Regular Savings Plans

patientperson

planteria wrote: »

is that your only policy with Foresters? and if so, are you keen to retain membership?

planteria .. I have 2 other policies with them so membership is assured in the long term. Very similar to building society membership it does not seem to fit well for me when contemplating giving up any mutual membership.

planteria

i see, ok. and fair enough. it would seem a shame to leave a mutual, and then regret it. at the sime time, I understand that people make decisions purely based upon rates/returns too.
i am not a member of Foresters Friendly Society.

patientperson

planteria wrote: »

i see, ok. and fair enough. it would seem a shame to leave a mutual, and then regret it. at the sime time, I understand that people make decisions purely based upon rates/returns too.

Rates/returns .. everyone is entitled to follow their own path which is right for them. I choose not to follow everyone else but will listen to many opinions. Having said that the postings here that need help for £50,000 or £500,000 are not of interest to me and I no longer read them.

planteria wrote: »

i am not a member of Foresters Friendly Society.

Their savings plans are now a min of £50 pm .. mine was a mere £10 pm.

planteria

yes pp. as mentioned in the TESP thread, i have spread £25/m across four Friendly Societies, and those payments are very much in the 'won't be missed' category, and i use them to help generate Halifax Rewards bonuses which then pay for 3.5 of the 4 of them. there are other, larger investments possible with Friendly Societies too, and that is when they start to be part of a more serious investment plan.

i just glanced back at the earlier part of the thread, and would just like to correct myself:

planteria wrote: »

from the second year the bonus would be paid on the new sum assured ie. including the previous year's bonus.

is not how the RSP works, sorry. the sum assured remains the same throughout the policy, and the bonuses are calculated on the sum assured. once the bonuses are paid they will not be taken away. and they build up, sitting alongside the sum assured, to be paid at maturity. the Sum Assured + Bonuses is also paid, in event of death before maturity, as a lump sum to beneficiaries. that suits me quite nicely...rather than paying a straight Life Insurance premium.

colsten

planteria wrote: »

i just glanced back at the earlier part of the thread, and would just like to correct myself

congratulations, glad you are beginning to correct yourself. It's a good start.

Small tip: if there was real investment mileage in "friendlies", there would be more than 2 people talking about them on the internet and in the personal finance columns of the broadsheets.

planteria

happy to correct myself, as you see colsten. seize on that if you will, but i was giving my understanding, and now have greater understanding. and more than happy to be part of the mileage;)