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Scottish Friendly Assurance Bond

Girlyb
Girlyb Posts: 15 Forumite
in Savings & investments
Am thinking about taking out a Scottish Friendly Assurance Bond. Has anyone had any experience of saving this way? Any advice good or bad??
Thanks
Girlyb

:rotfl:

Comments

  • dunstonh
    dunstonh Posts: 120,033 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    bad bad bad bad bad bad bad bad.

    Enough said?
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Girlyb
    Girlyb Posts: 15 Forumite
    Thank you!

    Why though? Just being curious now.
  • dunstonh
    dunstonh Posts: 120,033 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    High charges. With profits fund. Tied in savings period. Thats just to name three.

    Savings plans like this became obsolete around 1995. A few still recommended them until the late 90s. Now you can only really buy one if you do it yourself as no advisor should be recommending them (slight proviso as there are potential cases where it could be ok but that is a minority).

    The friendly society plans still exist as they are hanging on to that last little bit of tax free status. However, if the investment side is low potential, then there is little point saving tax. Its better to pay tax and get more.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • EdInvestor
    EdInvestor Posts: 15,749 Forumite
    I agree.

    Bad.Don't do it.

    DH is right.

    Second agreement in one day, Whiteflag will have a heart attack :D :rotfl:
    Trying to keep it simple...;)
  • Girlyb
    Girlyb Posts: 15 Forumite
    Thank you guys that's really helpful. The bumpf that came in the post has now gone straight in the bin. Will know better next time and not get tempted by the 'tax free' tag.

    Cheers
    Girlyb

    :j
  • davelewis
    davelewis Posts: 472 Forumite
    Part of the Furniture 100 Posts Name Dropper I've been Money Tipped!
    Oh god - i also have one of these plans (as well as the AXA sunlife plan in the other thread).

    I think i need a very large gin.....
  • ReportInvestor
    ReportInvestor Posts: 3,646 Forumite
    davelewis wrote:
    I think i need a very large gin.....
    That's an unquestionably good investment decision, dl :).
This discussion has been closed.
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