spectrum and provide a means of regular savings particularly for Higher Rate tax payers to make regular savings which over a minimum period of 10 years makes all the proceeds tax free.
For further details on how these plans could suit your requirements please contact us.
