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money builder
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rachelhen
Posts: 546 Forumite
Has anyone heard of Scottish Friendly's money builder? I am wondering if its any good.
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Comments
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Friendly societies are considered out-dated and expensive, with high but not clearly set-out charges. There are minor tax advantages, but these are offset by the large downsides.
Investing small amounts monthly into unit trusts/OEICs/investment trusts is usually a better option. I'm sure someone will set out the options in more detail if you'd find this helpful.0 -
We were issued a compliance warning against these types of plans recently. They are now considered high risk (from a complaints point of view) and largely unsuitable for most people.
Obsolete and should have been fillled off well over 10 years ago.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.0
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